How can a nominee withdraw money from small savings schemes like PPF, NSC? : Settlement of death claim can occur on many grounds. If the claim amount is up to Rs 5 lakh, then settlement can be done at the discretion of the concerned authority without nomination, legal evidence or legal evidence.
If the person depositing in small savings schemes dies prematurely, he can withdraw money from the nominee account. Recently, the government has simplified the process of claiming money from small savings schemes of the post office. Many changes have been made in this. He has issued a circular in this regard on August 28. These small savings schemes include Monthly Income Scheme, Public Provident Fund (PPF) National Savings Certificate (NSC), etc. Let us see here what the circular says.
What will be the basis for the death claim settlement?
According to the circular, the death settlement can be on many grounds. If the claim amount is up to Rs 5 lakh, then settlement can be done at the discretion of the concerned authority without nomination, legal evidence or legal evidence. At the same time, if legal evidence is not present when the amount of the claim is more than Rs 5 lakh, then the claimant will have to submit a succession certificate from the court. In case of separate certificate, limit of Rs 5 lakh will be applied for each account / registration number.
How will death claim settlement happen?
This settlement will be based on whether the nomination is registered or whether the claimant is submitting any legal evidence. Come, let’s look at each case here.
Where there is a nomination register?
In case of small savings schemes in the post office, where the nomination is registered in the same post office and is effective at the time of death of the person, then the concerned post office will pay the amount to the nominee.Then whether the claimant presents legal evidence or not.
The nominee will have to apply in the post office along with the death certificate of the depositor. Also, passbooks and / or certificates have to be installed. If the person claiming is unable to give the original death certificate or any other proof of death, then the concerned post office can accept the photocopy. The authority should compare photocopies and original documents before accepting the copy.
The government issued another circular on 16 September 2020. In it, he said that if self-attested photocopies of witnesses’ IDs and addresses along with other documents are submitted, their presence is not mandatory. ID proof includes Aadhaar Card, PAN Card, Passport etc. Address proof includes Aadhaar card, passport, electricity bill, bank passbook, etc. If there is more than one nominee and one of them dies, then the claimant will also have to submit the death certificate of the other nominee.
In case of death of the last nominee, the claim linked to the account will be set in favor of the legal heir of the last nominee.
It will not be settled in favor of the legal heir of the deceased depositor.
If the original passbook / certificate is lost from the nominee, after accepting the claim from the concerned authority, they will have to apply for issuing the passbook / certificate in their name. In cases where evidence has been submitted in Claim, in cases where nomination has not been registered, legal evidence has to be provided for Claim. These include succession certificate, will, administrative letter, etc. The applicant will need to provide the depositor’s original death certificate along with the application form and other required documents.
cases of death claims where the nomination has not been made nor the claimant is able to give any evidence and the claim amount is up to Rs 5 lakh, then six months after the death of the legal heir depositor. Submit the claim after.
The claimant will have to provide the following documents to the concerned Postal Authority:
1. Original Death Certificate or Death Proof
2. Passbook / Certificate of Deposit Receipt / Account Statement
3. Affidavit in Form-13
4. Letter in Form-14 Off Disclaimer
5. Bond of Indemnity in Form-15
missing more than seven years will be considered dead and the claim will be disposed of as per the rules.