How to add or update a nominee in PPF account
What's the story
The Public Provident Fund (PPF) account is a popular savings scheme in India, which offers tax benefits and guaranteed returns. One of the important aspects of managing a PPF account is keeping the nominee details updated. This ensures that the funds are transferred smoothly in case of the account holder's demise. Here's a look at how you can add or update a nominee in your PPF account.
Tip 1
Understanding nominee importance
Designating a nominee for your PPF account is essential for ensuring that your funds are transferred to the right person in case of your demise. Without a nominee, the process of transferring funds can be tedious and time-consuming for your family. It is always advisable to keep this information updated to avoid any complications in the future.
Tip 2
Process to add a nominee
To add a nominee to your PPF account, visit the nearest post office or bank branch where you have opened the account. Fill out Form E and submit it with the necessary details of the nominee. Make sure to carry valid identification documents of both yourself and the nominee. This process is free of cost and can be completed within minutes.
Tip 3
Updating nominee details
If you wish to update the details of an existing nominee, you can do so by filling out Form E again with updated information. It is important to keep these details current, especially after major life events such as marriage or divorce, which may affect your choice of nominee. Just like adding a nominee, updating details is also free of cost.
Tip 4
Joint accounts and multiple nominees
In case your PPF account is held jointly, all account holders must agree on the nominee details. They should also sign off on Form E together. Also, you can add multiple nominees by mentioning their percentage shares in the form. This way, you can ensure that your funds are distributed among the nominees as per your wishes.