Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Dinesh Singh   21 June 2022

Informing bank of ppf holder death

Sir
My father who was 80 yrs old passed away during COVID-19.
Now all the bank accounts and PPF are still in his name. I have not opted to change the same as the income will be added to my income which will bring it in 30% tax bracket.
The main problem is in PPF which I do not wish to avail. The given PPF is more than 15 years old which means it has matured and there has been no contribution done in it for the last 2 years. However I am the nominee in my late Father's PPF account

So if I decide say after 2-3 years end the PPF scheme of my late father will there be a problem with the PPF authorities I have read the PPF act and no where is it mentioned that the death of subscriber needs to be notified in a certain duration.

Am I correct or wrong



Learning

 1 Replies

Mahi Manchanda   23 June 2022

Hi,

On the death of a subscriber, the balance in the PPF account is paid on demand to his nominee or successor. However, the balance, if not withdrawn, continues to earn tax-free interest.

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) of 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). 

I hope this answers your question.

Have a good day!


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Recent Topics


View More

Start a New Discussion Unreplied Threads



Popular Discussion


view more »




Post a Suggestion for LCI Team
Post a Legal Query