Procedure to Claim Units / Proceeds upon Death of a Unitholder - Transmission Process in case of Mutual fund

 

Procedure to Claim Units / Proceeds upon Death of a Unitholder

When a mutual fund unitholder passes away, the units held in their account need to be transferred (transmission) to the rightful claimant — either the surviving joint holder(s), the registered nominee(s), or the legal heirs, as applicable.

Below are the detailed procedures and documents required under different scenarios:

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1. Deletion of Name of Deceased Joint Holder (2nd and/or 3rd Holder)

If one of the joint holders (other than the first holder) passes away:

• Form Required: Form T1 – Request by surviving holder(s) for deletion of the deceased holder’s name.

• Documents Needed:

  • Death Certificate (original OR self-attested copy, notarized/gazetted officer attestation).

  • Fresh Bank Mandate Form + cancelled cheque (if bank details are changing).

  • Fresh Nomination Form (if no nomination exists or if surviving holders wish to update/change nomination).

  • KYC compliance of surviving holders (process completed only after “KYC complied” status).

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2. Transmission of Units to Surviving Joint Holder(s) (on death of 1st Holder)

When the first holder of jointly held units passes away:

• Form Required: Form T2 – Transmission Request to surviving holder(s).

• Documents Needed:

  • Death Certificate (original OR notarized/self-attested copy).

  • Self-attested copy of PAN of surviving holder(s).

  • Cancelled cheque with surviving holder’s name pre-printed OR latest Bank Statement/Passbook (within 3 months).

  • KYC compliance of surviving holder(s).

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3. Transmission of Units to Registered Nominee(s) (on death of Sole / All Holders)

If the deceased had registered a nominee:

• Form Required: Form T3 – Transmission Request in favour of the nominee(s).

• Documents Needed:

  • Death Certificate (original OR notarized/self-attested copy).

  • Birth Certificate (if nominee is a minor).

  • Self-attested PAN copy of Nominee/Guardian (if nominee is a minor).

  • KYC compliance of Nominee/Guardian.

  • Cancelled cheque with nominee’s name OR Bank Statement/Passbook (within 3 months).

• Additional Requirements (based on claim amount):

  • Up to ₹5 Lakh: Signature attestation of nominee by Bank Manager.

  • Above ₹5 Lakh: Signature attestation by Notary Public / Judicial Magistrate First Class (JMFC).

• ID Proof of deceased unitholder (PAN, Aadhaar (redacted), Passport, Voter ID, etc.), duly notarized or verified at AMC branch.

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4. Transmission of Units When NO Nomination is Registered

If no nominee exists, units are transferred to legal heir(s) or claimant(s):

• Form Required: Form T3 – Transmission Request.

• Documents Needed:

  • Death Certificate (original OR notarized/self-attested copy).

  • Birth Certificate (if claimant is a minor).

  • Self-attested PAN of claimant/guardian (if claimant is a minor).

  • KYC compliance of claimant(s).

  • Cancelled cheque OR Bank Statement/Passbook of claimant (within 3 months).

  • ID proof of deceased (notarized or verified at AMC branch).

• Additional Documentation (based on claim amount):

  • Up to ₹5 Lakh:

    • Bank attestation of claimant’s signature by Bank Manager.

    • Proof of relationship with deceased.

    • Bond of Indemnity (Annexure-II) signed by all legal heirs (unless valid Succession Certificate / Probate of Will / Court Order is provided).

    • Individual Affidavits from each legal heir (Annexure-III).

    • NOC from other legal heirs (Annexure-IV), if applicable.

  • Above ₹5 Lakh:

    • Claimant’s signature attested by Notary Public / JMFC.

    • Affidavits from each legal heir (Annexure-III).

    • For value between ₹5–10 Lakh: Any one of the following:

      • Notarised Registered Will + Indemnity Bond, OR

      • Legal Heirship Certificate + Indemnity Bond + NOC from other heirs.

    • For value above ₹10 Lakh: Any one of the following:

      • Probated Will, OR

      • Succession Certificate from Court, OR

      • Letter of Administration / Court Decree.

    • ID proof of all legal heirs (including those giving NOC/affidavit).

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5. Forms & Annexures :

• Form T1 – Deletion of deceased 2nd / 3rd holder.

• Form T2 – Transmission when 1st holder is deceased.

• Form T3 – Transmission for Nominee(s) / Legal Heirs.

• Form T4 – Change of Karta (in HUF).

• Form T5 – Transmission when HUF is dissolved on Karta’s death.

• Annexure Ia – Bank attestation of signature & account details.

• Annexure Ib – Bank attestation of signature of new Karta.

• Annexure II – Bond of Indemnity (for legal heirs without court order).

• Annexure III – Affidavit by each legal heir.

• Annexure IV – NOC from other legal heirs.

• Annexure V – Indemnity by coparceners for change of Karta.

• Annexure VI – Bond of Indemnity by surviving member of dissolved HUF.

Link to download above form : https://shorturl.at/oVjTP

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