What about nominations?

It’s very important to ensure that you have a nominee on your PPF account, who in the event of your death will receive the PPF corpus. You can nominate one or more persons to receive the amount standing to your credit in the event of your death. Use Form E to make initial nominations, and if you wish to later change them, use Form F.

If you nominate a minor, then you should also appoint somebody to receive and hold the PPF funds until the nominee attains majority.

For nominees to apply for funds in case of the death of the PPF account holder, they have to apply to the Accounts Office using Form G, and provide a death certificate to the Accounts Officer. Once this is done, the PPF amount, less any loans (and interest on loans) that may be pending, will be repaid to the nominee(s).

If there are multiple nominees and one of them has passed away, the remaining nominees have to furnish the death certificate of the nominee in question, post which the Account Officer will repay the PPF funds to the surviving nominee(s).

If there are no nominees, then the legal heirs have to furnish an indemnity letter, an affidavit, the death certificate of the subscriber, a disclaimer letter on affidavit on stamped paper to the Account Office.

Submit the Annexure to Form G and all the above documentation to receive the balance in the PPF account up to Rs. 1 lakh.

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One Response to What about nominations?

  1. jaspal singh pental says:

    What are the formalities required when a minor subscriber becomes an adult?

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