Let's have a look at how one may get their father's mutual fund units redeemed/transferred after they pass away
Let's assume a scenario where a father had invested in the 'Dividend' plan of UTI Mastergain in May 1992 when the scheme was launched. The worth of 500 units would have now turned to around Rs 75,000. He would have invested around Rs 5,000 at that time (500 units at an NAV of Rs 10) - that's an annualised return of close to 12 per cent.
Before we move on to telling how you can get these units transferred in your name, note that the name of UTI Mastergain was changed to UTI Equity Fund in 2005. And now, it has further changed to UTI Flexi Cap Fund.
Getting the units of a mutual fund scheme transferred in the name of the nominee usually requires submitting the below documents with the fund house:
However, if the nomination is not registered in the records of the fund house, you will have to submit the following documents in addition to the above.
Once the units are transferred in your name, you can place the redemption request. And the funds would get transferred to the bank account of which you had given the cancelled cheque.
Suggested read: Can I gift a mutual fund to someone?