<ul><li>The Finance Ministry has scrapped the fee of ₹50 charged for updating or changing nominees in Public Provident Fund (PPF) accounts.</li><li>The change has been made effective from April 2 as per the notification by the ministry.</li><li>Finance Minister Nirmala Sitharaman made the announcement and highlighted that the amendment in the Banking Bill allows nomination of up to four persons for depositors' money and locker contents.</li><li>Up to four nominees are allowed with two options for deposit holders, either assigning priority to all four nominees or specifying the share of each nominee.</li></ul>

Finance Ministry scraps fee for updating nominees in PPF accounts

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