PPF Account Tips- Do you invest in PPF, then keep these things in mind

If you are a working person, then you must be aware of the Public Provident Fund Account. In which you invest a fixed amount for the future, on which you get interest. Recently, Finance Minister Nirmala Sitharaman announced that customers can now update or change the nominee in their PPF accounts without any fee. Earlier, customers had to pay a fee of Rs 50 for this update, let's know the complete details about them.

No fee for changing nominee details:

The Finance Minister clarified that financial institutions earlier used to charge a fee for updating nominee details in PPF accounts. With the latest changes, these charges have been waived.

Government Gazette Notification:

Through the Gazette Notification 02/4/25, the government has amended the Government Savings Protection General Rules 2018 to ensure that no fee will be charged for updating the nominee details in PPF accounts.

Changes in Banking Amendment Bill 2025:

The passed Banking Amendment Bill 2025 makes several significant changes, one of which is that customers can nominate up to four people for payment of money from their locker.

Significant Amendments in Banking Regulation:

Another significant change in the Banking Amendment Bill 2025 involves amendment in the definition of "principal interest". The limit of principal interest was earlier fixed at Rs 5 lakh, but now it has been increased to Rs 2 crore. This change made after 60 years will provide more relief to the account holders of small savings schemes like PPF, Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme.

Impact on small savings scheme account holders:

This decision is expected to benefit those with PPF accounts and other small savings schemes, as it will eliminate the additional cost for updating or changing the nominee.