Friday, November 24, 2017

Nomination and Death of subscriber in PPF

PPF nomineeNomination:- Subscriber may nominate one or more person in Form E to receive the funds of PROVIDENT Fund in event of his death. But no nomination can be made in behalf of minor. Nomination can be cancelled and can appoint a new nominee in Form F WITH THE ACCOUNTS OFFICER and submit in the pass book. The subscriber can not nominee a trust.


Death of a subscriber:- If the subscriber dies, the nominee or nominees may make an application in Form G with the proof of death to the accounts officer and he will repaid all the amounts due to the nominees. If there is no nominee, the accounts officer will repay all the amount due to legal heirs of the subscriber. Provided that the balance up to Rs. 1 lakh may be paid to the legal heirs on production of (i) a letter of indemnity, (ii) an affidavit, (iii) a letter of disclaimer on affidavit, and (iv) a certificate of death of subscriber, on stamped paper, in the forms as in Annexure to Form G. 


In event of death of the subscriber, the amount standing to subscriber's credit will be repaid on demand to his legal heirs or the nominee. However the un-drawn balance will continue to earn interest till the end of the month, preceding the month in which the amount is paid to the nominee/legal heir.


Earlier the heirs had to produce a succession certificate to get back the balance to the credit of the deceased.

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