How nominees/legal heirs can claim money from PPF, NSC, SCSS, and other post office deposits
The Ministry of communication, Government of India has made certain amendments to make the process of claiming money from the small savings schemes such as Public Provident Fund (PPF), National Savings Certificate (NSC), Post Office Monthly Income Scheme (PO-MIS), etc. The process of claiming money has been streamlined by the department via a circular dated…
Read article How death claim of PPF Account settled?
In the event of death of the subscriber, the amount standing to his credit can be repaid to his nominee or legal heir, as the case may be, even before the expiry of 15 years. Amount in a PPF account will continue to earn interests as per the terms even after death of the subscriber…
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What is a Long Form Audit Report (LFAR)?
In our previous posts, we talked about What is a statutory audit? In addition to the normal audit report as per the statutory requirements, the terms of the public, private & foreign sector banks involve the auditors to furnish an LFAR. The overall objective of the Long Form Audit Report (LFAR) is to identify and…
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Death claim procedure in case of National Savings Certificates
The following post elucidates the claim procedure of NSCs where Nomination is registered or in the event of death of nominee of the deceased certificate holder, or when there is no nomination, interest payment clauses, and continuation of the certificate holder. There are 3 types of saving certificates issued by the Postal Department. (1) A…
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What is a tax audit? To whom it is applicable?
In our previous posts we talked about In our previous posts we talked about various types of audits conducted in banks such as (1) Statutory Audit (2) Long Form Audit Report 3) What is a forensic audit? (4) What is a Legal Audit? (5) Concurrent Audit System in bank. (6) Emergence of Risk-Based Internal Audits in Banks (7) Tax audit, and (8) What is the stock audit? For details, you…
Present PPF rules for NRIs
As per the new rules set in 2018, a person who became NRI can continue his/her PPF account that he/she had opened while in India. However, one cannot open a new PPF account after becoming an NRI. Earlier to the above rule, (in terms of amended PF rule 2017), a person who becomes an NRI…
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