Procedure for Handling Sovereign Gold Bond (SGB) Death Claims
The Sovereign Gold Bond (SGB) scheme is a secure and convenient investment option in India. In the unfortunate event of an investor’s death, it is crucial to handle SGB death claims promptly and efficiently. This guide provides a step-by-step process for managing SGB death claims, based on the latest update from the Postal Division.
Background
The Postal Division has recently updated procedures for handling SGB death claims due to instances where some investors were marked as “Deceased” in records, leading to unclaimed interest incomes. This guide aims to streamline the claim process and ensure compliance with regulatory requirements.
Documents Required for SGB Death Claims
To successfully process an SGB death claim, submit the following documents to the Mumbai GPO either as hard copies or via email to [email protected]. Use the email subject line: “SGB-DEATH-CLAIM_Investor-Name_Investor-id”.
- Office Forwarding Letter: A letter from the respective Division forwarding the claim to the Mumbai GPO.
- Claimant’s Request Letter: A letter from the claimant requesting the transfer of the SGB Certificate. The claimant must be a joint holder in a joint account or the nominee in a single account.
- Copy of the Bond: A copy of the Sovereign Gold Bond of the deceased investor.
- Death Certificate: A copy of the official Death Certificate of the deceased investor.
- Deceased Investor’s Identification: Copies of the deceased investor’s PAN Card or Aadhaar Card.
- Original SGB Application Form: A duly attested xerox copy of the original SGB Application Form, including the nomination form and receipt at the time of purchase.
- Bank Details of the Claimant: The front page of the claimant’s bank passbook or a cancelled cheque showing the IFSC code, account number, and account holder’s name clearly.
- Claimant’s Identification: Copies of the claimant’s PAN Card or Aadhaar Card.
- Form D: The new nominee nomination form (Form D), duly signed by the competent authority with an official stamp.
- New Nominee’s Identification: Copies of the new nominee’s PAN Card or Aadhaar Card (mandatory).
- Legal Heir Certificate: Necessary if a nominee was not registered for the deceased investor.
- SGB Death Claim Pro-forma: The SGB Death Claim pro-forma must be filled out and submitted. An Excel pro-forma is attached for convenience.
Procedure for Submission
- Document Compilation: Collect and compile all required documents as listed above.
- Forwarding the Documents: Submit the compiled documents to the Mumbai GPO as physical copies or via email.
- Email Submission: Attach all documents in the required format and send them to [email protected] with the proper subject line format.
- Acknowledgment and Processing: Await acknowledgment of receipt from the Mumbai GPO. The claim will be processed after verification and validation of the provided documents.
Key Considerations
- Accuracy of Information: Ensure all information provided is accurate and up-to-date to avoid delays in the claim process.
- Compliance with Deadlines: Adhere to any deadlines specified by the authorities for claim submission.
- Consultation with Authorities: For queries or clarifications, contact the concerned postal authorities or the Mumbai GPO directly.
