How to change nominee in PPF Account?
PPF is a good choice for long term small saving investment in India. It offers a fair rate of interest and the investment and proceeds are completely exempted from taxes under section 80C of income tax. While you already have a PPF account under your or someone’s name, there could be situations wherein you may require to change the nominations mentioned in the account.
In this article we would take you through the step by step procedure of changing nominees in PPF Account.
Why may you need to change the nominee in your PPF Account?
There could be any situation under which one may require to change the name of the nominee of PPF account. Some of them may be:
- Changing the name of nominee from son to grandchildren
- Changing the nominee’s name from father to husband after marriage
- Changing the nominee’s name from mother to wife
- Changing the nominee’s name from mother to father, or vice versa
- Changing the nominee’s name from husband to daughter or son
- Changing the nominee’s name from wife to daughter or son
- Changing the nominations in case of divorce or separation
- Changing the nomination since the earlier nominee may no more be alive
As you can see, there could be any situation where in nominations required to be change in PPF Account and there is not limit or condition on the change of nominee’s name. Nomination of PPF account is purely a personal choice of the account holder and they may choose to nominate anyone, irrespective of the relation of the account holder and nominee.
How to change PPF Account Nomination?
- In order to change the nomination on your PPF account, you would have to visit the branch of post office or bank where you have the PPF account along with your ID proof and passbook.
- The bank or post office executive would handover to you the form for cancellation or variation of nomination, which you need to duly and correctly fill it up and hand it over to the official.
- They might like to verify your credentials and ask for your passbook and identity.
Once you have shown them your details and handed over the application and form for nomination change, your nomination would be changed within just few days and you would be notified accordingly through email or SMS.