Nominees or legal heirs required to undergo required process and submit the documents required to claim the mutual fund units of deceased investor.
Documents required differ based on –
- Amount of investment – If invested capital is high ,though this definition will differ from AMC to AMC, we will consider it as above Rs.1 lakh and below 1 lakh.Here we will consider invested capital is higher than 1 lakh.
- Nomination is registered.
- Nomination is not registered.
Nomination is registered -If nomination is registered for said folio, then things become quite simple.Following documents will required by nominee / nominees.
- Request letter – Request letter by nominee, to Asset management company informing about death of mutual fund investor , details of investment and request for transfer of units.
- Death certificate – in original or copy attested by Gazetted officer.
- Bank account of nominee – with proof like cancelled copy of cheque.
- KYC of nominee – Nominee should be KYC compliant.
- Notarized Indemnity Bond signed by all nominees: Format is available with all mutual fund houses.Indemnity bond need to be executed on Rs.200/- stamp paper or as advised by mutual fund house.
Nomination is not registered – If nomination is not registered then things may become some complicated.
Following documents are required :
- Request Letter – Request letter by claimants for transfer of units.
- Death Certificate – in original or attested by Gazetted Officer.
- Bank account details & Proof like cancelled copy of cheque of claimant.
- KYC of claimant.
- Indemnity bond from legal heirs.
- Affidavit from legal heirs.
- Copy of probated Will OR Court order issued for the claimant :For low amount fund house can settle on above documents for immediate relations.
In case of Hindu Undivided Family [HUF] process is nearly similar.
Click Here to view sample application form for transmission of assets to nominee.
New folio will be created and units will be transferred in the name of nominee / legal heirs.
