A ‘nominee’ is a person who takes care of assets and can claim the assets in case of demise of the investor. Reviewing your nomination at different stages of your life like marriage, childbirth, death of a family member is important to ensure your money goes to the person of your choice after your death.
Informing your nominee is important
In this digital era you might not have stored any investment statements or receipts in your almirah for your family members to find after you die. It is important for your nominee to be aware that s/he has been nominated by you in case something unfortunate happens, or else write a will. It would be better for the nominee if you give him or her some idea about your investments and how it can be claimed just in case.
Here is some help on transmission of units in mutual funds to the nominee or to the joint holder(s). Transmission is a process where the mutual fund units held by a deceased unitholder are transferred to the nominee or to the joint holder(s) as the case may be.
Different scenarios
The nominee or joint holder needs to submit the listed documents to the respective mutual fund houses depending on the scenario. Different forms and annexures can be downloaded form the website of mutual fund houses or AMFI, the mutual fund regulator.
Transmission of units to the registered nominee in case of death of sole or all unitholders
i. Transmission Request Form (Form T3) for transmission of units nits in favour of the nominee(s).
ii. Death certificate of the deceased unitholder(s) in original or photocopy duly attested by a Notary Public or a Gazetted Officer.
iii. Copy of birth certificate, in case the nominee is a minor.
iv. Copy of PAN card of the nominee(s) /guardian (in case the nominee is a minor).
v. KYC Acknowledgment or KYC form of the nominee(s) / guardian (where nominee is a minor).
vi. Cancelled cheque with the nominee’s name pre-printed or copy of the nominee’s recent bank statement/passbook (which is not more than 3 months old).
vii. If the transmission amount is upto ₹2 lakh, the nominee’s signature attested by the bank manager as per Annexure-Ia. In case the nominee is a minor, signature of the guardian (as per the bank account of the minor or the joint account of the minor with the guardian) shall be attested.
If the transmission amount is for more than ₹2 lakh, as an operational risk mitigation measure, signature of the nominee shall be attested by a notary public or a Judicial Magistrate First Class (JMFC) in the space provided for signature attestation in the TRF itself below the signature of the claimant.
Transmission of units to surviving unit holders in case of death of the 1st holder
i. Transmission Request Form (Form T2) for transmission of units to the surviving unitholder/s.
ii. Death certificate of the deceased unitholder(s) in original or photocopy duly attested by a Notary Public or a Gazetted Officer.
iii. Copy of PAN Card of the surviving joint holder(s) (if PAN is not provided already)
iv. Cancelled cheque of the new first unitholder, with the claimant’s name pre-printed or recent bank statement/passbook (not more than 3 months old) of the new first holder.
v. KYC Acknowledgment or KYC Form of the surviving unit holder(s), if not KYC compliant.
Deletion of names of the deceased unit holders in case of death of 2nd or 3rd holder
i. Request Form (Form T1) from surviving unitholder(s) requesting for deletion of name of Deceased 2nd and/or 3rd holder.
ii. Death certificate in original or photocopy duly attested by a Notary Public or a Gazetted Officer.
iii. Fresh bank mandate form along with cancelled cheque of the new bank account (only if there is a change in existing bank mandate)
iv. Fresh nomination form in case there is no nomination or a change in existing nomination is desired by the surviving unit holders.
v. KYC Acknowledgment or KYC Form of the surviving unit holder(s), if not KYC compliant.
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