Tuesday, June 25, 2013

How to get Mutual Fund Portfolio Valuation Statement??



Mutual Fund Portfolio Valuation Statement is available in Karvy as well as Cams.



How to get that?

I. From cams


1.Visit camsonline mailback services for Investors
2. click Portfolio Valuation Statement.
3. Submit your registered email address. If you have not provided an email address in your mutual fund application fom this request can't be responded.





II. From Karvy

Visit here : Karvy Portfolio Valuation for Investors by email
or  Portfolio Valuation By PAN






















 Also refer:



1. How to update Pan in all mutual fund schemes with one request


2.  How to change email address in mutual funds in India






Important Information on Employee Unique Identification Number (EUIN)..




EUIN is a unique number allotted to employees of distributors involved in selling mutual fund products. This number is being allotted pursuant to AMFI best practices circular no. 33 dated December 31, 2012 as amended vide AMFI best practice circular no. 37 dated March 28, 2013.


EUIN will assist in identifying the employee who sold the mutual fund product and address issues of mis-selling even if he/she leaves the employment of the distributor.
While investing in any mutual fund scheme, please specify the EUIN of the employee / distributor who advised you on the investment. If you have not sought any investment advice but merely executed the transaction through a distributor, please sign the declaration to this effect. Below is the relevant portion of the application form which you need to fill.



Investors shall ensure that the application form, if routed through a Distributor shall have a valid ARN code, Sub broker ARN code, and EUIN.

 Investors are further requested to use only those application forms/ transaction forms which have spaces for the Sub broker ARN code and the EUIN.




Wednesday, June 19, 2013

Is the dividend re-investment in a Tax Saver fund also subject to a lock-in period of 3 years?



Is the dividend re-investment in a Tax Saver fund also subject to a lock-in period of 3 years? Also post completion of the 3 year lock-in period, can the non-dividend part be redeemed?

 Any investment made into an Equity Linked Saving Scheme (ELSS) is subject to a lock-in period of 3 years, same holds even for dividends from ELSS which is re-invested if the investor has chosen the dividend re-investment option. 


The implication for the investor is that some portion of his investment will always be locked-in because dividend declared is re-invested and will attract a three year lock-in.

However, any portion of the investment, whether originally made or as a result of dividend re-invested, which has completed the lock-in period of three years, can be redeemed by the investor.

 Alternatively, investors may choose the growth option while investing, or if opted for dividend reinvestment and want to make changes, he can do so by making changes in dividend option, i.e from dividend reinvestment to dividend payout.

Also refer:

Tax Treatment for Equity Linked Savings Scheme (ELSS)

Tax Treatment of Public Provident Fund (PPF)  


Capital Gains Tax on Sale of Mutual Fund Units!




Investors have to pay short-term and long-term capital gains on mutual fund investments. 

When units are held over a period of one year, investors pay long-term capital gains tax on debt funds. In case of equity mutual funds, there is no long-term capital gains tax. This means if you hold units of equity fund for a period of more than 12 months, you can avoid the short-term capital gains tax.

For investments sold within one year, you pay 16.995% (15% + cess) short-term capital gains tax.


Short Term Capital Gains  



Long Term Capital Gains

Monday, June 17, 2013

How to redeem your mutual Fund units and get redemption amount (Direct Credit) in your bank account.




The process of selling your mutual fund units is called as redemption. If you wish to redeem mutual fund units from any of the open ended mutual fund scheme; you do so on any business day. 

You need to fill  a transaction slip, which you can download from mutual fund website or detach from the end of your account statement. The Application can be submitted at mutual fund office or registrar office (Cams or Karvy)

 The process is actually very simple. It depends on whether you have bought the mutual fund from an agent or purchased it online.

If you have invested in a mutual fund through an agent, or directly through an mutual fund, you need to visit the mutual fund office or or registrar and fill a redemption form.

If you have online access to your mutual fund investment, login to your online account and you will find the option. Follow the steps and complete the process.

Now with  RTGS and NEFT option redemption proceeds are directly credited to the investor’s bank account, so in order to get funds directly in your bank account, update your MICR &  IFSC Code (11 digit code).


Prerequisite to get paid in your bank account


  • Bank Name and Complete Branch Address with pin-code should be provided.
  • Update Core Banking Account Number.
  • Provide IFSC Code (It is the11 digit alphanumeric code printed on the cheque leaf, near branch address. Alternatively, you may check the same with your bank branch) &
  • MICR code (It is the 9 digit code that appears next to cheque number)
You need to attach  cancelled cheque along with redemption slip to get fund directly in your bank account.

















How to Canel Systematic Investment Plan


To cancel Sip in mid way, is actually not good idea, but sometime we take such decision due to unavoidable financial reasons, or may be fund is not performing the way we expected.

Now the question comes in our mind whether any penalty is charged, if we cancel our ongoing sip in mid-way, the answer is No.
 
To cancel your ongoing SIP all you need to submit request letter.

You can stop sip by writing simple application mentioning your complete details(name, address, contact number, email address), folio number(customer folio/Account No.), Amount,  Sip date and submit to nearest mutual fund office or Cams or Karvy Service Center.

Most important rule for cancellation of SIP, is that if your sip is registered in offline mode (means sip is registered by submitting SIP form- SIP Auto debit form) , then in order to cancel the same, you need to submit form offline(means visit mutual fund office or registrar) and same goes for online sip, that is if sip is created online then you can cancel by visiting website online.

Process to follow for cancellation of SIP 

 1. Download the form,
2.  Fill the relevant details 
3. Submit SIP Cancellation form to nearest  Mutual Fund or Registrar office.
4. Don't forget to take the acknowledgement Slip for further communication.



SIP Cancellation Format (in pdf)
From:                                            
................................................................
................................................................
................................................................
................................................................

Cancellation of Systematic Investment Plan

To,
........................................................................
.......................................................................
........................................................................

Dear Sir,
I/We wish to discontinue the following SIP and hence request you to stop deducting the  below mentioned amount from my/our account from the. MONTH / YEAR.
Folio Number   ......................................................................................................

Scheme Details: .....................................................................................................

Sip Amount   ..........................................................

Date of Sip: .................................................................

Bank Account Number: .........................................................................................

Bank Name   ...............................................................................................................


Kindly initiate appropriate action and confirm.


Thanking you


Yours truly,

 (Signature)
Name/s of   unitholder/s











 What are Relevant Details to Fill in SIP Cancellations Form

 

 
1. Folio Number
2. Scheme Details
3. Sip Date
4. Bank Details
5. SIP Mode
6. Sip Cancellation date (Normally 30-45 days notice gets accepted for cancellation of Sip)
7. Signature of the Investor (most important)

Also Refer Can I Cancel my Sip Before Tenure
http://mutual-funds-personalfin.blogspot.in/2012/10/can-i-cancel-my-sip-before-tenure.html







 




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