Redemption means the process of selling your mutual fund units. In order to make the process smooth you need to cross check all the details before giving request for Redemption.
Now what things need to be cross checked, here is the list:
1. Fill all the details correctly in common transaction Slip
1. Use Transaction slip (which is attached with your mutual fund account statement or if you don't have transaction slip, download from mutual fund website).
*Common Transaction slips link is available in this post*
The transaction slip contains following
1. Name of Investor
2. Folio Number
3. Complete Scheme details
4. Number of units/amount you want to redeem
5. Signature of all unit holders
The Investor needs to fill in the redemption application available on the foot of your account statement, which needs to be signed by all the account holders in case the mode of holding is "joint". In case the mode of holding is "any one or survivor", the application can be duly signed by any one of the account holders. The duly filled in application form is to be sent to the nearest Investor Service Center. The units shall be redeemed to you at the redemption price applicable for the transaction date on which your application was received at the Investor Service Center. In case your application is received after the cut-off time, the applicable transaction date would be the next business day.
2. Verify your Bank details and mode of payment
(Apply for ECS/direct credit)
Before giving redemption request, the most important thing to check is your bank account details, you should first check whether your bank account status is dormant or active, if bank account is in dormant state, first thing is to do is to activate your dormant bank account and then put redemption request. Second thing, bank account details are correctly added in account statement, if you find any discrepancy in your bank details (don't give redemption request), until the bank details are corrected in mutual fund records.
If Bank details are correctly added, but mode of payout is by cheque change the option to direct credit or ECS mode as this makes process little faster.To get redemption proceeds in your bank account you need to fill NEFT Enrolment Form
You can refer this
Verify all the details which you filled in NEFT Form
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