POSTED BY October 8, 2010 12:06 am COMMENTS (2)ON
Can I setup SIP directly with the major AMC’s (Birla, HDFC, Reliance, Sundaram etc) with a bank account in SBI? Will I be able to setup auto debit from my SBI account every month or will I need to open a new bank account with any other bank( like ICICI etc)? Do all major AMC’s setup auto debit with SBI Savings account? Please advise.
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2 replies on this article “SIP through major AMC’s”
Totally agree with above answer
There is no need to open separate bank account. Any savings account in any bank is sufficient for ECS mandate. Make sure, your cheque book has IFSC & micr code printed on that. In case of doubt, you may contact the customer care department of your bank to get these details. These are mandatory for SIP.
Just visit any mutual fund company with your cheque book & original PAN card with its photocopy, and they will assist you in formalities like application form etc. You can even contact some AMFI certified distributor for the same.
Hope it will help you.