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POSTED BY ON December 19, 2010 4:30 pm COMMENTS (8)
After reading Fundsindia review on JagoInvestor I decided to open account at FundsIndia and close 1 year old HDFC Bank ISA account. I wanted to close ISA account without redeeming MF units.
When I raised a request with HDFC I did not get satisfactory answer. HDFC insisted me on redeeming the units. I called up the branch office and after convincing them what I wanted I was told the correct procedure.
(1) I was told to submit 2 forms. One for closing ISA Account and Transfer Out form for transferring MF units to offline mode.
(2) I dont see link to attach the forms. If anyone needs this form please reply and I will send them.
http://www.4shared.com/document/JOsdBImG/Account_Closure.html
http://www.4shared.com/document/4Q1Ol7fS/Transfer_Out_Form.html
(3) In addition to above forms one needs to fill Application forms for respective AMC. This I found strange but HDFC made it simple by asking me to put Folio number and sign it. HDFC took care of filling the other details.
(4) Luckily I had 2 funds each from HDFC and DSP. Hence pain of filling 2 forms.
(5) One need to give cancelled cheque of the bank through which you were investing. In this case it was HDFC bank.
(6) One who is using HDFC ISA Account will not know the Folio number of their individual funds. You can easily get Folio number from www.camsonline.com
(7) Submit the forms and it will take maximum 2weeks for entire process.
(8) Last but important is to cancel the SIP you had started. A separate thread on how to do using HDFC Netbanking.
Hope this helps the readers.
Regards
Atul
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Will be grateful if you can mail me the ISA account closure form and transfer out form
Regards
Only the bank can do that!
ISA account is not useful its maintenance charge is 295 per quarter (3 months) its very very high. Check your account statement you will see 295 deduction every quarter. They dont provide advisory like fundsindia. if you have to change from HDFC ISA then first stop your SIP then redeem all units. once all amount gets credited then submit ISA closure form. start new fresh investments with another service provider like fundindia. Their services are best. HDFC serioursly should stop this maintainace charge. netbanking MF interface is very bad and outdated. Very very disappointed with ISA services of HDFC.
Thanks for sharing
Dear Atul – What prompted you to close HDFC ISA a/c and go for fundsindia? Can you share your experience with HDFC during that one year of transacting with them?
Can someone please suggest how is fundsindia account better than HDFC ISA account for investing in Mutual funds? I am aware HDFC charges some 100 Rs per quarter for this a/c, but if one ignores it, isn’t HDFC ISA account a better option considering their name, network and trust?
Thanks in advance for your time.
Regards
Anurag
Dear Anurag, in case of HDFC ISA, the primary banking account of HDFC is a compulsory requirement. In case of http://www.fundsindia.com, you have the liberty to invest from any of your bank (most of the indian banks are available under the tie up).
Try to redeem or sell or close this ISA account & then you ‘ll notice the importance of the original post of this discussion.
Thanks
Ashal
Dear Atul, thanks a lot for sharing this info. It ‘ll help to other people who are using as on date HDFC bank ISA & may close in future.
Thanks
Ashal
@Atul
Great information.
Thanks a lot.
You can upload the files on rapidshare.com or 4shared.com or if you have a hotmail account in the skydrive. paste the links here.
Ramesh