How many nominees are allowed for a Public Provident Fund (PPF) account?

Public Provident Fund (PPF) account holders are now not required to pay a fee to update or modify nominee details in their accounts.

Earlier, a fee of ₹50 was being levied by financial institutions and post offices for updating/modifying nominee details in PPF accounts.

The Union Government amended the Government Savings Promotion General Rules 2018 through a gazette notification dated April 2, 2025. The notification removed any charges for updating or changing nominees for PPF accounts.

How many nominees are allowed in a PPF account

A PPF account holder is allowed to declare one or more individuals as their nominee. However, the maximum number of nominees allowed is four.

The Banking Amendment Bill 2025 also allows the nomination of up to four persons for the payment of depositors' money, articles kept in safe custody, and safety lockers. The bill was recently passed in the Parliament.

The nominees will be eligible to receive the amount in the PPF account upon the demise of the account holder. On the death of the PPF account holder, the balance in his/her account continues to earn interest till the end of the month preceding the month in which the eligible balance is paid to the nominee/legal heir.

PPF is currently offering 7.1% interest compounded annually. An individual can invest a maximum of ₹1.5 lakh in this scheme in a year. The account matures after 15 years. However, no tax is levied on the interest earned from PPF or the amount withdrawn on maturity.