How does legal claimant access Mutual Fund investments upon death of an investor?
In case of death of an investor, their nominee or legal heir can claim the proceeds by process of transmission. Here are some things to keep in mind.
Case 1: If there is a nominee registered
- The basic process is to submit the following documents:
- Transmission form T3
- Requesting letter for transmission from surviving unit holders to the fund/RTA
- Death Certificate original/ copy attested by notary or gazette officer
- KYC proof of nominee
- Bank account details of nominee
If the amount is less than than Rs 2 lakhs, the nominee's signature is attested by the bank manager. On the other hand, if amount is more than Rs 2 lakhs the nominee signature is attested by notary or a first-class judicial magistrate.
Case 2: Absence of nominee
In case there is no nominee of the investor the claimant will have to produce:
- Succession certificate
- Probate of will or letter of administration
Do I need to nominate a nominee for my holdings?
As per the SEBI Circular (SEBI/HO/IMD/IMD-I DOF1/P/CIR/2022/105) dated July 29, 2022, Investors subscribing to mutual fund units on or after October 1, 2022, should either provide “Nomination” details OR they need to confirm on “Opting out of ...
What is KYC & why do you need it?
Know Your Customer (KYC) is a regulatory requirement to ensure protection of customers against fraud, money laundering and illegal activities. You provide certain identity information like PAN card and the data is stored at a safe and secure place. ...
What is eKYC? Why is my investment limited to Rs. 50000?
KYC, or Know your customer, is the process of identifying a customer with a goal of detecting and avoiding fraud in financial transactions. It is legally binding to financial institutions including banks and NBFC’s. As per UIDAI, eKYC is a paperless ...
What is Consolidated Account Statement (CAS)?
CAS (Consolidated Account Statement) is a statement of all your mutual fund investments made across various AMCs and serviced by various RTAs (KFintech, CAMS, and Franklin). This statement can be generated from either of the RTAs (CAMS or KFintech). ...
How can I change my nominee?
We do not allow you to change your nominee directly through the app. Please contact customer support in case you would like to change your nominee.