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Regarding ppf a/c nominee

(Querist) 09 October 2014 This query is : Resolved 
PPF account was opened 15 years a go with two nominee in that(each having 50%). Now the account holder has expired before 15 days(A/c holder name is opened in maidens father name) Among two nominee, one the nominee got expired before 4 years. But nominee name was not changed. Now bank is asking for succession certificate of expired nominnee. Is it really required? Or the matured amount gets directly transfered in the name of remaining nominee?
If sucession certificate is needed the on which amount court fee is to be paid (Like on whole 100% of a/c money or the 50% part of the expired nominee)
I am staying in Mumbai, how much is the approx charges for getting succession certificate and what would be lawyer's fee?
Dr J C Vashista (Expert) 10 October 2014
It would be required to determine the successor of deceased nominee.
Contact local lawyer.
Anirudh (Expert) 10 October 2014
1. The nominee who is alive can get 50% of the amount straight away, without any problem.

2. For the remaining 50%, the succession certificate is required. Now, you know on what value the court fee need to be paid.
Rajendra K Goyal (Expert) 10 October 2014
PPF Rule in case of deceased account holder:

8. (1) If a subscriber dies and there is in force at the time of his death a nomination in favour of any person, all amounts standing to his credit in the Fund shall be payable to the nominee.
(2) Where the nominee is a minor, the amounts referred to in sub-section (1) shall be payable to any guardian of the property of the minor appointed by a competent court, or where no such guardian has been so appointed, to either parent of the minor, or where neither parent is alive, to any other guardian of the minor.
(3) Where there is no nomination in force at the time of the death of the subscriber, the amounts referred to in sub-section (1) shall be payable
to his legal heirs.
THE PUBLIC PROVIDENT FUND ACT, 1968 ,(ACT No. 23 OF 1968) dated: [16th May, 1968]

The balance would be paid to the Ist nominee and the legal heirs of the 2nd nominee. There is no need of taking succession certificate as it would be cost and time consuming process. You can submit an affidavit, indemnity bond, letter of disclaimer etc. on prescribed language. If the account is in State Bank of India, the Bank has formed a well defined process. You can ask for the language from the Branch.
T. Kalaiselvan, Advocate (Expert) 15 October 2014
Well advised by expert Mr. Rajendra K Goyal, I endorse his views and nothing more to add.


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