Adding Amount to current Mutual fund

POSTED BY Bhavin Nagda ON September 9, 2012 12:05 pm COMMENTS (7)

Hi,

Earlier i was investing in 

canara robeco equity diversified- 2000 Rs.

DSPBR top 100 equity fund – Regular plan -Growth-2000 Rs.

 

I added 5000 Rs in Canara Robeco and 4000 Rs to DSPBR.

I have an investment account with Kotak Mahindra Bank, and My mutual fund transactions are done through my savings account for which i Pay 440Rs. yearly.

But when i told them to  add the additional amount to my current mutual fund.

I got the different portfolio numbers for the additional amount of 5000 Rs and 4000Rs.

I assumed that 5000 Rs will get added under the same folio number of Canara Robeco and 4000 Rs will get added under the same folio number of DSPBR.

But now i have total 4 portfolio numbers for 2 mutual funds.

Has bank done the mistake. 

Is the mutual fund company charging per unit wise or i will be charged for 4 different transactions.

None of my mutual fund had completed and year.

What is the next procedure to convert the 4 mutual funds into 2.

Please help.

 

Regards 

Bhavin Nagda

 

 

7 replies on this article “Adding Amount to current Mutual fund”

  1. Bhavin Nagda says:

    But the question still remains on hold that..

    How the AMC charges for the SIPs..

    Are the charges per transaction or per unit?

  2. Bhavin Nagda says:

    @Ashal: I knew about the funds india also… But then i Thought if something goes wrong with funds india then whom to consult and then run here and there..
    But yesterday only i Read the reviews about funds India and all had given a positive feedback on it. So may be i will think on switching my transactions from Kotak Bank to funds India.

    @Lakshmipathy G & Kotak Team.: Actually i may get the solution to my problem from Kotak Team. But the question arises that why i should pay that 440 Rs extra also.. It seems to be a small amount, but still there is no reason for paying this extra amount.

    @Kotak team: Hope i get the solution to my problem soon without being charged exit load for closing the mutual fund before 1 Year or some hidden charges.

    1. Dear Bhavin, Please check the below link & try to figure out where your case fits in? Just FYI – AMC do not charge for SIPs, it’s the broker/agent/distributor (Kotak Bank in your case) which applies charge.

      Thanks

      Ashal

  3. Lakshmipathy G says:

    Hello Ashal and Bhavin,

    I also faced a similar problem but on a different scenario i.e when i bought two funds from the same fund house at the same time. So a single folio number could not be attached for both these funds so fundsindia have created 2 different folio numbers. However the solution which they have offered is to send a postal letter to “Consolidation of Funds”. You can also check with them if they have any option like that.

    1. Dear Lakshmipathy, consolidation of folio is possible for him with Kotak also. But for the sheer unprofessional ways of Kotak, I’m recommending fundsindia over kotak.

      Thanks

      Ashal

  4. Kotak Support Team says:

    Hello Mr. Nagda,

    We wish to inform you that we are investigating the matter and our bank representative will contact you to address your concerns to your satisfaction.
    Assuring you best services at all times.

    Thanks and Regards,
    Kotak Support Team.

  5. Dear Bhavin, please open an account with fundsindia & all your existing folios ‘ll be converted into common folios within same AMC. It’s free of charge & you need not to pay anything extra.

    Thanks

    Ashal

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