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