POSTED BY February 20, 2013 8:49 pm COMMENTS (10)ON
I submitted a request with UTI for redemtion of Mutual Fund units which were purchased in my name by my father when I was a minor.
I got a reply from them that the request has been rejected because I have become a Major and some kind of Banker’s Attestation is required.
Quoting from the FAQs listed on UTI’s website:
Upon a minor attaining the age of majority (i.e. on completing 18 years of age), he/she must be KYC Compliant and have KYC Acknowledgement of their own. The same should be informed to the Mutual Fund where he/she holds an investment, along with other details such as the Bank Details, Signature, etc. as per the present requirements of such Mutual Fund.
Now I have done all of the above. Updated my Bank Details with UTI, become a KYC compliant (KRA), etc., so why has this request been rejected?
Can someone tell me what is this Banker’s Attestation and what all do I need to do?
Thanks in advance.