Redeem non tax saver mutual fund before 3 years (SIP)

[manumewari]

hi,

i invested in JM contra mutual fund for 2 years through a monthly SIP.

(http://www.jmfinancialmf.com/Produc...SchemeID=9681e739-e2c9-4b07-870b-e4e9aa689b03)

i need money right now. this is not a tax saver fund. could any body please give me an idea if i can redeem this fund after paying some exit load. i am a nowise and i dont know how to do it. SIPs usually have a 3 year locking period. does it applies to non tax saver funds as well? friends .. please reply ASAP. thanks in advance.

 

[milind]

hi,

i invested in JM contra mutual fund for 2 years through a monthly SIP.

(http://www.jmfinancialmf.com/Produc...SchemeID=9681e739-e2c9-4b07-870b-e4e9aa689b03)

i need money right now. this is not a tax saver fund. could any body please give me an idea if i can redeem this fund after paying some exit load. i am a nowise and i dont know how to do it. SIPs usually have a 3 year locking period. does it applies to non tax saver funds as well? friends .. please reply ASAP. thanks in advance.

Have you talked to the folks at AMC (JM) ? With its performance and history, I would have taken the money out even at expense of a one % load and invested in better fund. I don't think its locking period, unlike taxsavers - they would just charge you exit load.

-- Milind

 

[manumewari]

i am trying to communicate with them too. thanks for the reply.

 

[rckaushal]

You can redeem ur funds any time. You have to pay tax on short term capital gains for those portion which r less than one year. In addition u may have to pay some exit load for that portion which is less than one year, which is negligible.
Go ahead and redeem it.