Mutual Funds Folio Query

POSTED BY Pankaj Vasudeo ON June 28, 2012 1:54 pm COMMENTS (4)

Hi guys
I am investing in HDFCtop200 and Quantum Mutual fund through fundsindia.com
now my brother also wants to invest in these funds
please let me know should i choose same folio number for his investment or create new one
within few months my wife nd my brother’s wife will also invest in these funds

so what is advisable same folio number for our family
or different ones

thanks

4 replies on this article “Mutual Funds Folio Query”

  1. BanyanFA says:

    Hi Pankaj,
    Technically, all of them would require a different folio. Folio is just like an account number in a MF. Under one folio, you can invest in multiple schemes within the same MF. However, if you want to different details in different schemes, such as your nominee, different banks, a different Joint holder, you would need to have a new folio.

  2. I think to keep things simple , better open another account for them and let them invest through their account , It is more simpler and better from estate planning point of view !

  3. Pankaj Vasudeo says:

    thank you

  4. Dear Pankaj, If you are asking for multiple members name in a common login ID in fundsindia, Yes it’s possible & within the same ID, it’s possible to invest under different names. From taxation point of view as well as to keep matter clean, it’s advisable to invest under individual folio no. within a common login ID.

    Thanks

    Ashal

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today