POSTED BY January 7, 2012 11:45 am ONE COMMENT
ONHello,
I have recently moved back to India from US. When in US, I had a NRE account with HDFC which was linked to an ISA account. I made multiple MF purchases via NRE account and I have ongoing SIPs via the same account.
After moving back, HDFC bank is asking me close my NRE account and get a new resident account but the jokers their have no idea what I should do about my ISA account.
Some of the jokers suggest that I have to re-link my ISA account to resident account. Others tells me that I have to get new ISA account linked to resident account and transfer MF units from old to new account. Biggest joker told me that I have to redeem all units.
Does anyone know what I can do in this situation? Please help if you have been in this situation.
Thanks,
Niranjan
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Dear ?, Welcome to the goof up world of ISA from HDFC Bank. The easiest option indeed is to redeem all your units at once & reinvest the same from your new account. In this case please do not open a new ISA with HDFC Bank. Instead opt http://www.fundsindia.com
The internet is filled with horrible stories of these ISAs.
God save you & your money. I can only pray for you.
Thanks
Ashal