How to Pass On Your Mutuaul Fund Investments

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Nomination is a facility that enables an individual unitholder (including sole proprietor of a sole proprietary concern) to nominate a person who can claim the mutual fund units held, or the redemption proceeds, in the event of the unitholder's death

Is nomination mandatory while investing in a mutual fund?

Nomination is the process of appointing a person to take care of your assets in the event of an unfortunate event — death. A nominee can be any person — a family member or a friend or any other person whom you trust. Nomination facility is mandatory for new folios/accounts opened by individuals, where the mode of holding is single. Fund houses now do not allow new folios/ accounts for individuals in single holdings without nomination.

How does one nominate?

Whenever you make an investment in a mutual fund, in the form there is a space, which asks for the nominee details. You can enter the nominee's name there. Individuals holding accounts either singly or jointly can make nomination. Non-individuals including society, trust, body corporate, karta of Hindu undivided family (HUF), holder of power of attorney cannot nominate . The nominee appointed has to be an individual only. Nomination for joint holders is permitted, however in the event of death of any of the holders the benefits will be transmitted to the surviving holder's name. In the case of death of all holders the benefits will be transmitted to the nominee account.

Can an investor make more than one nomination?

Yes, an investor has an option to register up to three nominees in a folio and specify the percentage of the amounts that will go to each nominee in case of his death. If the percentage is not specified, each nominee will be eligible for an equal share.

What are the benefits of registering a nomination?

When a nomination is registered, it will facilitate easy transfer of funds to the nominee(s) in the event of demise of the investor. However, in the absence of nominee, the heirs/claimant will have to produce a host of documents like a will, legal heir certificate, no-objection certificate from other legal heirs etc. to get the units transferred in his/her name.

Can a nomination be changed?

The nominee can be changed/added/subtracted anytime should an investor wish to do the same

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