No fee to be charged for update of nominees for PPF accounts: Finance Minister Nirmala Sitharaman

In a bid to simplify processes for small investors, Finance Minister Nirmala Sitharaman announced on Thursday that Public Provident Fund (PPF) account holders will no longer face fees for updating or adding nominees. This change has been formalised through a Gazette notification dated April 2, 2025.

Previously, some financial institutions charged fees for modifying nominee details in PPF accounts, raising concerns among account holders. Sitharaman shared the update on the social media platform X (formerly Twitter), highlighting that the revised fee structure aims to provide greater ease and convenience to PPF account holders.

"The Government Savings Promotion General Rules 2018 have been amended through a Gazette Notification dated April 2, 2025, to eliminate any charges for nominee updation in PPF accounts," the Finance Minister Sitharaman wrote in her post.