Wednesday, August 29, 2012

Online redemption in Reliance Mutual Fun

 Online Redemption in Reliance Mutual Fund is possible only when you are registered for Online Transaction Facility in Reliance mutual fund.


How to register online in reliance mutual fund for online access

 If you fulfill these conditions, then you can easily create online access for your investment in Reliance Mutual Fund

 1. If  you  are Existing Investor to reliance mutual fund.
 2. Your Pan details are updated in the that folio.
 3. Your are KYC Complaint investor
 4. Your  mode of Holding is Single.
5. Your mobile number and email address is registered in that folio

If your mode of holding is Joint or any one or survivor in such case online access is possible when you submit pin agreement form.

  click here to download pin agreement form.


Step by step process to create online access if you fulfill above conditions

First step: Generate your IPIN

Link where you can generate IPIN: 


 

Second step: Create Userid and Password

Refer this Link





Form for Redemption as requested by blog reader



Important information for smooth processing of redemption requests



 

Tuesday, August 28, 2012

Know Your Pan Card AO Code



Query of Blog Reader: About Pan Card AO code
I was filling the online form for pan card and did fill all the things but struck at the point where it asks about AO CODE.

I would like to know the AO CODE of my area so that I can fill the Pan form at the earliest.
My Address is XXXXXXXXXXXXXXXXX, TILAK NAGAR, NEW DELHI
My pin code is 110018.
I'll be very pleased if you can search it for me as you people are experts in the field.


Regards

XXXX XXXX

If you know your ward/circle, then that become easy to know AO code
Refer this

For Delhi

or you can check details here - call or visit center near to your area and check from them:
https://www.tin-nsdl.com/pan-center-data.php

 https://www.tin-nsdl.com/pan/pan-aocode.php


Another way:
If in your family any one have Pan number, so when you add all the details, like Pan number, date of birth, with the help of below link, you can easily able to get the Ao code for your pan card.
https://incometaxindiaefiling.gov.in/portal/common.do?screen=jurisdiction

Thursday, August 23, 2012

How to change email address in mutual funds in India



Query of Blog Reader: How to go ahead for change of email address in mutual funds?

My email address is wrongly entered in mutual fund records, i want to give request for change of email address, so now my question is whether for updating email address i need to again follow kyc process?


If your email address has been incorrectly registered, you need to submit correct details using "Email Updation form."

Requests for a change in e-mail ID is given to the mutual fund or the registrar directly and you don't have to go for change e-mail address to CVL.

Some mutual funds accepts change of email address request on phone and after taking request, they verify the email address by calling investor on registered mobile number,in some mutual funds this facility is available online, you need to visit mutual fund website, do the verification process and update your email address and some mutual funds want written request for making changes.

In order to make changes first call mutual fund house on toll free number, if they accept request on phone, then process will get done in 3-4 working days, or visit mutual fund house or registrar and submit written request.

Toll Free Helpline Numbers of Mutual Funds in India




 Email Updation Form



Mutual Fund websites where online email registration is available

1. Reliance Mutual Fund        
Contact Details Updation Website Link:  
 https://converz.karvymfs.com/rmfipins/nct/ContactUpdate/Default.aspx


2. ICICI Mutual Fund 
http://www.icicipruamc.com/SubscriptionServices.aspx


Wednesday, August 22, 2012

Capital Gains Bonds (Form 54EC)



 Capital Gains Bonds (Form 54EC)

Under section 54EC of Income tax act 1961, capital gains bonds offer tax exemption on long term capital gains tax. 

These bonds are specifically meant for the investors who have earned long term capital gains & would like to save capital gains tax on them. However, these bonds do not allow any tax exemption on short term capital gains tax.

Companies that issue these bonds enjoy high credit rating as they are mostly government backed entities& they come with a minimum lock-in period of 3 years. Interest earned on these bonds are not tax free & are taxed at marginal rate of income tax as per the tax slab you fall into, however there is no TDS deducted.

Who should buy Section 54EC Bonds?

  • These bonds are specifically meant for people who have made some long term capital gains, and would like to save capital gain taxes on this amount.
  • Those desirous of availing exemption from capital gains tax under Section 54 EC may invest in these bonds.

What are the Provisions related to Capital Gain Bonds

 

Capital gains arising from transfer of Long-term capital assets can be invested in these bonds within a period of six months from the date of transfer of the asset for getting exemption from the capital gains tax.


 

Which bonds are eligible under the Section 54 EC?




 Key features of Section 54 EC bonds are:

  • Highest credit rating of AAA by CRISIL, CARE and FITCH.
  • Interest is taxable although no TDS is deducted
  • Lock-in of around 3 years and non- transferable
  • Minimum amount of investment Rs 10,000 and multiples







What is the investment limit for the Section 54 EC- Capital Gain Bonds?

You can invest a minimum of Rs. 10,000 and a maximum of Rs. 50 lakh. The face value is Rs. 10,000 per bond and you can buy up to 500 bonds.

What is the rate of interest and block period for these bonds?

The interest rate on these bonds is 6% per annum.
The block period for the investment of these two companies is 3 years.


Tax Treatment 

No tax is deductible at source on the interest they pay. But the interest earned on these bonds is taxable. You will need to pay tax on the interest income.


Whether loan is possible against these bonds?

No, you cannot take a loan on these bonds.

In which form one can buy these bonds

 These bonds can be subscribed in Physical and Demat form.

 Where can I buy these bonds?

A lot of bank branches sell these bonds, so you can ask at your local bank. 







Tuesday, August 21, 2012

Now, Aadhaar can be used as valid address proof for Mutual Fund Investment..

 
Market regulator SEBI has permitted the use of Aadhaar letter as a proof of address for know your customer (KYC) norms for all market instruments including mutual funds.

The Aadhaar letter issued by Unique Identification Authority of India (UIDAI) could be used for KYC instead of a passport; will serve as a proof of both address and photo identity. 

Now, Aadhaar can be used as 'Proof of Address for Know Your Client (KYC) norms' of capital market, Sebi said in a circular issued today to mutual funds, brokers, depository participants, portfolio managers, alternative investment funds and collective investment schemes, among other market entities.

Thursday, August 16, 2012

Process to follow for change of address in mutual funds in India.


Change of address process in mutual funds is done considering whether investor is KYC compliant or not.

1.When investor is not KYC complaint and want to make changes in address:



 In case existing investors of the Mutual Fund who are not KYC compliant and wish to register a change of address, he needs to submit a request for Change of Address on a Transaction Slip or by way of a letter. The request needs to be submitted to any of  Investor Service Centers. Along with request letter, they will be required to submit a copy of any of the following self attested document evidencing the proof of address :

  List of documents admissible are ( *Documents having an expiry date should be valid on the date of submission.) :

1. Passport / UID/Voters Identity Card/Ration Card/Registered Lease or Sale Agreement of Residence/Driving License/Flat Maintenance bill/Insurance Copy.


2. Utility bills like Telephone Bill (only land line), Electricity bill or Gas bill (Not more than 3 months old ).


3. Bank Account Statement/Passbook -Not more than 3 months old.


4. Self-declaration by High Court and Supreme Court judges, giving the new address in respect of their own accounts.


5. Proof of address issued by any of the following: Bank Managers of Scheduled Commercial Banks/Scheduled Co-Operative Bank/ Multinational Foreign Banks/Gazetted Officer/Notary public/ Elected representatives to the Legislative Assembly or Parliament/ Documents issued by any Govt. or Statutory Authority.


6. Identity card/document with address, issued by any of the following: Central/State Government and its Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, Public Financial Institutions, Colleges affiliated to Universities and Professional Bodies such as ICAI, ICWAI,ICSI,Bar Council etc.,to their Members.


7. For FII/sub account, Power of Attorney given by FII/sub-account to the Custodians (which are duly notarized and/or apostiled or consularised) that gives the registered address should be taken.


8. The proof of address in the name of the spouse may be accepted.



2. When investor is  KYC complaint and want to make changes in address





When investor is KYC complaint and want to make changes in address, in such case address is changed only through KYC process that in change in KYC Form.

 If you are KYC Compliant through CDSL Ventures Limited ( CVL ), please fill in KYC Details Change Form for Individual( For Change of Address ). You would also require to provide attested copy of the Identity proof and address proof as mentioned on the form. To check if you are KYC complaint visit http://www.cvlindia.com Inquiry on KYC. You need to submit the change of address form and the relevant document at any of Point of Services (POS)

 
Step 1 Please download and take a print out of the Change details provided in KYC (Individual).

Step 2 Please visit the nearest Branch or Authorized Collection Centre with the following documents:
Filled KYC form. (Please fill the form details and affix your signature.)
Attested PAN card copy + original for verification purposes
Attested Address Proof + original for verification purposes (if in regional/foreign language it needs to be translated into English for submission)

Wednesday, August 15, 2012

How to register sip online!

Query of Blog Reader: How can i set up auto debit facility for mutual fund with my bank account online

To enable auto debit facility in your bank account for SIP installments, you need to register your SIP Registration Number (SRN), with your bank's net banking biller module, which has already been allotted to you at the time of registration of your SIP in mutual fund scheme online.

(This step is very important for execution of your registration and regular debit of your SIP)


To complete your iSIP registration, it is important that you execute the following steps immediately.

1. Note the 15 digit URN/
SIP Registration Number (SRN)

2. Visit and login to your bank’s internet banking platform. Go to ‘Bill Pay Section’ under utility module.

3. Register your iSIP as a bill payment facility and select ‘XYZ mutual fund’ as biller.

4. In the field requesting the Biller Reference Number, please input the URN (Unique Registration Number) displayed above. Kindly note that the URN mentioned above has to be entered exactly you received.


5. Please select "Autopay" option while submitting your bank registration to ensure that the SIP installments is debited automatically from your bank on the SIP Date. If there is no options to select "Autopay" in your bank’s site, it is deemed as "Manual Pay". In that case you will have to authorize the debit on every SIP date.

 Upon your authorization only, the amount will be debited from your bank account and transferred to XYZ Mutual Fund. If the debit does not happen and funds are not received, the units allotted on the SIP Date will be reversed for non receipt of funds.


Important Points related to URN/ 
SIP Registration Number (SRN):

1. Please complete your iSIP registration with your bank immediately or within five calendar days from today. The URN will be invalid and iSIP registration will stand expired / cancelled if the registration on your bank's website is not completed within the specified period.

2. Your iSIP registration will be accepted and activated only after you have registered in your bank’s internet banking platform, as mentioned above and upon receiving confirmation from your bank.

3. Your iSIP registration may not be accepted and activated if you use the URN displayed above incorrectly or beyond the validity period of five calendar days.


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