Public Provident Fund (PPF) account holders now have free access to modify or update their nominee details in PPF and other small savings schemes including NSC and SCSS. The government has abolished all nomination update fees as part of the amendments to the Government Savings Promotion General Rules 2018. The Gazette Notification published on April 2, 2025, revealed this announcement to the public.
The banks and post offices used to collect fees from customers who wanted to update their nominee information in these accounts. The new rule provides account holders with free access to add or modify nominees or remove existing nominees from their accounts. The system allows users to modify nominee percentage distribution among multiple nominees without any additional costs.
Finance Minister Nirmala Sitharaman announced the update through X social media by stating that financial institutions collected fees for modifying nominee details in PPF accounts. The Government Savings Promotion General Rules 2018 underwent necessary changes through Gazette Notification 02/4/25 to eliminate all costs associated with nominee updates for PPF accounts.
The change provides benefits to all small savings scheme investors who want to manage their financial future without extra costs.
