Information on how to Close of HDFC Bank ISA Account

POSTED BY Atul ON December 19, 2010 4:30 pm COMMENTS (4)

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

4 replies on this article “Information on how to Close of HDFC Bank ISA Account”

  1. annu707in says:

    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

    1. 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

  2. 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

  3. Ramesh says:

    @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

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