Recently was informed that a fee was being levied by financial institutions for updating/modifying nominee details in PPF accounts.
Necessary changes are now made in the Government Savings Promotion General Rules 2018 via Gazette Notification 02/4/25 to remove any charges on the updation of nominees for PPF accounts.
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.
