PPF Tips: After the death of the PPF account holder, this person gets all the money, but does not get this benefit..
To remain financially strong in the future, the Public Provident Fund is considered a better investment option. Today, PPF is one of the most popular small saving schemes, in which an interest rate of 7.1 percent is given (PPF Interest Rate). But do you know who gets the PPF amount if the PPF (Public provident fund) account holder dies? And what is the method to claim it?
Nominee can claim PF amount in this way
Actually, the Employees' Provident Fund Organization (EPFO) provides this facility to its members so that in case of their sudden death, they can choose the name of their nominee in advance to claim PF (Public Provident Fund) benefits. After which, on the death of the account holder, the nominee member can claim the PF amount by filling out the form available on the website of the bank or post office (Public provident fund).
Let us tell you that even though the PPF account maturity period is 15 years, in case of the death of the account holders, one does not have to wait for the maturity of the PF (Public Provident Fund) account for death claims.
Keep this in mind while filling out the death claim form
Under this, to claim the PF amount, the nominee has to fill out Form 20 with complete details of the EPF member and submit it. One thing to be kept in mind here is that this application should be submitted through the employer with whom the EPF member was last associated.
These documents will be needed
While filling out this form (PPF Death Claim Form), many other documents like PPF account number, nominee details, mobile number, etc. may be required. The list of documents required to make a PPF (Public provident fund) death claim is as follows...
Death claim form filled by the nominee
Death certificate of PPF account holder
account holder passbook
After submitting this form along with all the necessary documents (Public Provident Fund), the nominee is informed about the claim form approval through message. After which the claim amount comes to the nominee's bank account. Also, note that the PPF account cannot remain active after the death of the account holder. Along with this, after the death of the account holders, interest is not paid on the amount deposited in PPF.
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