In
the event of the death of a Public Provident Fund (PPF) subscriber, any money
left in their PPF account is passed on to the nominee(s) or the legal heir(s).
The paperwork and documentation for the claim vary based on whether a
nomination has been registered by the PPF subscriber or not. Here’s how to go about
filing a claim.
Form
Nominees
or the legal heir of the deceased PPF subscriber are required to submit a duly
filled Form G to the bank or post office where the the PPF account was
held.
Nomination registered
If
the PPF subscriber had registered a valid nomination, the nominee will be able
to claim the proceeds from the account by simply filing the Form G, along with
proof of death of the subscriber (death certificate).
No nomination
If
there is no nomination in force, the claim can be made by the legal heirs of
the de -ceased subscriber. In addition to death certificate, the legal heirs
also have to submit a succession certificate or letters of administration along
with an attested copy of probate of will issued by a competent court.
Amount up to Rs 1 lakh
If
the amount standing to the credit of the PPF account is up to Rs 1 lakh, the
claim may be processed after submission of the following documents:
*A
letter of indemnity.
*An
affidavit.
*A
letter of disclaimer on affidavit.
*A
certificate of death of subscriber on stamped paper.
Process
On
receipt of application and documents from the nominee(s), if these are found to
be in order, all amounts standing to the credit of the PPF account of the
deceased subscriber will be repaid to the nominee(s) by the bank or post
office. Adjustments will be made according to interest on loans taken by the
subscriber.
Points to note
*In
case of death of one of the nominees, the surviving nominee(s) will also have
to provide proof of death of the deceased nominee.
*The
balance in the PPF account continues to earn interest till the end of the month
preceding the month in which payment of the deposits stopped.
Source:-The
Economic Times
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