PPF, NSC, SCSS small saving scheme: The government has taken a big decision regarding adding or changing the nominee in the small savings scheme. Now there will be no fee for adding, changing or removing nomination in schemes like Public Provident Fund (PPF), National Savings Certificate (NSC), Senior Citizen Savings Scheme (SCSS). Earlier, Rs 50 had to be paid to add the name of the nominee.
What does the government notification say?
The Finance Ministry issued a notification on April 3, 2025 stating that under the Government Savings Promotion General Rules 2018, the fee of Rs 50 has now been removed for canceling or changing the nomination in the service charge part. That is, now the process of changing the nominee in the small savings scheme has become a completely free process.
What was the rule earlier?
If a person wanted to add a nominee in his account or wanted to add or change a new nominee, he had to pay a charge of Rs 50. This fee often stopped people from updating the nominee.
Why is it necessary to add a nominee?
If the account holder dies and the nominee is not decided, then the family has to face a lot of legal difficulties in getting the money. But if a nominee has already been added, then the money is easily received by the same person.
According to the website of ICICI Bank, a nominee is a person to whom the account holder gives the right to get the money deposited in the account after his death.
How many nominees can be added in a PPF account?
According to the website of SBI, more than one nominee i.e. maximum four nominees can be added in a PPF account. You can also decide how much amount each nominee will get.
Who will benefit?
The general public will get the direct benefit of this decision of the government. Now people will be able to add or update a nominee in their savings account without any hassle and expense. This will not only increase financial security but the family will also not face any financial problems.
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