• Source:JND
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PPF Account Nominee Update Charges: Union Finance Minister Nirmala Sitharaman on Thursday announced that the financial institutions will no longer levy any charge for updating/modifying nominee details in provident fund (PPF) accounts. In a post on X (formerly Twitter), the finance minister stated that the necessary changes have been made in the Government Savings Promotion General Rules 2018, ensuring that the firms don't charge extra for the updating works.

"Recently was informed that a fee was being levied by financial institutions for updating/modifying nominee details in PPF accounts. Necessary changes are now made in the Government Savings Promotion General Rules 2018 via Gazette Notification 02/4/25 to remove any charges on the updation of nominees for PPF accounts," Sitharaman stated in her post on 'X'.

Union Finance Minister Nirmala Sitharaman posts on 'X': "Recently was informed that a fee was being levied by financial institutions for updating/modifying nominee details in PPF accounts. Necessary changes are now made in the Government Savings Promotion General Rules 2018 via… pic.twitter.com/DNyhqZpRb6

— ANI (@ANI) April 3, 2025

 "The Banking Amendment Bill 2025, passed recently, allows nomination up to 4 persons for payment of depositors' money, articles kept in safe custody and safety lockers," she added.

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The notification clarified that the change in the rules will be implemented on the day of publication in the official gazette. “In the Government Savings Promotion General Rules, 2018 in Schedule II, under the fee to be charged for services, the words and figures ‘(b) Cancellation or change of nomination – Rs 50’ shall be deleted,” the notification stated.

The Banking Laws (Amendment) Bill was passed in 2024, which allowed the account holders to nominate up to four individuals, providing a great relief to them as several of the employees have been demanding the same.

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Apart from this, Aam Aadmi Party MP Raghav Chadha, while speaking on the functioning of banks in our country, stated that the customers are not able to trust the institutions due to the "hidden" charges. “Money is stolen from the customers, and they don’t even know how much money banks take away from them under these charges and fees,” Chadha stated in his speech.