Finance Minister Nirmala Sitharaman announced on Thursday that no fee will be charged for adding or changing nominees in Public Provident Fund (PPF) accounts. The government has made necessary amendments through notification for this.
Sharing this information on the social media platform ‘X’, the Finance Minister said that some financial institutions were charging a fee for adding or replacing Nominees in PPF accounts, which they had recently got information.
What is a nominee and why is it important
The nominee is a person who gets the right to claim the amount deposited in that account after the death of the account holder. This process helps to protect against the situation of dispute in succession.
The Finance Minister said that now a change in the Government Savings Promotion General Rules, 2018 in this regard has been changed and the Gazette notification has been issued on 2 April 2025. Under this, a fee of Rs 50 has been abolished for changes related to nominee or cancellation of nomination in small savings schemes like PPF, NSC etc.
Other important changes related to Banking Amendment Bill 2025
-
Number of nominees increased:
Now depositors can appoint a maximum of four nominees for bank accounts, lockers and goods kept in safe custody. -
Changes in the definition of ‘adequate tax’:
Earlier this limit was considered to be up to Rs 5 lakh, which has now been increased to Rs 2 crore. This limit was about 60 years old, which has now been changed to the current needs. -
Directors’ term increased in cooperative banks:
Now the term of directors (except the chairman and full -time director) in cooperative banks has been extended from 8 years to 10 years, so that the 97th Amendment Act 2011 of the Constitution can be harmonized in the law. - India’s largest coastline in Bengal Bay: Yunus reply to Jaishankar
The post will no longer take any fee for adding or changing the nominee to the PPF account, the announcement of Finance Minister Nirmala Sitharaman first appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
