WHAT HAPPENS TO YOUR HARD EARNED WHEN YOU LEAVE THE WORLD

#sbi #iiflsecurities #psb #providentfund ?My father expired in 2020 and post his demise the experience of transferring the assets and funds in the bank to my mother has been an eye opener. I was aware that its not easy to get small document or some due from the government department, but how tough it is and how it tests one’s patience, makes me wonder if things will ever change or will we move at snail’s pace only. After his death on 15th April 2020 the first thing to obtain was death certificate which I got on 7th June that too thanks to my friend Parveen who helped me using his contacts. Now let me share with you the other documents we need i.e Surviving member certificate. Yes we have become digital but try an online application on MCD’s platform and you would know as how digital is the entire process, you would get some “unknown error” or the site times out or some other problem I tried at least 5 to 6 times, So I approached an agent who took advance to furnish us a fake Surviving member certificate ?(Which I came to know after scanning the QR code ) .When we thought of submitting the application manually at Rajouri Garden where the death certificate application was submitted, we were directed to Dwarka as Vikaspuri falls under southwest MCD. Dwarka office told us that the application is only submitted online. Finally the old time tested method worked i.e to find a “Dalal” He took 5000/ ?????????(This time I made sure no payment in advance) and filed an online application using Dalal’s MCD Id. We got the surviving member certificate within a week.

?I always knew that its quite difficult to get your own due but there was some optimism after 2014 that “ Mera desh badal raha hai” ?but when I had to withdraw my PF in 2018 it was same story online withdrawal system will keep telling you for some short coming or the other until you catch hold of an agent and had to pay 5000/ for my PF , 5000/ for my wife and 4000/ for my wife’s EPS . Some friends who thought that country is now free from corruption told me that you should have written to the minister so had to show them copy of those letters as well (Government ministers do not even bother to reply except you get an automated reply)

But if you have to get some due where the owner is no more than hell is guaranteed. The car which my father owned could not be sold till we got surviving member certificate in April 2022. The car was transferred to my mother’s name by paying another 6000/ to an agent at transport authority as the illusion about digital india was shattered by now.

Now I will share with you the state of affairs at government banks. We open account in “either and survivor” mode so that if god forbid something happens to one account holder the other one can operate. But no that’s not the case if one account holder expires than in order to discontinue fixed i.e term deposit you will have to submit whole lot of documents including NOC from surviving member of the family. So after my father’s demise when I wrote to private and government banks where he held account with my mother to delete my father’s name the private banks obliged but government banks did not do the same for the term deposit. Some of the term deposits were operating with an instruction to renew the principle. Now to discontinue the term deposit one bank asked for Adhaar card, Pan Card , Death certificate of the deceased. Adhaar card of the surviving member with NOC to let the amount be transferred to my mother’s account.

Private sector is also not great though not as bad. I will share One case where my father investing in L & T Infra bond which needs investment through DMAT account. Now this Dmat account was opened through Karvy which was taken over by IIFL securities. The tenure of the bond is finished and L & T issued a cheque in my father’s name ( though we had informed?L & T and IIFL about my father’s demise) but now L & T demands Client master sheet to establish the nominee so a fresh cheque can be issued. Now after my fathers transfer of account to IIFL the CMS shows no details i.e its blank. I have been writing and tweeting to IIFL with copy to PMO and finance minister but response is “ Shoonya bata Sannata” Zilch. Seems will have to forget this amount of 27000/?God knows how many people would be leaving this kind of sum with government and private agencies.

So start thinking as how your hard earned will ?go into the hands of surviving member i.e spouse or kids after you leave this world. And also explain this process to the inheritor. My father was very organised and had written details of all his assets but was not aware of the process for the surviving member to aquire. So write WILL and do whatever you can so that transition is smooth.