PPF ACCOUNT

sanjay (Querist) 19 June 2011 This query is : Resolved
1. Mr.A has a PPF account with nomination in favour of Mr. B.
2. Mr A expired leaving a registered will wherein PPF balance is to be paid to Mr.B.
i.e Mr. B is nominee to the a/c as well as authorised to receive PPF balance by virtue of the will.
3. But Mr. B is also no more.

4. Legal heirs of Mr.A and Mr.B are in good relations with each other and are ready to complete any formalities of the bank.

Please let me know the correct procedure to settle the claim in the least period of time.

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prabhakar singh (Expert) 19 June 2011
BANK WILL ASK FOR SUCCESSION CERTIFICATE WHICH IS ISSUED BY CIVIL COURT.

R.Ramachandran (Expert) 20 June 2011
In addition to what Mr. Prabhakar has said, the legal heirs of Mr. B will get the benefit from the PPF.

RAJU O.F., (Expert) 20 June 2011
Presume that B is one among the legal heirs of A, who are naturally eligible for the PPF. Even if B was a stranger and B died earlier to the death of A, the employer is justified if all the legal heirs of A joinly request for release of PPF and hence paid to them .

Sri Vijayan.A (Expert) 20 June 2011
Legal heirs of 'A' is not eligible to claim the PPF amount.
Legal heirs of 'B' alone can claim the amount.

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