How to redeem mutual funds units – Procedure and Forms to fill ?

Most of the people investing in mutual funds through agent offline have this question – “How to redeem mutual funds ?”.  mutual funds investors often do not know what the procedure to redeem these mutual funds. I redeemed some of my ELSS mutual funds (HDFC tax saver , Sundaram Taxsaver, HDFC long term advantage Fund and SBI magnum taxgain fund) which I had bought some years back from an agent, so I thought why not let everyone know what is the simple procedure for redeeming the mutual funds.

Mutual funds redemption Process

Process to redeem Mutual Funds

if you have bought the mutual funds from an agent or from the AMC directly, then you will have to fill up the mutual fund redemption form. This form is available from the mutual funds AMC office (you can get its office address from internet). You will have to go to their office in person. You can also go to the nearest CAMS office and fill up the mutual fund redemption form directly from there.  It’s much convenient to visit CAMS office and directly redeem more than one mutual funds in one go (this is what I did in my case).

The redemption form is very easy to fill and all you need to put is your name, folio number (make sure you put correct folio number, else it will create issue later) and the number of units (exact number or ALL) you want to redeem. Just give this form to the CAMS processing assistant and they will put up your request.

Important Points

1. NAV Applicable: If you give your redemption request before 3:00 pm, the same day closing NAV will be applicable, else you will get next day NAV. So make sure you do the redemption well before 3:00 pm if you want same day NAV.

2. Bank accounts: Where will you get the money when you redeem the mutual funds? You will get the proceeds in your same account which is registered with your AMC (which you used to pay at the time of buying). If that account is not active, then there are few run around like you will have to attach the cancelled cheque of your new bank account or copy of pass-book etc and if you don’t have that, then a declaration from the bank and sign of some bank manager etc. So this can be a little frustrating if you are in urgent need of money. In my case my old account was active so it was pretty easy for me.

3. CAMS do not handle all the AMC’s redemption: CAMS do not handle each and every Mutual funds transaction. It can happen that you will have to go to the AMC office itself for redemption. Like in my case I had to go to Sundaram AMC office to redeem my Sundaram Tax Saver proceeds. So check with CAMS which all mutual funds they handle, you can shoot an email to your city CAMS (their emails and addresses are there on CAMS website

4. How much time it takes to get money? : It generally takes 3-4 working days to get the money credited in your account. But in my case I got it in next 2 days itself. So if you redeem the funds on Monday or Tuesday, you can safely assume that you will get the money by the weekend. But if you have weekend falling in between, then it can take some time.

Process of redemption if have bought Mutual funds online

If you bought your mutual funds from your demat account or some online brokers or if you activated your online account after buying from agent, then you can redeem your mutual funds online itself just by following the procedure mentioned by your online account. Most of the people who buy tax saving mutual funds (ELSS funds) online can also redeem tax saver mutual funds online only.

Did you activate your online account with the AMC ?

If not, I would suggest you to do it, so that you can take the redemption action as and when required. What was your redemption of mutual funds experience? What point’s people should keep in mind while redeeming? I hope you are not clear on how to redeem mutual funds ?

227 CommentsAdd Comment

  1. Hi Manish,

    I am currently planning to redeem some of my older mutual funds which I bought from my agent before the online facilities came in picture.

    However, I would advice that instead of redeeming it directly from your agent to get a lumpsum amount try converting your non-demat folios into demat folios so that you can start an STP from that fund to another fund.

    With lumpsum redemption there might be some losses which you can avert by an STP online through your demat.

      • Hi Manish,

        I was referring to notional losses. For example, if the stock market is doing well and the fund is growing in its NAV then if you redeem the lumpsum then you might miss out on the profit from the higher NAV.

        On your second point, yes if the redemption is for a goal then you would obviously have to redeem out the entire amount.

        But for other emergencies I believe you need to keep a contingency amount in a liquid fund.

        • NItin

          Yea .. but why are you only thinking about notional losses .. There can be notional profit too.. what if market crashes after you redeem ?

          The decision you will take has to depend on what you need now, not on the future of your mutual funds .

          Manish

          • Manish,

            Yea, you are right. I was thinking uni directionally. :)

            By the way, I am facing one problem. I want to dematerialize Sundaram Bnp Tax Saver Fund ELSS Dividend. For this I have to submit the latest statement to ICICIDirect.

            But when I check on CAMS, Sundaram Bnp is not more in the listed AMC’s and now only Bnp exists for which it says my folio is not valid folio number. What should I do now?

            • Nitin

              No idea on dematerialization question . One thing is why do you want to dematerialise it .. If you have crossed 1 yr , then better sell off and repurchase .. fast and easy , a little price

              Manish

              • Madhu

                @Manish,

                I felt the need of dematerialization when I want to move my MF’s from Sharekhan Online to Funds India. The process ( as told by Sharekhan) is convert the Online Funds to offline, Change the broker and then convert it to Online.

                I have submitted a resuest to SK to convert my funds to Offline a month ago and still not heard back from them. The delay might be at the fund houses too :)

            • ATS Preeth

              Hello Nitin,

              Sundaram BNP Tax Saver is now Sundaram Tax Saver as BNP is different AMC after buying Fortis.

              Anyways… you need to contact Sundaram MF for this conversion. Also, why do you want to move MF to demat mode? It will cost higher when you starting SIP’ing or buying MF via them. Do check on it.

              Instead for pure MF if you need to go online, opt for Fundsindia, Moneysights, Fundsupermart etc… they are free and cheaper alternative and you have complete control.

  2. Good one.

    Some points to consider while redeeming Mutual Fund Units:

    1. If address is changed, the AMC does not accept any address change applications.All AMCs now pick it from KYC.Hence you need to change KYC address.
    2.Some companies like SBI, you do not need to register seperately for online access.Even if you are doing it first time you just go to the web site, register and do your transaction. So there is not TAT for online access.Instant password and transaction happens. I did it once.
    3. With some AMCs, the change in bank mandate during redemption might make the process linger as first the bank information changes which itself take few days and then the redemption is processed.
    4. Never do a urgent redemption if doing it offline.I have experienced people coming for redemption because they need the money in third day.Many of them faced dissatisfaction due to technical reasons or may be anything.Always have enough time when you redeem your money.

    I do not think in this market fall many investors are redeeming their money.Two Reasons- Lesson is learnt from previous fall and secondly most of the investment after that has been coming through SIPs.

  3. raj

    Manish ,
    Good article.
    I have Sharekhan D Mat a/c.(online)
    I have redeem 01 unit of 1-UTI banking- Got a Cheque from UTI
    2. Reliance Banking – Got a cheque from karvey
    I asked Sharekhan officers why I have got a cheque instead of direct credit to Bank? He replied that your MICR no. is not linked. After my MICR of SBI & ICICI is linked, I again Redeem 01 unit for trial, again I got a cheque.
    I wish that my money should be credited directly to my account .
    What should I do?
    Do I have to submit MICR no. to each AMC?
    Again I have 01 query- How should we nominate MF?

    Awaiting your valuable advice.

    Raj

    • Rakesh

      Raj,

      I will answer the nominee part. You need to download the nominee form from the fund house or from CAMS if the fund is served by them. Fill in your personal details along with folio number and the nominee details and send it to them. Within a week your nominee details would be updated. I have just appointed nominee for my funds last month.

      Rakesh

      • raj

        Rakesh,

        Thanks a lot.
        From many days I am just postponing Nominee procedure as I am thinking that it would be difficult and boring task.
        Again I have one query-After filling the form to whom should it be sent?
        AMC or CAMS/KARVEY?

        Raj

  4. Rakesh

    Manish,

    Very good explanation. I have been redeeming my mutual funds both offline and online without any problems. I don’t think in case of offline redemption you need to go to CAMS or Fund office. You can courier the redemption form to them and follow-up after 3-4 days.

    Rakesh

    • Ivan

      I agree with Rakesh, there is no need to visit the CAMS or KARVY or FT office to redeem the MF Units.

      First check the registrar of your fund. Download the transaction slip from their website, fill it and send it even in regular post to their nearest office or their HO.

      Your money will be deposited in the account which you have registered with that fund house in 2 to 3 working days after your request reaches them

      The best thing to avoid all this hassles is to move your offline holdings to one of the online MF provider like FundsIndia, once they are linked to your a/c in these sites, redeeming is as easy as click of a button.

      Its better to get the KYC done and inform your mutual funds, they will update your address, bank a/c , email id and cell number from the KYC details which will be good so that all your details are up to date.

      There is one more way to send a single request to update your contact address and bank details using PAN based request, you need to send the PAN based request to all the registrar’s (CAMS, KARY or FT) then all the MFs holdings with the quoted PAN number will have the updated details

      Moving the units DEMAT form will have cost implications as service provider will charge the transaction fee ( I have not tried this, I am not sure though, but read some where )

      -Ivan

  5. raj

    Hi Manish,

    As Akshay asked in reply 11, can we buy different MF schemes from different AMC with same Folio no.? What are the pros & cons of it?

    Raj

  6. Mathu

    Hi Manish, I buy mutual funds through Fundsindia.com. I use my SBI Bank online account for purchase. Recently i redeemed one of my funds through fundsindia.com. I thought amount will be credited in my bank account directly. But I got a cheque for the amount from the CAMS. How can I make my future redemptions with direct credit.

    • Hello Mathu,

      The mode of redemption is done per the policies of the mutual fund companies. For all CAMS funds, the AMC will attempt direct credit (if they have an account with a list of specific banks), then an NEFT/RTGS transfer (for other banks). If they have an issue doing of of these two, they will issue a cheque to the address. The only issues in this case would be a mismatch between the detail in the folio and and bank account. For example, if there is a mismatch between the name registered in the folio and the bank account, the electronic transfer will be denied, and a cheque issue will happen.

      Please send us a mail at contact at fundsindia with the folio details, and we can investigate for you.

      For funds in Karvy, the process is a little different. For a set of funds that are registered to a bank account in a list of banks, they will do a direct credit. Else they will issue a cheque. Reliance is a prime example of this kind of funds.

      Thanks,

      Srikanth

        • Mathu

          Hi Srikanth, Thanks for your clarification. I will send the mail. The fund in question is JM Money manager super. I bought this in lumpsum and through the online account of my SBI savings bank.

          • Mathu,

            JM is a Karvy managed fund house. It is likely that SBI is not in the list of banks for JM that process electronic credit, and hence the issuance of cheque. Please do send the details and I’ll verify.

            thanks,

            Srikanth

              • Trishit Ray

                Muthu,

                I have been following your conversations with Srikanth.I request you to update this thread readers what happens finally.

                Regards,

                Trishit Ray

                  • Mathu

                    @ Trishit, I sent a mail to fundsindia.com and got a reply that JM doesn’t support SBI for Direct credit. They said I will receive cheque payment only.
                    I contacted JM directly. They asked me to send the filled redemption transaction slip (downloaded from JM site) directly to them with a note saying NEFT payment to be done. I have to check whether that works.
                    Mathu

                    • I was surprised to hear JM’s response to Mathu. So I followed up as well (if they can do it for one case, why not for all?).

                      Apparently, they are currently doing it on a case by case basis for offline requests such as this. My team (ops team at FundsIndia) is following up with them to see if they can make it uniformly this way for all our customers since they all prefer it in this manner. Let’s hope they will start doing so.

                      Thanks, Mathu, for the follow-up and interest in this regard,

                      Srikanth
                      FundsIndia.com

  7. Ramesh

    Hi all,

    Does anyone redeemed online? i have a query here…
    I have bought units at different dates. I have not seen any option to choose units bought on particular date….
    How the fund house choose which units are to be considered for redemption?
    Will they redeem from the recently bought?

    • Ramesh

      Do you really think matters ? How does it matter ? You sell X units , thats all , which unit is which one does not matter .. Its like you bought 2 apples at Rs 10 and Rs 20 and now their market price is Rs 30 each .Which one would you sell ?

      Manish

      • Ramesh

        Hi Manish….

        yes it matters in exit load if some units are bought before one year and some are bought after one year….
        And if all the units are less than an year old, then I can choose the recently bought units so my first bought units will still maintain their age..
        Do you have any idea on this…
        Thank you for your reply.

          • Ramesh

            Hi Ram,
            I think Last In First Out is beneficial as I mentioned above.
            “If all the units are less than an year old, then I can choose the recently bought units so my first bought units will still maintain their age to avoid exit load”.

            BTW FIFO is your observation or officially stated somewhere?

            • prabe

              @Ram your statement does not make sense Last in First Out will make you pay the exit load for units bought within prior 12 months.

              You should understand every purchase has a Exit load period its not like every folio has a exit load period.

              So in case of First in First Out i will be redeeming the funds which i bought in the beginning and it that has been before 12 months i will not have to pay the Exit Load

              • Ram

                @Ramesh, it is official FIFO. You can check the same with any AMC.

                @prabe, I could not understand which statement of mine, you could not make sense of. Say if you are redeeming 100 units and you have 100+ units older than 1yr, you need not pay any exit load. Any confusion?

                • Ram

                  I am confused with this conversation of FIFO & LIFO . Does AMC’s mention anything like that ? When I redeem X units out of my X+Y units , then are those units marked with dates ? Its pretty clear that what I am selling is the oldest one .

                  Manish

                  • Ram

                    Manish,
                    As you said, “… Its pretty clear that what I am selling(FO) is the oldest one (FI)”… hence FIFO …

                    Say, someone has done SIP in some MF from Jan 2010 to Dec 2010 (1st of every month). Now if he wants to redeem some units on 2nd Jan 2011, then only the units that were purchased on Jan 2010 would be more than 1 yr old, hence would not have any exit load. If he is redeemin more units (on 2nd Jan 2011) that what he purchased on 1st Jan 2010, then those extra units would have exit load.

                    Does this answer your question?

                    • Ram

                      No it doesnt .. In your example ,you are assuming that companies label units based on date of purchase .. like they keep boxes for each month and keep units in seperate boxes and when you ask them to sell , they take out units from those boxes (just an imagination) ..,

                      What I am saying is that when you ask for redeemption , all they do is see how many units you want to sell and overall are there units which are old enough to not have exit loads , there is no “labeling” , so FIFO concept in implicit and not literally practiced .

                      Are you getting what I am trying to say ?

                      Manish

                    • raj

                      Hello Manish,
                      nice article. And it has raised a very Vital Issue i.e.
                      ** if one Re-purchase units of SAME Folio No. in same MF scheme; then purchaser is at a dis-advantage. Compared to a purchaser who EVERY TIME Re-purchase units of same MF scheme but in New/DIFFERENT Folio No. As the later purchaser can redeem as per his/her Exit Load time line and there by saving 1-2%.

  8. Shobha

    Hi Manish,

    If you do not have time to visit the AMC or CAMS office, you can do it by Post too.

    In my case while redeeming my MF, I had just couriered the filled and Signed Redemption slip (Available in MF statement they send or Downloaded Online) after confirming with their customer Service.

    Since all details was updated, I had got the refund in 3 Days for all my MF’s (DSP, HDFC, Reliance and Fidelity)

    Thanks and Regards

    Shobha

  9. S S

    I invest via FundsIndia, its really userfriendly even the redemption process is very simple. Thankfully we don’t belong to the age where one was supoosed to visit banks or post offices otherwise most of the people I know I would not have invested at all! Many people are redeeming their units, however I’ve decided to stay on.

    • T S Ashok

      I am also using fundsindia. I feel very very easy to deal all kind of MFs. Especially, if i have money lying in bank and required for emergency, i normally choose liquid fund which has no entry & exit loads. buying and redemption is very easy through fundsindia. I recommend to many of my frineds…

      • Anand

        Can you please mention one or two liquid funds which have no entry and no exit load? One I know is fidelity cash fund, but I want to know similar funds from other fund houses.

        Thanks.

        • Madhu

          @ Anand, None of the liquid funds have Exit Loads. Thats the reason we use them for STP’s. I think even the Ultra short term funds doesnot carry Exit loads. The Exit loads start from Short term funds but will be upto Max three months.

          Before investing cross check on valueresarch or Morningstar

  10. bharat shah

    i suggest to be careful to check your information of your folio /account with amc available on any account statement. i got twice the problem not getting my redeemed money to my account because the number of account was erroneous due to one more digit was induced in real no. (may be my mistake at time of filling the form, or by mistake of amc at time of encoding my details in the record) though the cancelled cheques were given at time of filling the form.

  11. Trishit Ray

    Hello Manish,

    Thanks for explaining the redemption process in simple language.I have just started with fundsindia.It is very convenient way of investing in mutual funds.For redemption and other purposes do you suggest me to get online facility of the AMC also?Why?

    Regards,

    Trishit Ray

  12. Tejaswi

    Suppose you have 24K in your MF and you do a SWP of say 1000. At the of 23rd month say you have 350 Rs in MF based on NAV.
    1. So will I get the 350 Rs on my last SWP or my SWP be rejected?
    2. Once all the amount is re-deemed, should I submit a request to Stop SWP?
    3. If there is no balance in MF, and SWP is NOT stopped…Will I be charged any penalty for NIL balance?

    • Tejaswi

      1. Your SWP will not be rejected . It will go for the balance amount

      2. No , you dont have to do anything .. when all the units are exhausted , it will stop on its own

      3. No

      Manish

  13. Investing online in mutual funds through a demat account is much better option than visiting different AMC offices. The cost of demat account is less than your conveyance cost for visiting the AMC office. Moreover, the transparency and convenience of purchasing/redeeming is great. You get the rating of the mutual fund, which helps you in choosing the best performing fund. You can anytime check the total value of all mutual funds. On redemption, the amount is credited within two days in most cases. Some online demat accounts offer capital gain tax computation as well. This helps a lot. In case you need funds for short term, taking loan against mutual fund units (instead of redemption) can help you save tax.

  14. Atul

    Hi Srikanth,

    My wife has account with fundsindia and have been extremely satisfied with the services. My wife was previously investing via HDFC. All the existing MF holdings have been transferred to FundsIndia online except DSP ones. We have been following up with Fundsindia and have not got solution yet. Its more than 6 months now. DSP related holdings are still in offilne mode. Can you throw some light?

    Regards

    Atul

    • Hello Atul,

      Thanks for the kind words, and I will look into the DSP BR issue. If you can please, send me an email at srikanth@fundsindia, from your registered email id so I can track the issue.

      thanks,

      Srikanth

  15. chris

    Hi Manish,

    I want to know when can i redeem the ELSS (tax saving ) MF. is it 3 years from the date of purchase or 3 years from the end of the finanical year you purchased the ELSS MF ?

    Regards,
    Chris

      • sandie

        Hi Manish,

        if in case i have started SIP for 3 years, then does this mean i can only redeem only after 3 years of last SIP date or i can right way go ahead and redeem once im done with last installment ?

        Sandie

        • Sandie

          Its pretty simple , Each payment is locked from its own purchase date ,, so if I do a 1 year SIP in Oct 2007 , then I make first SIP payment in Oct 2007 , then Nov 2007 , then Dec 2007 , the first SIP made in Oct 2007 gets locked for 3 yrs from Oct 2007 which is Oct 2007 + 36 months = Oct 2010 (approx) , the next one is available on Nov 2010 … so on

          Manish

  16. Trishit Ray

    Hello Manish,

    There are few things about the redemption process that would be helpful if you throw some light on.

    1.I have heard anything that is transacted in the stock market has a Securities Transaction Tax(STT). In the case of MFs the STT is paid by the AMCs and adjusted in calculating NAV.So the investor does not have to pay STT while redeming.Am I right?
    2.There is exit load if one redeems before a certain period,generally 1 yr for open ended mfs.Now,the mf deducts the exit load and gives the investor the rest sum.Am I right?
    3.Does the mf deducts the STCG(in case of redemption before 1 yr ) or the investor has to calculate it according to his tax slab in the IT return and pay to the IT dept?

    I know these are quite elementary questions but your reply will help me and many like me.

    Regards,

    Trishit Ray

  17. Raghvendra

    Dear ,
    I have the Canara Robacco Tax sever Fund, But Fund house are not provided the online services, On the same way the AMC Karvy is also not provide the online services for the same Folio, Please suggest if having any option to online Redemption from the Canara Robacco .

  18. hitesh chellani

    Hi Manish

    I want to invest maximum one thousand 1000INR per month on Mutual funds. I have not purchase MFs before. Can you brief me how, which and what type of MFs should i purchase?What is the rigth time to purchase.
    Give me MFs which are SIP.

    Regards
    Hitesh

  19. Vaibhav

    Create you portfolio online with a service provider like FundsIndia etc and the process of investment and redemption will be much more pain-less, especially if you are a busy professional .I say this from personal experience.
    Sometimes they do goof up regarding the updation of online portfolio but overall the process is fine.

    • Nitin

      As a rule itself “Equity should be the investment vehicle for long term” . why do you want to use debt products for retirement ? You should be thnking about GROWTH and not preservatin of capitla at the moemnt

      Manish

  20. Chandranshu

    Hi Manish,

    I have few offline funds like HDFC Top 200 & HDFC Equity purchased from HDFC bank itself but personal banker never suggested me to keep same folio number. Can it be made same now? Recently HDFC personal bnker suggested me to open Mutual fund online account with them with quarterly charge of 100 INR. I have purchased few funds online but they have account no not the folio number..I am confused? Can I transfer my HDFC mutual funds to funds india?

  21. SANJAY LAHA

    Is it mandatory to update address or KYC status before going for redemption of my MFs if the bank account(s) is duly registered? Please guide me.

  22. puneet arora

    i want to redeem SBI ELSS , however i have to change my bank account as i have closed my old account but when i went to AMC with my bank closure form they told me that i have to first fill up KYC form and for that i have to make some investment as they do not do kyc without investment.
    I am not able to understand the logic why to make investment in order to withdrew money

    • Puneet

      In case you have closed your old bank account , there is a place in the withdrawal slip where you can mention the new bank account where you want the money to come , but then you will need to show them a cancelled bank account cheque . Better go to CAMS and find out what to do . I went to CAMS for my withdrawal and they had told me this procedure .. however in my case I had my old account active :)

  23. Vijay

    Manish,
    You mentioned that if the old bank account is closed you can just submit a form with new bank account details including cancelled bank account cheque. Does AMC verify if the name on the folio matches with the name on the bank account check when redeeming funds ? If AMC is not doing this then any one with folio number can redeem our funds .Please clarify.

  24. Praveen

    Hi Manish,

    I have a basic query with respect to redemption of units, if i redeem all of the units today, will my SIP continue or will it close?
    Ex: i have 1000 units from every month SIP installment and i sell them of today, will my SIP continue, as it happens through ECS or will it close?

    Thanks & regards,
    Praveen

  25. Vivek Rawat

    Hi manish

    Nice article :)

    I have one doubt or rather a question. does mutual fund allows partial withdrawal? like if i wish to withdraw 25%-50% of my units only?

    Regards
    Vivek

  26. Meghshyam Chaudhary

    I have HDFC Gold Mutual Fund (SIP)
    and the person from whom I bought is not in a condition to redeem it, so how can I sell my MFs.

  27. Akram

    Hi,

    I have SBI magnum taxgain abnd trying to get the NEFT updation form for SBI MF.
    I am unable to get one online,can you please help me.

    Thanks
    Akram

  28. pavan

    Hi Manish !

    I have invested lumpsum in HDFC MF via icici direct a few years back. Last year i started SIP in same folio number but through karvy distributor.

    Now i want to redeem earlier invested MF however not clear about the treatment of ongoing SIP since the lumpsum MF and SIP share the same folio number.

    Please let me know.

    Thanks

    Pavan

  29. Swapnil

    I had bought some Mutual Funds with my HDFC bank account no in 2007.
    Since then HDFC has added 1 digit (0-prefix) to my bank account no.

    How do I go about redeeming my MF? Do I need to request change of bank account number for all MF houses before redeeming? The problem is, I don’t have any cheques with old account number.
    Calling HDFC customer care did not help much.

    Any help would be greatly appreciated. Am sure all HDFC account holders are facing this issue.

    Best Regards,
    Swapnil

  30. Savitaben M Vaghela

    I have closed my old saving bank account, now old bank book was not available for me . i have open new bank account with other bank now I want redomption my units how

  31. Lloyd

    What is the process to be followed to redeem 2 purchases which i made at different time intervals ? Do i need to calculate and add the units exactly for 2 transactions to be redeemed or add the amount of purchase of 2 transactions to redeem?Eg: 1st transaction – Amount 5000 purchase – 25.773 units
    2nd transaction-Amount 8000 purchase – 40.609 units
    Should i add the units or add both the amount to redeem both purchases?

  32. Bhaskar Karpurapu

    Hi,
    I have opened an account for MF trading and i have purchased some mutual funds. In the MF statement, I see a line saying ‘ KYC to be compiled’. When I checked my pan number in cvl india website, it says ‘Invalid data’. But, I’m able to purchase MFs with my account. Can you please advise. I have applied my KYC and opened my MF account 1 mnth back. The bank people are not able to say if my KYC has been rejected.
    Awaiting your reply

    Thanks,
    Bhaskar

  33. Ajay Bali

    Hi

    Suppose i bought 100 units of a Mutual Fund in Jan , 2010 under tax saving scheme (ELSS) another 50 Units in Jan 2011 under same folio and scheme.

    Now i want to redeem these units.

    Please suggest how many units can i redeem in Jan 2013.

    Can i redeem only 100 units or entire lot of 150?

    Thanks
    Ajay

  34. prasenjit

    MANISH ,

    PRESENTLY MY HDFCMF SIP CONTRIBUTION DEDUCTED THROUGH ECS FROM SBI BANK ACCOUNT BECUSE MY SBI BANK ACCOUNT IS REGISTERED WITH MY HDFCMF FOLIO . NOW I WISH TO REGISTER THE NEW SIP WITH AXIS BANK LTD. AND I HAVE REGISTERED ONLINE I-SIP IN HDFCMF WITH AXIS BANK LTD AND SAME UNIQUE REGISTRATION NO HAS BEEN REGISTERED WITH MY AXIS BANK SAVING ACCOUNT THROUGH NET BANKING FACILITY . WILL THE AMOUNT AUTOMATICALLY DEBITED FROM MY AXIS BANK ACCOUNT , BECAUSE I HAVE PREVIOUSLY REGISTERED WITH ABI NOW CHANGE TO AXIS BANK FOR NEW SIPS.

  35. Neeraj Vasudeva

    Very nicely explained, keep it up.

    Noida address on hsbc website was given incorrect, but on CAMS website it was given correct. I finally sent a feedback to HSBC website got a response from them that they have forwarded my concern to respective dept., but as of today, HSBC website still shows wrong address for Noida branch.

  36. kasipathi

    I had started SIP in Reliance Gold Savings Fund(G) from Nov 2011 from Sharekhan. Can I redeem the units alloted to me on 02-Nov-2011 for cash. I have started SIP of 1500 per month. 114 units were alloted on that day at the cost of 13.05 NAV. If I redeem now, how much can I expcet? Can I expect 114*14.308(todays’ NAV) = 1640/-. Or will there be any deductions.

  37. Kas Ben

    I had started SIP in Reliance Mutual Fund for Gold(G) from Nov 2011 from Sharekhan. Can I redeem the units alloted to me on 02-Nov-2011 for cash. I have started SIP of 1500 per month. 114 units were alloted on that day at the cost of 13.05 NAV. If I redeem now, how much can I expcet? Can I expect 114*14.308(todays’ NAV) = 1640/-. Or will there be any deductions.

  38. Sowjanya

    HI Manish,
    I have 2 mutual funds, one from Sundaram Finance and one HDFC Tax saver. I want to redeem the same. The Redemption mode is “Direct Credit”, but my old bank account is now deactivated. What could be done in such case. Please guide.

  39. Arun

    Hi,
    I have 2 ELSS which are nearing their 3 yrs lock in period by next month so can i redeem all the units next month or keep them and redeem them when the NAV get higher?

  40. Kruti

    Hi,

    I have changed my name from Kruti Jain to Kruti BAdjatia and accordingly I have changed my Pan Card too. What would be the procedure for me.

  41. Rajeev

    Hi , very useful info. I recently redeemed my units on idfc premier equity , I did it online from their site over a weekend and got message that transaction will be actioned coming Monday which was 11th Feb. I can see that they have actioned the redemption request today is 13th but still do not have money in my account. How long does it take usually for direct credit. My account details are correct and it is active.

  42. Govind krishnadas

    I have invested in quite a few M/F. Few are good giving some returns. Many are bad as the NAV has plunged. So I wish to redeem the bad investments. Is there a method to find out how a particular M/F is doing? Many times when I ask for a quote on the website of BSE or other sites I get the reply -” no such fund exists. Can you suggest a way how to evaluate the funds I have and which fund needs to be redeemed from?

  43. Jasvinder

    Hi

    Want to understand how MF redemption works. Have bought SBI Magnum tax Gain growth scheme for 40000 through SIP of 5000 per month.
    bought this in 2008. What will be the tentative value now

  44. AMARDEEP

    I started a reliance sip in july 2010 for 2 years i.e. until july 2012, i still didn’t redempt my units…..now I have a axis trading account , in which I request for the transfer of those reliance sip units, which in my account showed “approved by RTA”…BUT still didn’t found those unit in my axis trading portfolio, nobody answers me abt dis! 111
    can anybody knows how to redempt my sip unit frrom my axis trading account….

  45. SK

    I have SBI Mutual fund for my two children. I am paying IRS 2000 each child and I started in 2011 August. S0 now the amount is going to be IRS 84000 in August. I want to redeem this mutual fund can you tell me how much will I get when I redeem. Thanks.

  46. Govind krishnadas

    Thanks Mr. Manish for your reply to my querry. I need clarification on two more points and will be obliged if you can email me on those. Querry No.1
    some of my investments contain my savings bank account with 5 digits only which was common done earlier. Now They say that we must write the current 14 digit number or else the amount will not be credited to my account. If that is the case then should I ask the Bank account to be changed to 14 digit number and only thereafter submit the redemp[tion form? Querry No 2! State bank of Saurashtra in which I had a savings account has now been taken over /converted to State bank of India. A few of my mutual fund investments done in 2005 still show the bank account numbers of State Bank of Saurashtra even though SBI has now changed the Account details with the same numbers of SBS. Will my redemption amount get credited in SBI or should I change the Bank acccount details with rthe concerned murtual funds?
    Govind Krishna Das

  47. Priya

    Hi,
    I have purchased 500 Rs Fidelity MF – L & T Tax Advantage – Growth Plan online in 2011. But still folio number is not updated. How can I redeem in this case. Since I have purchased online my account is deducted for 115 Rs quarterly.
    Please help me out how can I find the folio number and how can I redeem the units

  48. PRABIR MAJUMDAR

    I have taken a mutual fund of Sundaram BNP Paribas Equity Multiplier Fund-Growth plan on 27/02/2007 on my previous wife’s name i.e PURNIMA MAJUMDAR. In the year 2010 Jan we have got divorced.I am the nominee in that mutual fund.1st joint holder also my name is there.Mode of holding -anyone or survivor.Status-Individual.Bank details-Punjab National Bank,Nachan Road, Benachity,Durgapur-13.Now I want to get it redemption.My address is A/19 DURGESHWARI PARK, Tarsali, Baroda.To get the cheque on my name what I have to do? Please advice me.

      • PRABIR MAJUMDAR

        I am the 1st joint holder,nominee also my name is there,and I have got divorce certificate and affidavit or agreement on that she has given in written that she will not claim in future any compensation from me any obstacle on getting en cashed those mutual funds,share she will be responsible.After divorce how she can get the amount once I don’t have any legal relation.

  49. Vaibhav Saran

    Redemption is easier in ICICI Pru. You can send a signed letter to the head office mentioning your Folio number, scheme where you invested.

  50. Naveen Kulkarni

    hi
    first of all congratulation for the fabulous job of enlightening us about array of stuff.I have had held HDFC prudence mutual fund for over an year and when i recently redeemed units, some 14 odd units of the total 280 units were given a higher NAV and rest of were priced at NAV Rs 2/-per unit less.. i had placed redemption order before noon
    i dont understand the disparity in pricing the units ,please help me out here
    thanks

  51. M Madhava Reddy

    My son is an NRI and invested inIDFC MF thro SIP. Term of three years over. Now he is in overseas. How to redeem the units now as he intend to redeem due to increased stock market. Is it a must to visit the AMC office personally. Or he can send a form through courier . Can u guide me please.

  52. M Madhava Reddy

    My son is an NRI and invested inIDFC MF thro SIP. Term of three years over. Now he is in overseas. How to redeem the units . Now he wants to redeem the units . Is it required to visit the AMC office personally or he can send a scanned copy of redemption form through mail or through courier. The amount to be credited his NRE account from where the SIP s we’re made . Your guidance silicated.

  53. jahnavi

    That was a super lead … thanx a ton … got my work done in 3 days … and must add that the people at the CAMS centre are extremly efficient !!

  54. Rajesh N

    Dear Manish,

    I have invested in HDFC Tax saver mutual fund in April 2011 and lock in period is 3 years which is going to complete in 2014. Now, If ask the agent in Ventura, he informed that the total amount which was invested in 2011 can be taken only in 2015.

    Could you Pl. give your feedback in this regard.

    With best regards,
    Rajesh N

  55. Anil Kumar G

    Hi Manish ,

    I have invested some amount in some of different ELSS mutual funds on 2007 & 2008 but I have lost all my folio numbers … by any way shall I redeem or get folio numbers in which I have invested ?

    Please help me.

    Thanks in advance !

  56. Liam

    Hi,
    I guess your intent was to say “I hope you are NOW clear on how to redeem mutual funds?” But I see that instead of NOW you typed NOT.
    Your suggestion was indeed helpful…Many Thanks

  57. Rina Bhattacharya

    Hi, Manish,

    I had purchased Capital Growth Unit Scheme -1992(Master Gain-92) in 1992 before marriage . At that my title was Chakraborty. But after marriage my present title is Bhattacharya. For redemption I submitted my present bank passbook (recorded as Chakraborty “Bhattacharya”) alongwith an affidavit of my marriage, Voter Id recorded as Bhattacharya, one cancelled cheque etc. Now after fifteen days I have been informed to submit my marriage certificate, it is necessary for this? Pl. reply how I can encash my certificate.

  58. upendra prasad

    i had purchased sbi bluechip mutual fund growth units. i want to take payment by sbi branch . so, how can take payment?

  59. manju mundada

    I have invested in UTI Opportunity fund one yr back. Can I redeem it partially. I mean, can i withdraw only appreciation amount and continue the fumd with actual amount.?

  60. jOSE

    I just wanted to know the procedure for closing a mutual fund.. i.e , i have redeemed all the units which i had, but i want to stop the company from debiting money from my account as the fund is for 36 months and i dont want to continue on it.

  61. Anand

    How to redeem if primary applicant is passed away and is it possible to redeem by spouse/nominee. If so what are all the procedure to be placed. please advise.
    sbi magnum multiplr fund.

      • Anand

        Thanks for your reply. I spoke to the company and they said primary and nominee account number to be updated first since primary & nominee name only is available in the record. For that they need primary applicant passbook (Photocopy) and cancelled cheque to record the details. Also they asked letter to be signed off from the primary applicant to transfer it to nominee account.(but primary is no more) and not sure.

  62. Surendra Sahai Saxena

    Dear sir,
    I am holding units of UTI-INFRASTRUCTURE FUND-GROWTH as per Folio No.515231903947.I am about 80years and wish to windup my holding.I am residing in Govindnagar area (Kanpur South) and wish to submit my redemption form in the nearby office,as the whereabout of agent from whom I got purchased these units is not traceable now.I earnestly request,if you can help me in this regard at the earliest.
    Thanks in anticipation for an early and suitable response as requested.
    Surendra Sahai Saxena. Kanpur,dated:- 8th october,2014. Mobile: 91 9889301565
    127/1/59,W-1 Saketnagar
    Kanpur-208014

  63. RAJU KRISNAMOORTHY

    I had 20,000 Units of Axis bank mutual fund (equity – growth).

    I applied for redemption of 4000 Units on 7th Sep 2014 and got confirmation e mail for accepting redemption within hours.

    However, money has not been transferred to my account even after 4 weeks and I kept on sending mails to remind.

    After one month I got a mail stating that IFSC code of the branch of my bank was not found in my application (which i made in 2010) and hence settlement will be through cheque.

    I thought this was merely an excuse as my money was not being settled. Again wrote to Customer care desk and got response that the settlement has been couriered. The mail included detail of Professional courier details.

    However the courier did not reach me in one week and I tried to trace the mail in online tracking facility of Professional courier. I was surprised to see that the tracking number does not belong to Professional courier.

    I sincerely believe that Axis bank mutual fund is fraudulently delaying my settlement.

    Again I opted for 16,000 more Units on 27th Sep 2014 and got confirmation mail for accepting redmption. But money not settled yet.

    Does any one have similar experience ? – Please share and also suggest me ways to tackle this problem.

    Thanks / Best regards,

    • Sad to hear that experience. This is deficiency in service from Axis Bank . I think you should strictly tell them once that you are going to SEBI if they dont treat you properly in next 7 days !

      Manish

  64. praveen

    it was helpful bro ! but still i have a doubt …. will it require a demat acc for me to invest in mutual funds ? and it would be very much thankful if u can guide me in investments as i am just 18yr old … newayz thanks bro ! :)

  65. vivek

    SIP instalment is over last month. NAV applicable is the for day of redemption or as per day of last SIP installation ???

  66. vivek

    SIP instalment is over last month. NAV applicable is as per day of redemption or as per NAV on day of last SIP installation ???

  67. Neeraj Y.

    Hi Manish,

    I had purchased HSBC MF (Tax Saver Equity Fund – Growth) in 2007. I, now, want to redeem all my units of it.

    Over this period, my mobile number registered with this MF has changed in 2010, but the correspondence address and email id are still intact. Therefore, I need to know whether I can simply visit the local CAMS office with the duly filled redemption form or will the change in mobile number cause any hindrance in the redemption process.

    Thanks & Regards,
    Neeraj Y.

  68. Nidhi Ojha

    Hello Manish,

    My uncle has some SBI Mutual Funds with some other shares, which he had bought in 1992-93. He wants to redeem them.Please guide us how to redeem that?
    What is the procedure we should follow?

  69. aritra majumdar

    My elder sister had invested 4.5k units in a reliance long term equity fund-dividend option back in 2006 through a broker.
    Sadly she expired in July 2014. We now want to redeem all the units. Can you please advise us as regards the procedure for full redemption physically.

  70. vasanth

    I have purchased HDFC mutual fund closed ended in june 2014 i need emergency money shall i redeem this mutual fund now, it has over 6 months, i contacted agency office but they are telling we cant redeem this mutual fund upto 3 years it has to locking period of 3 years & it is closed ended mutual fund. anyone suggest about this .

  71. parnika das

    i want to withdraw money from uti but i have changed my name……..so what shall i do to prove that i am the same person?

    • You must be having the proof of it , right ? I mean when you changed the name, you did that legally ? If not, then you cant do much, because you are not the same person legally !

  72. sushma

    I m new in share market. I ve some confusion. In the last month i redeemed HDFC Top 200 dividend MF . The amount also credited to my account. after redemption how the SIP installment has processed in this month

    • Both are two different things .

      Redemption is asking to take out your invested money . But SIP will still continue, you have not closed your account itself. You need to talk to your bank on stopping the SIP mandate.

  73. Priyokumar Konjengbam

    Dear Sir, Last year I started depositing money every month for Axis mutual fund(gold fund). When I started I signed for 36 months but the sales manager told me that I can withdraw the amount after completion of 1 year. Now I want my money, how can I get it, please help- Priyo

  74. Ravish

    Hi Manish,

    I have a query.

    I purchased the mutual funds through an agent. Now i want to redeem them. I know that i can fill up the redemption form from the CAMS office and get it done.

    But, is there a way to redeem the units online?

    Thanks,
    Ravish

  75. Vasim Shaikh

    Hi Manish

    I have few queries related to SIP of ELSS

    1) when will the lock in period get over for each month SIP?
    2) which is the best practice to redeem the SIP if I exit and receive each month after 3 years?
    3) how long is it best suited to stay with the SIP to gain maximum tax benefit, if Investment is for purely tax saving purpose only?

  76. Harsha

    Thanks for the helpful clues!

    It is better to have an online login with the MF itself.

    Repositories like CAMS can’t be dependable for urgent needs.

    It is funny that MFs don’t even upgrade our status to major (from under 18) even if their own records show a 30+ age! They asked me get the guardian’s sign! When I informed me that I need a Death Cert (that too in original!) and an endorsement from my bank for my signature!

  77. Maria

    Hi Manish,

    I have invested in various MFs like Reliance, HDFC, Kotak etc since 2004. I need to get my KYC done . Do I have to do it individually for all the MFs. Please advise.

    Thanks

  78. Shadab

    Hi,

    I have invested a lum sum amount in ELSS funds for last fin. year and now i am doing SIP with same AMC in same folio numbers.

    I want to know shall my old investments will also get locked with latest invetment date for a period of 3 years or I can redeem partially those units which came out from its locking periods.

    Regards:
    Shadab

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