PPF Account New Rule: Do you have a Public Provident Fund (PPF) account? So there is good news for you. If you want to change the nominee, now you will not have to pay any kind of charge. The government has removed the charge of Rs 50 for updating the nominee
PPF Account New Rule: Do you have a Public Provident Fund (PPF) account? So there is good news for you. If you want to change the nominee, now you will not have to pay any kind of charge. The government has removed the charge of Rs 50 for updating the nominee. Finance Minister Nirmala Sitharaman gave this information on social media platform X. He told that some financial institutions were charging up to Rs 50 for changing the nominee, which has now been completely abolished.
What is PPF and what is its benefit?
PPF (Public Provident Fund) is a saving scheme run by the government. Investing in it gives tax free and safe returns. Investing in this provides tax exemption under Section 80C of the Income Tax Act 1961. This scheme is the best option to create a big fund with low investment in the long run.
Now you can add four nominees
The government has given the facility to add four nominees to PPF account holders under the Banking Amendment Bill 2025. Now customers can make a maximum of four people as nominees in their account. Apart from this, provision has also been made to add nominees for the goods kept in the locker or safe deposit of banks.
How to update nominee in PPF account?
Now it has become easier than before to update nominee in PPF account. You can do this work both online and offline.
1. Online method (for SBI, HDFC, ICICI Bank)
If your PPF account is in a bank that provides internet banking facility, then you can update the nominee online from home.
- Login to your bank’s internet banking portal.
- Open the PPF account section.
- Select Nominee Update or Modify Nomination option.
- Fill in the new nominee details (name, relationship, percentage share etc.).
- Verify with OTP or internet banking credentials.
- Submit the request and save the acknowledgement.
2. Offline method (for post office and other bank branches)
If your bank or post office does not provide the facility of online nominee update, then you can adopt the offline method.
- Take or download Form-F (Nomination Form) from the bank or post office.
- Fill in the complete details of the new nominee (name, address, relationship, percentage share if there is more than one nominee).
- Attach a copy of your ID proof like Aadhaar, PAN card.
- Submit the filled form to your bank branch or post office.
Now it will be easy to update the nominee
This decision of the government will provide great relief to PPF customers. Earlier, a charge of Rs 50 had to be paid to change or add a nominee, which has now been made completely free. With this, people will be able to easily add a nominee to their PPF account and can also change it if needed.
Most Read Articles:
- Panchayat 4 release date announced, the most awaited series will hit Prime Video on this day
- EPFO Pension: You will get Rs 2 crore on retirement on basic salary of Rs 10000, check complete calculation
- Credit Card Link UPI: Link your credit card to UPI from home, know step-by-step guide
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
