Mutual fund payments

[sam_kuw]

Hello friends,

Is it necessary to make the payments for the Mutual Funds by cheques?
Do they accept cash?

Thanking you in advance.

Sameer

[yoogi]

No, they dont accept cash. You need to have a "PAN" number as well.

[bramanayagam]

only cheque and dd allowted

[reji]

Originally Posted by yoogi

No, they dont accept cash. You need to have a "PAN" number as well.

Hi,

Can we redeem an existing fund in which PAN is not forwarded? What would be the scenario if the fund value is less than Rs. 50,000?

Regards

Reji

[sam_kuw]

Originally Posted by yoogi

No, they dont accept cash. You need to have a "PAN" number as well.

Originally Posted by bramanayagam

only cheque and dd allowted

Thank you guys for the replies.
Yes I will deposit the amount in my bank first and get a PAN.

[yoogi]

Onething is sure, that they dont accept cash. Only DD or Cheque. (second investment onwards you can use ECS if available).

They require PAN for any additional investment. ( I am not 100% sure, ask your scheme's toll free numbers or emails.)

If you want to redeem money from MF, (no matter how much it is) they will give you a DD or cheque, or they can directly credit your bank account. It doesnt matter whether you have a PAN number or not, or whether the money is less than or more than 50K.

Soon they might freeze the folio number if you dont submit PAN. I dont think such an order is enforced already. But they might do it pretty soon. (They did that to demat accounts, ie freezing demat accounts that doesnt have a PAN. Now around 8 lack demat accounts are frozen. Some 50,000 for them have some stocks in them).

[rahul_trader]

Hi all,

When the redemptions are done do the mutul fund companies send cheque via mail to our postal address or directly deposit the amount in our given bank accounts.

Thanks
Rahul

[pasha]

Originally Posted by rahul_trader

Hi all,

When the redemptions are done do the mutul fund companies send cheque via mail to our postal address or directly deposit the amount in our given bank accounts.

Thanks
Rahul

When filling up the Mf form, you have to choose where the payment will go to, bank or house.