Help :: ICICI Direct cutting extra Rs 33.09 for each SIP :(

[URPradhan]

I was hoping that we can use the same Folio# for investing directly with fund house instead of paying icicidirect. That way, i thought I could even buy myself a bigger icecream with the 33.09Rs
Do I understand you correctly, Pradhan? Can't we use the same Folio number that icicidirect has given us to investing directly via the fund house website once ? Or is it because you are interested in setting up a SIP with ECS mandate directly with the fund house that you need a new Folio number?

Thanks in advance !

Yes..You read/understood correctly. We can not continue with same folio number with the AMC which we got through ICICI Direct. The reason is, as we have invested through ICICI Direct online all our personal details including our signatures are kept with ICICI Direct (now you can call it, Channel Distributor) and there is no information stored at AMC. Hence they (AMC) need to create a new folio number with your personal details including your signatures.

So, now I'm going to the AMCs and will open my first MF with each of them with the fund application form, ECS mandate form, Online transaction form, Cancelled bank cheque, first month SIP amount as cheque, PAN card copy, etc. After I got my folio number and online PIN from the AMC, further I can do WHATEVER I want online absolutely FREE sitting at home :clapping::clap:

 

[rajivnc]

Its a recurring/repeated NEFT transfer and the charge will be Rs 5/- per transaction below Rs 1 Lakh.

But be aware while setting up the date. As NEFT transfer may take upto 1-2 days. And you might miss the SIP date. So its better to goto your AMC (Fund House) and tell them to debit the SIP amount from your bank. For this you have to give an ECS mandate against your AMC to your bank/SBI.

As I have started this thread to save Rs 33.09 for every SIP through ICICI Direct. Now I'm going to each AMC/Fund house and giving them an application to change my bank details along with the ECS mandate to debit the SIP amount from my SBI a/c.

EDIT: Just now I have a word with HDFC MF cust care and as per their process...I'm a channel investor through ICICI Direct and I can not continue with the same folio number/SIP, if I want to be a direct investor with them. So now I have to CANCEL/Re-Deem my SIP from ICICI DIRECT and will have to open a new SIP with HDFC MF and have to fillup an ECS mandate form which they will deposit at my bank to debit the SIP amount every month directly from my bank. In this way I'll be a direct investor with them and I can save Rs 33.09 every month which ICICI Direct is taking as commission for each SIP every month

My SBI accound got debited on the T+2 day. There is no charge for the ECS type debit for MFs

 

[yodlee99]

Pradhan, Thanks for the clarification. Suppose you sign up directly with the AMC for SIP in a fund by personally visiting them for the 1st time, can you change into a second fund with the same AMC and do a SIP in it? I suppose that should be doable online anytime, but would like to get this clarified.

Thanks!

Yes..You read/understood correctly. We can not continue with same folio number with the AMC which we got through ICICI Direct. The reason is, as we have invested through ICICI Direct online all our personal details including our signatures are kept with ICICI Direct (now you can call it, Channel Distributor) and there is no information stored at AMC. Hence they (AMC) need to create a new folio number with your personal details including your signatures.

So, now I'm going to the AMCs and will open my first MF with each of them with the fund application form, ECS mandate form, Online transaction form, Cancelled bank cheque, first month SIP amount as cheque, PAN card copy, etc. After I got my folio number and online PIN from the AMC, further I can do WHATEVER I want online absolutely FREE sitting at home :clapping::clap:

 

[URPradhan]

Pradhan, Thanks for the clarification. Suppose you sign up directly with the AMC for SIP in a fund by personally visiting them for the 1st time, can you change into a second fund with the same AMC and do a SIP in it? I suppose that should be doable online anytime, but would like to get this clarified.

Thanks!

Once you have the folio number and online PIN/password you can do EVERY THING (except address change which some AMCs want to visit them personally). In your case if you want to buy a new fund from same AMC you can do it either onetime investment or SIP. If you want to switch from one fund to other to can do it online, but you can not start a SIP with existing fund by transfer. If you want you can start new SIP or better would be apply for STP (Systematic Transfer Plan).

FYI, I got my Folio number on immediate next working day of my first personal purchase and I also got mails from CAMS with all details. I have also already started transact online with BSL MFs which gives flexibility to generate the TPIN online with your folio number. Great. But I could not find a way to transact online for DSPBR MFs, I think they have not online facility till date !!!! Now I can say bye-bye to ICICI Direct

 

[palka]

. But I could not find a way to transact online for DSPBR MFs, I think they have not online facility till date !!!!

DSPBR has a rather complex system in place. You can transfer money to specific City bank ac no whose names consist of the folio no and the scheme name. I find the process to be rather complex. You can get the details here.

If you are interested in Fidelity funds, you can open an account with them online. and transact. You need to send signed documents to them once. details here.

 

[URPradhan]

If you are interested in Fidelity funds, you can open an account with them online. and transact. You need to send signed documents to them once. details here.

I have already have the online a/c with Fidelity since 2006.

 

[larasachin]

hello
Before aug 2009 there was entry load means some commission was given to distributors of mutual funds from ur sip amount, since 2009 aug entry load is abolished , sebi has made clear to investors ,that no money will be deducted from mf investments for commission but ur distributor can take commission directly from investors if they are willing to give ,according to services they get from their distributors,if icicidirect is charging u fees its nothing wrong , thats cost for their service , if u feel that is not justifiable change folio do it directly from amc making direct investment without distributor or find someone who is taking less fees or no fees , finding such distributor is always better than institutional brokers bcoz u dont have run from one office to other if ur transactions are frequent ,if they are not frequent then do urselves ,
U dont have to change bank if u r changing distributor /folio
if any querry u can ask me
bye
lara

 

[Jesse]

Old thread but I found lot of useful info, can I conclude that www.fundsindia.com is the best option & fully free? I want to restart investing by changing my portfolio & this time I want full control with online SIP & portfolio tracking on daily basis.

I base my conclusion on these faqs
https://www.fundsindia.com/content/jsp/corporate/faq.do#mut1

Do we have any more such online websites if so please mention it here,
moneycontrol.com also offers buying MF online but they ask to download forms & submit it manually.
Please share your views & experience with online SIP websites.

Jesse

 

[yodlee99]

I think you have to setup an account with fundsindia which includes doing some paper work initially. Once you send in the paperwork once for each AMC, I think you can take care of it online, from then onwards.
Again, this is what I have heard... I have not done this and have not used fundsindia myself. Share your experiences.

 

[URPradhan]

hello
Before aug 2009 there was entry load means some commission was given to distributors of mutual funds from ur sip amount, since 2009 aug entry load is abolished , sebi has made clear to investors ,that no money will be deducted from mf investments for commission but ur distributor can take commission directly from investors if they are willing to give ,according to services they get from their distributors,if icicidirect is charging u fees its nothing wrong , thats cost for their service , if u feel that is not justifiable change folio do it directly from amc making direct investment without distributor or find someone who is taking less fees or no fees , finding such distributor is always better than institutional brokers bcoz u dont have run from one office to other if ur transactions are frequent ,if they are not frequent then do urselves ,
U dont have to change bank if u r changing distributor /folio
if any querry u can ask me
bye
lara

What you are trying to say is already known by members here and most have said they will deal with direct AMC rather than brokers like ICICI Direct. Its only, once a time in life time affair to get registered with your AMC, then everything you can do online 24x7 right sitting at your home I have even closed my ICICI Direct demat a/c :clap: