I am 36 years married with a daughter and residing in Bengaluru. My uncle 57 years old had bought units from 4 mutual fund schemes. He recently passed away, making me the nominee of all these funds. My uncle had not done the KYC and I am worried. What should I do now to redeem the units? Will mutual fund houses consider my KYC?
You first need to get the mutual fund units transmitted in your name, and only then you would be able to redeem them. Transmission is the process by which units of a deceased account holder are transferred to the nominee. To get your uncle's mutual fund units transferred you must: 1. Write a letter to the AMC requesting transmission of units in the format prescribed by the fund house. 2. Submit,death Certificate of your uncle in original or photocopy notarized or attested by gazetted officer or a bank manager. 3. Your bank account details (in a standard format) attested by the Bank Manager along with cancelled cheque bearing your name. 4. Your KYC bearing the PAN number and your name. 5. Declaration and indemnity against any other claims. 6. Copy of the statement of account issued by the Asset Management Company(AMC) may also be asked. On receipt of necessary documents, the fund house could take about 5-10 working days to get the transmission done. Your uncle's KYC does not matter now. Complete the process and redeem the mutual fund units.