PPF Account Form G (DECEASED CLAIM)
A person investing money in some financial product has, almost always, one of the following reasons in mind:
- Financial security of the loved ones in case of his or her death.
- His or her own financial security during the silver years, i.e. during the retirement days.
- Tax savings.
While tax savings is always a reason, the other base reason can be either financial security of the loved ones or the person’s own financial security post retirement or both. Whatever the case be, there is one thing that everyone should remember while investing:
“Death is the ultimate truth of life. Everyone dies sooner or later. A person making an investment for his or her own financial security might not eventually be able to enjoy the fruits because of sudden and unfortunate death.”
What happens to the money in such a situation? There are two things that can happen:
- Either the money is lost and no one gets it. It is taken by the financial institution where the money has been deposited.
- Or, a war of ownership begins between legal heirs. In this case, things can get a bit messy – you know very well what we mean! Don’t you?
The PPF account investments are not shielded against these problems and hence, it is always wise to keep nominee so that all the messy battles of ownership are avoided. However sometimes, people do not appoint nominees and in such situations a legal heir has to claim the fund by furnishing proper documents. If proper nominee(s) are there claiming the money becomes simple.
Either way, in the unfortunate case of the death of the PPF subscriber, one has to fill up the Form G in order to be able to claim and withdraw the funds. Filling up this form is mandatory and without this – whether a claimant is a nominee or a legal heir – the bank or the post office will not release the funds.
So, it is time that we take a close look at PPF Form G and learn all about this form in details so that if you are trying to claim the PPF funds of a deceased, you will know what exactly you need to do while filling up this form.
All about PPF Form G
Before we start discussing about PPF Form G in details, we need to mention that we will be creating four different tables in this section comes with three different annexures which are required for legal heirs in case of absence of a proper nominee. So, the first table will focus on the actual form while the remaining three will focus on the annexures. So, let us begin:
|Actual PPF Form G|
|Form G elements||Explanations for each element|
|Declaration||This is the segment where the claimant(s) need(s) to declare the relationship with the deceased subscriber of the PPF account. Also the PPF account number has to be provided along with the declaration. This is mandatory. In absence of the PPF account number, nothing can be done and bank or the post office is not obligated to pay any money to anyone claiming the funds.|
|Enclosed section||This is a section where several documents are to be enclosed along with the form. Remember that not all of the mentioned documents will be required. What is required depends on the relationship of the claimant with the deceased person. Let us take a look at what has to be enclosed:|
|1. Death certificate of the deceased subscriber.|
|2. If any of the nominees appointed by the deceased subscriber is also dead, a death certificate for that dead nominee is to be provided too. If there is no dead nominee, this one is not required.|
|3. A succession certificated issued by the High Court is to be provided by the claimant in case the deceased subscriber has left no nominee. If there is/are nominee(s), this too is not required.|
|4. The passbook of the PPF account of the deceased person is to be provided.|
|5. If there is no nominee but a legal heir is claiming the money, a letter of indemnity is to be provided. This letter will not be required if there is a proper nomination.|
|6. A proper affidavit is to be provided by the legal heir claiming the money. This too is not required if there is a proper nomination.|
|7. An affidavit disclaimer letter must also be provided by the legal heir claiming the fund. In case of proper nomination, such a letter will not be necessary.|
|Date and Place||The applicant (nominee or a legal heir) has to provide the date and place. The place refers to the city or state where the funds are being claimed and the date is the day on which the claim is being made.|
|Signature||The person claiming the fund needs to provide his or her signature or in case the person doesn’t know how to read or write, he or she can provide a thumb impression. In case of multiple nominees or claimants, signatures or thumb impressions of all of them will be required.|
|Section for bank branch or post office use||In this section the bank branch or the post office will declare that a settlement amount (which is full and final) of certain amount against PPF account number (as provided by the applicant) has been made though a demand draft or bank cheque (DD or bank cheque number is to be provided) on the given date in favor of the bank (name of the bank). This section is to be used by the bank or post office only.|
|Date and signature of the service manager or the bank branch manager is to be provided too.|
|A money receipt||The claimant has to provide a money receipt to the bank or the post office. This section is also included in the form and the bank or the post office will be retaining it.|
|This section mentions the amount that has been received by the claimant from the bank branch (name or the bank branch is to be mentioned). This is also a declaration that full and final settlement has been made.|
|A rupee 1/- revenue stamp is to affixed in the provided place. This stamp is to be carried by the claimant or perhaps it can be provided by the bank or the post office.|
|Date and signature(s) of the nominees or the claimant(s) is to be provided to.|
Now that’s the whole of PPF Form G. There is nothing else in the actual form. However, there are several annexures as mentioned earlier. These annexures are mentioned in tables below:
|Annexure I – Indemnity Letter|
|What is indemnity letter? It is a letter guaranteeing that contractual povisions have been fully made. If it is found that some of the provisions have not been met, financial reparations will take place.|
|Elements of the letter||Explanation|
|Declaration||In case the claimant is not an appointed nominee but just a legal heir, he or she or they has/have to provide this letter declaring that the bank/post office is paying him/her/them (names are to be provided) the standing amount in the PPF account (the account no. has to be mentioned) even though a proper letter proving the legal succession or administration has not been offered by the claimant(s).|
|The claimant(s) also need to declare (providing their names) that if there are any legal consequences and that the bank or the post office has to bear any financial burden because of paying out the money, the claimant(s) will be responsible for paying back that money to the bank/post office.|
|The final declaration is that the claimant(s) declare to have put their hands at the money of the deceased subscriber on the date (date has to be mentioned discreetly) of a given month and a year.|
|Counter signed by Surety||A surety is a person who takes the responsibility of the action of another person. Two sureties are to provide their details (name and address) as well as their signatures.|
|Counter signed by witness||Two witnesses are to provide their details (names and address) along with their signatures.|
|Notary signature and attestation||A notary has to attest the letter and has to provide a seal/stamp and his or her signature.|
|Annexure II – Affidavit|
|What is an affidavit? An affidavit is a written statement which is considered as an affirmation or an oath and can be used in court.|
|Elements of affidavit||Necessary explantion|
|Declaration||1. The claimant(s) need to declare themselves as husband or wife or son or daughter of whoever (their respective spouses and parents) along with the residential address|
|2. The declaration should mention that the claimant(s) are the only legal heirs of the deceased person (subscriber) whose name is to be provided and that the claimant(s) are the only representatives of the estate left by the deceased subscriber.|
|3. The deceased person (name of the subscriber is to be provided) did not leave behind any will and that the claimant(s) are the only successors who are left.|
|4. There is a section where all the claimant(s) need to provide their names and their signatures. The signatures are to be provided above the word ‘Deponents’. Deponents means the people who are providing the affidavit.|
|Verification section||This is the section where the deponents need to declare that the information provided in the affidavit are true to the best of their knowledge and that it contains no fabricated information or no material information has been deliberately fabricated. In this declaration the name of the place where this affidavit is being created and signed is to be provided.|
|Also, the names of each individual deponent and their signatures are to be provided. The signatures are to be provided right above the word ‘Deponents’.|
|The date on which the verification is given is to be provided as well.|
|Attestation||This is the section where an oath commissioner has to attest the affidavit with his/her seal and signature.|
|Annexure III – Disclaimer Letter on Affidavit|
|This letter is to be provided by the spouse(s) or child(ren) of the claimant(s) who claim the PPF fund of the deceased subscriber. In short, it is a declaration that the spouse(s) or child(ren) of the claimant(s) are relinquishing their rights on the money|
|Declaration by spouse(s)||The spouse(s) of the claimant(s) need(s) to provide name or their names along with full residential address.|
|Declaration by child(ren)||The child(ren) of the claimant(s) need(s) to provide name or their names along with full residential address.|
|Affirmation||A solemn affirmation that the person or the subscriber (name is to be provided) died on (date is to be provided) and that they (spouse(s) or child(ren)) are relinquishing their rights to the claimant(s) for the balance of rupees (the rupee amount is to be mentioned) once that amount has been realized from a demand draft or check (the DD or bank check number is to be provided) that was issued on (date of the issuance of the DD or bank check is to be provided). Further it has to be declared that the spouse(s) or child(ren) have no objection in the bank or the post office issuing the money in the PPF account (account number is to be provided) to their spouse(s) or parent(s).|
|Name of the people providing this disclaimer letter is to be provided along with their signatures right above the word ‘Deponent(s)’.|
|Verification section||This letter of disclaimer is also an affidavit and hence the verification section is mandatory wherein the spouse(s) or child(ren) of the claimant(s) are required to mention that the information they have provided is not fabricated and that they have not concealed any information whatsoever. They need to provide their names and their signatures. The signatures are to be provided above the word ‘Deponent(s)’.|
|The date for this declaration is also to be provided.|
|Attestation||This is the section where an oath commissioner has to attest the affidavit with his/her seal and signature. The date must also be provided.|
That concludes everything about Form G of PPF Account and all its annexures. In case you have any question or concern, feel free to drop us a comment and we will revert back to you as soon as possible.