Revised Frequently Asked Questions (FAQs) 2.0 related to proposed India Post Payments Bank
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India Post Payments Bank Recruitment
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How to claim PPF after subscriber's death
In the event of the death of a Public Provident Fund (PPF) subscriber, any money left in their PPF account is passed on to the nominee(s) or the legal heir(s). The paperwork and documentation for the claim vary based on whether a nomination has been registered by the PPF subscriber or not. Here’s how to go about filing a claim.
Form
Nominees or the legal heir of the deceased PPF subscriber are required to submit a duly filled Form G to the bank or post office where the the PPF account was held.
Nomination registered
If the PPF subscriber had registered a valid nomination, the nominee will be able to claim the proceeds from the account by simply filing the Form G, along with proof of death of the subscriber (death certificate).
No nomination
If there is no nomination in force, the claim can be made by the legal heirs of the de -ceased subscriber. In addition to death certificate, the legal heirs also have to submit a succession certificate or letters of administration along with an attested copy of probate of will issued by a competent court.
Amount up to Rs 1 lakh
If the amount standing to the credit of the PPF account is up to Rs 1 lakh, the claim may be processed after submission of the following documents:
Process
On receipt of application and documents from the nominee(s), if these are found to be in order, all amounts standing to the credit of the PPF account of the deceased subscriber will be repaid to the nominee(s) by the bank or post office. Adjustments will be made according to interest on loans taken by the subscriber.
Points to note
*In case of death of one of the nominees, the surviving nominee(s) will also have to provide proof of death of the deceased nominee.
In the event of the death of a Public Provident Fund (PPF) subscriber, any money left in their PPF account is passed on to the nominee(s) or the legal heir(s). The paperwork and documentation for the claim vary based on whether a nomination has been registered by the PPF subscriber or not. Here’s how to go about filing a claim.
Form
Nominees or the legal heir of the deceased PPF subscriber are required to submit a duly filled Form G to the bank or post office where the the PPF account was held.
Nomination registered
If the PPF subscriber had registered a valid nomination, the nominee will be able to claim the proceeds from the account by simply filing the Form G, along with proof of death of the subscriber (death certificate).
No nomination
If there is no nomination in force, the claim can be made by the legal heirs of the de -ceased subscriber. In addition to death certificate, the legal heirs also have to submit a succession certificate or letters of administration along with an attested copy of probate of will issued by a competent court.
Amount up to Rs 1 lakh
If the amount standing to the credit of the PPF account is up to Rs 1 lakh, the claim may be processed after submission of the following documents:
*A letter of indemnity.
*An affidavit.
*A letter of disclaimer on affidavit.
*A certificate of death of subscriber on stamped paper.
Process
On receipt of application and documents from the nominee(s), if these are found to be in order, all amounts standing to the credit of the PPF account of the deceased subscriber will be repaid to the nominee(s) by the bank or post office. Adjustments will be made according to interest on loans taken by the subscriber.
Points to note
*In case of death of one of the nominees, the surviving nominee(s) will also have to provide proof of death of the deceased nominee.
*The balance in the PPF account continues to earn interest till the end of the month preceding the month in which payment of the deposits stopped.
From next year, MGNREGS workers to get wages via Post Payments Bank
Tribune News Service, Ludhiana, October 16
With the opening of Post Payments Bank at the post offices next year, the payment to MGNREGS workers and labourers will also be done through these banks.
According to information, India Post Payments Bank, which is expected to become operational by next year, will be used for the payments of some schemes run by the Central Government, including payments to MGNREGS workers.
It would be a great relief to MGNREGS workers in particular, because being a rural employment guarantee scheme, MGNREGS beneficiaries of the scheme are in villages, but the penetration of the post offices is deeper in villages than banking sector. So, MGNREGS workers will be able to collect the payments from nearby post offices instead of having to visit banks, said one of the officials in the Postal Department.
Deepinder Singh, a Gram Rozgar Sewak under MGNREGS, said if the payment was done through post offices, it would help the labourers. “It is a promising move, but the direct payment for different schemes must also be clearly earmarked to prevent any confusion in the minds of the labourers,” he said.
Satwant Kaur, one of the MGNREGS labourers in Khedi village, said the nearer she could collect the payments, the better it was for all MGNREGS workers. “It gets difficult to visit far off villages to get the payments in old age. If money is paid through post offices, it would be a great help,” she added.
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