ISA account query

POSTED BY ? ON January 7, 2012 11:45 am ONE COMMENT

Hello,
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

One reply on this article “ISA account query”

  1. 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

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