Modifying particulars of the nominee in your Public Provident Fund (PPF) account will now not end in a cost.
PPF is a long-term, tax-saving funding scheme supplied and backed by the federal government.
It is because “necessary changes” are being made to the Authorities Financial savings Promotion Basic Guidelines 2018.
Additionally Learn: Donald Trump’s reciprocal tariffs: How will they affect Indian exports?
“In the Government Savings Promotion General Rules, 2018, in Schedule II, under ‘Fee to be charged for services,’ the words and figures ‘(b) Cancellation or change of nomination – ₹50’ shall be deleted,” in accordance with a Finance Ministry notification.
This new change has been efficient since April 2, 2025.
In an X submit, finance minister Nirmala Sitharaman known as them “necessary changes”, including that “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.”
Additionally Learn: Bitcoin, different cryptos fall after Trump tariffs kill investor danger urge for food
Nominee particulars in PPF accounts are vital since funds mendacity within the account will get transferred to the designated beneficiary within the unlucky occasion of the account holder’s demise.
What’s PPF?
PPF is a long-term, tax-saving funding scheme supplied and backed by the federal government. It presently has a lock-in interval of 15 years for deposits, and gives an annual rate of interest of seven.1%.
Additionally Learn: Tesla’s quarterly gross sales plunge as backlash in opposition to Elon Musk grows
Nevertheless, the curiosity can also be compounded yearly, making it an efficient long-term wealth-building funding device.
The federal government periodically evaluations the PPF rate of interest and the charges for different small-savings devices.