Ten years ago my late father had invested Rs 1,000 in SBI Magnum Multiplier and had opted for a dividend option. He, however, had made no nominees for this investment. I have been receiving dividend cheques which I am unable to encash. Please suggest how to transfer these benefits and ownership of the fund - Subhash Dutta
Mutual fund document seeks a nominee at the time of application. However, one has the option to leave it blank as it is not compulsory. It is likely that your father did the same and did not leave a nomination. You must inform the fund house about your father's demise, in case you have not done so. Next, you need to check with the fund house if there is a nominee that your father mentioned when he made his investment. You will then need to produce a succession document indicating you as the legal heir and beneficiary. It is only after this process that you can get the fund transferred to your name and also the pending dividends.