PPF, NSC, Scass Small Saving Scheme: The government has taken a big decision to add or change the nominee to the small savings scheme. Now schemes like Public Provident Fund (PPF), National Savings Certificate (NSC), Senior Citizen Savings Scheme (SCSS) will not be charged any fees for adding, changing or removing nomination. Earlier, 50 rupees were to be paid to add the name of the nominee for this.
What does the government’s notification say?
The Finance Ministry issued a notification on 3 April 2025, stating that a fee of Rs 50 has now been removed for nomination cancellation or replacement in the service charge part under the Government Savings Promotion General Rules 2018. That is, now the process of changing the nominee in the small savings scheme has been completely processed.
What was the rule earlier?
If a person wanted to add or change or change the nominee person in his account, then he had to pay 50 rupees. This fee used to prevent people from updating nominee many times.
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 taking money. But if the nominee is already added, the same person gets the money easily.
According to the website of ICICI Bank, a nominee is the person whom the account holder gives the right to get the money deposited in the account after his death.
How many nominees can be added to PPF account?
According to the SBI website, more than one maximum four nominees can be added to the PPF account. You can also decide how much amount every nominee will get.
Who will benefit?
The general public will get direct benefit of this decision of the government. Now people will be able to add nominees or update to their savings account without any hassle and expense. This will not only increase financial security but will not cause financial problems to the family.
Is there a loss when late EPF Interest is found? Is not the calculated interest on the entire amount