Migrating from ICICdirect MF-only to 3-in-1 account

[samiranm]

Hello everybody,

I have been following the threads here to try and find if there is any easy way of doing this.

I have a ICICIdirect MF-only account and have invested in about 20 different MFs. Now I am interested in migrating to a 3-in-1 account that would also allow me to invest in ETFs and stocks.

As per ICICI phonebanking helpline, I am required to:-

1. Transfer out all my MFs
2. Close the old account
3. Open a new 3-in-1 account
4. Transfer all the funds back in.

Apart from being time consuming, I feel this process may be cumbersome as I have 20 diferent MFs in different fund houses. Also there may be pitfalls that I am not aware of. The only alternative seems to be to redeem all my MFs before closing the old account.

Can anyone share their experiences in this regard and advise me what the best way to do this would be?

Thanks and Best Regards
Samir

 

[enygma]

Samir,

In a situation similar to yours, I just went ahead and started a new trading account with a different brokerage house trade stocks and F & O. IciciDirect is still my MF broker.

Any specific reason why you want all your eggs (i.e investments) in the same account?

Regards,
Enygma.

Hello everybody,

I have been following the threads here to try and find if there is any easy way of doing this.

I have a ICICIdirect MF-only account and have invested in about 20 different MFs. Now I am interested in migrating to a 3-in-1 account that would also allow me to invest in ETFs and stocks.

As per ICICI phonebanking helpline, I am required to:-

1. Transfer out all my MFs
2. Close the old account
3. Open a new 3-in-1 account
4. Transfer all the funds back in.

Apart from being time consuming, I feel this process may be cumbersome as I have 20 diferent MFs in different fund houses. Also there may be pitfalls that I am not aware of. The only alternative seems to be to redeem all my MFs before closing the old account.

Can anyone share their experiences in this regard and advise me what the best way to do this would be?

Thanks and Best Regards
Samir

 

[samiranm]

Samir,

In a situation similar to yours, I just went ahead and started a new trading account with a different brokerage house trade stocks and F & O. IciciDirect is still my MF broker.

Any specific reason why you want all your eggs (i.e investments) in the same account?

Regards,
Enygma.

Appreciate the advise, Enygma. Actually, I consider myself a passive long term investor. So the main reason to look at an ICICIdirect account is, I suppose, the convenience of having my ICICI savings account linked and easy transfer should I decide to move funds from an MF to ETF/stock or back etc.

So lets say, if as you suggest, I were to go for another brokerage house, with an online trading option, which one would you say would be best for a passive, convenience oriented investor like me?

For example, I found ICICIdirect quite convenient for online SIP which I use quite extensively.

Thanks
Samir

 

[enygma]

Samir,

I would check out both Sharekhan and Angel. If convenience is your main requirement, go for web based interfaces of either of these - depending upon the brokerage you get. Fund transfers would be fairly seamless in these. I have heard issues with fund transfers taking time with some of the other brokerages. You can check with them about how much time fund transfers take to Icici and viceversa.

Regards,
Enygma.

Appreciate the advise, Enygma. Actually, I consider myself a passive long term investor. So the main reason to look at an ICICIdirect account is, I suppose, the convenience of having my ICICI savings account linked and easy transfer should I decide to move funds from an MF to ETF/stock or back etc.

So lets say, if as you suggest, I were to go for another brokerage house, with an online trading option, which one would you say would be best for a passive, convenience oriented investor like me?

For example, I found ICICIdirect quite convenient for online SIP which I use quite extensively.

Thanks
Samir

 

[milind]

Samir,

I would check out both Sharekhan and Angel. If convenience is your main requirement, go for web based interfaces of either of these - depending upon the brokerage you get. Fund transfers would be fairly seamless in these. I have heard issues with fund transfers taking time with some of the other brokerages. You can check with them about how much time fund transfers take to Icici and viceversa.

Regards,
Enygma.

I was with ICICI Direct but decided to move out after experiencing lousy service for long time - slow and unreliable brokerage interface, high commissions, but also unhappy with their banking services. Needless to say, my vote is negative for anything to do with ICICI.

For mutual funds, I have been using AMCs directly for past two years. Many of the AMCs have good online access and once set up properly, connection to bank account works seamlessly. I have had good experiece with customer service too.

There is another service - fundsindia.com, mentioned in another thread. I don't have any personal experience with them though.

-- Milind

 

[greatindianwiseman]

There is not much advantage in ICICIDirect.

You can deal with most AMC's directly and save on icici's transaction charges.