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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