PPF: PPF account holders get good news, the government has made major changes, nominated update will not be charged

The government gave the PPF account holders great relief. Now any customer can update or change the nominee in his PPF account without any cost. Earlier it had to pay a fee of Rs 50, but now it was completely removed. This decision was made by Nirmala Sitharaman himself. She said in a post on the social media platform X (East Twitter) that many financial institutions charge a fee for updating the nominee in PPF accounts, which the government has now abolished. What did the finance minister say? The Minister of Finance wrote in his post: “I was recently informed that some financial institutions charge a fee to update or replace the nominated person in PPF accounts. When did the new rule come into effect? The government has implemented this change by Gazette Notice 02/4/25. This means that this rule has been officially implemented and that all banks and post offices across the country must follow it. Other major changes under the Banking Bill 2025 recently approved the Bank Amendment Bill 2025 in Parliament. Below are not only the changes associated with PPF accounts made, but many other important rules have also been changed: 1. Nominee has increased. Now a person can add 4 nominees to his bank accounts, cabinets and investments. Earlier, this number was limited. 2.. If the new definition of considerable importance was earlier in a bank, if someone had an investment of more than 5 lakh calls, it is considered an ‘important interest’. But now this limit has been increased to Rs 2 crore. This change was needed because the previous limit was determined 60 years ago, which was considered very little in the current economic conditions. The benefits of the account holders of small savings schemes will benefit not only PPF, but also the account holders of all other small savings schemes. These include: Sukanya Samriddhi Yojana (Ssy) Senior Citizen Savings Scheme (SCSS) National Savings Certification (NSC) Kisan Vikas Patra (KVP) will no longer be charged to update the nominee, not even in these schemes. It will not only provide transparency and comfort to the account holders, but also ensure financial security. How can you change the nominee in the PPF account? If you want to change the nominee in your PPF account, you must adopt this process: Go to the PPF account industry bank or post office. Fill in the form f there, in which information about old and new nominees is sought. Enter information related to identity card and account. Now the bank/post office will process your request and a new nominee will be recorded – without any fee. What will be the benefits of this change? Benefit details ✅ fee ended, now a nominee update fee of £ 50 does not have to be paid. ✅ nominee can be replaced repeatedly if more flexibility is needed. ✅ Increased transparency account holders will gain better control. ✅ Financial security is easy to transfer money to the nominee in any emergency. Conclusion: This government’s decision is extremely useful for millions of account holders investing in small savings schemes. Now it will not only be easy to update the nominee, but it has also become completely free. This will increase the facility to make safe and flexible investment, and the general public will gain more transparency and confidence in banking. If you have a PPF account and you have not updated the nominee until now, this is a wonderful opportunity – start the process today without any fee.