New Delhi, 3 April (IANS). The central government on Thursday gave great relief to Public Providend Fund (PPF) account holders across the country. Now you will not have to pay any fee of any kind to update or change the nominee in your PPF account. Also, the government has changed the rules related to it.
Finance Minister Nirmala Sitharaman said in a post on social media handle X that she has come to know that many financial institutions were charging fees to update nominees, but now it has been completely removed by changing the rules.
That is, now investors will not have to pay any charge or fee to change or update the nominee in PPF.
The Finance Minister further said in the post that for this, the government has released a gazette notification on 2 April 2025, changing the Government Savings Promotion General Rules. Through this, a fee of Rs 50 to be taken for nominee updates or changes has been abolished.
The post further stated that under the recently passed Banking Amendment Bill 2025, the account holders have also been given the facility of paying their deposited money, goods reserved in custody and up to 4 nominees for lockers.
PPF is a safe investment scheme. The government gives an annual interest of 7.1 percent on this. The maturity period of this scheme is 15 years, which you can extend for 5-5 years after maturity.
The special thing about this scheme is that all the money on maturity in PPF is tax free. Along with this, a tax exemption of Rs 1.50 lakh under section 80C in the old tax regime for investing in PPM is received per year.
-IANS
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