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

[palka]

Some clarifications are needed here.

Previously when entry loads were applicable, If you invested Rs 2000 through a SIP, Rs 44.5 to RS 50 would be deducted as entry load and paid to the agent/broker. If you invested Rs 10,000, Rs 225 to Rs 250 would be deducted as entry load. So assuming the SIP amount to be Rs 2000 only Rs 1950 would be invested.

Presently, Rs 2000 out of Rs 2033 is getting invested. If your SIP amount is Rs 10000 then out of Rs 10033 Rs 10000 is invested.

Very simple arithmetic will tell you who is gaining

Also, if you use any intermediary ( i.g. IDirect), you will have to pay for their services.

The best way is to invest directly with the Fund house, and start a SIP through ECS. I manage my wife's investments this way.

Quantum is a fund house which can help you in this regard. If you like their funds you can contact them. I have investments in several fundhouses, initially through a broker, then applying for IPIN, and transaction online without a broker.
Hope this helps

 

[drsambu123]

Though I understand your plight, every brokerage will definitely charge for their service. Why would someone provide you a service for free?

If you are feeling that the charges are high, my suggestion is that you stop your SIPs, switch your broker and then start back your SIPs.

I am buying MFs (in SIP) through sharekhan demat. They are not charging from the customer. They r getting some incentives from the AMS. They have declared it on the demat ac. they r deducting the exact amount of SIP from my ac. I think they dont charge any fees quarterly also.But i will check again and tell u... because this month am going to buy the 3rd sip.. Past 2 sips no extra charges for me... I asked my subbroker. he is not aware of mutual fund charges. he said he willl enquire his main broker and reply me soon..

 

[rajivnc]

I am buying MFs (in SIP) through sharekhan demat. They are not charging from the customer. They r getting some incentives from the AMS. They have declared it on the demat ac. they r deducting the exact amount of SIP from my ac.

Did Sharekhan have an annual fees ?

 

[sureshsharma1979]

I am buying MFs (in SIP) through sharekhan demat. They are not charging from the customer. They r getting some incentives from the AMS. They have declared it on the demat ac. they r deducting the exact amount of SIP from my ac. I think they dont charge any fees quarterly also.But i will check again and tell u... because this month am going to buy the 3rd sip.. Past 2 sips no extra charges for me... I asked my subbroker. he is not aware of mutual fund charges. he said he willl enquire his main broker and reply me soon..

Hi

Im too buying MF ( in sip ) through citi ank. Ad they are not charging me on sip. But on lump sump paymnt i m charged 2% . They r not charging me as they r receiving insenive frm ams house.

Tnk suresh

 

[URPradhan]

Some clarifications are needed here.

Previously when entry loads were applicable, If you invested Rs 2000 through a SIP, Rs 44.5 to RS 50 would be deducted as entry load and paid to the agent/broker. If you invested Rs 10,000, Rs 225 to Rs 250 would be deducted as entry load. So assuming the SIP amount to be Rs 2000 only Rs 1950 would be invested.

Presently, Rs 2000 out of Rs 2033 is getting invested. If your SIP amount is Rs 10000 then out of Rs 10033 Rs 10000 is invested.

Very simple arithmetic will tell you who is gaining

Bro, still you did not get the point.

Why you are comparing the transaction fees to earlier entry fees ???
Entry fees have been demolished by SESI for the benefit/interest of investor.
Tell me, when there was an entry fee, were the brokers taking any transaction fees ???? NO.
Then after demolishing the entry fee they have started taking transaction fees.
As they can not do anything to SESI and have to get some money from the investor, hence came up with a transaction fees funda.

So, never compare the transaction fees with entry fees.

Anyway, I got my doubts cleared after having a direct discussion with my fund houses. Now as my SIPs have started, I have the folio number. So I only have to give a written application to my fund houses to deduct my SIP money from my another bank a/c directly through ECS/third party payee/beneficiary. Then my fund house will directly debit the EXACT SIP amount from my bank a/c and the total amount will be invested for my fund. In this way I can avoid to give Rs 33.09 to ICICI Direct. And I'm also going to close this (ICICI) demat a/c as I have SBI demat a/c too :clapping:

 

[palka]

Bro, still you did not get the point.

Why you are comparing the transaction fees to earlier entry fees ???

So, never compare the transaction fees with entry fees.

I never compared the two.

If you take help of an intermediary, that person/agency needs remuneration for their efforts. That has to come from some source, whether entry fee or transaction fee.

The best solution is to invest directly with the fund house. You take the trouble of doing that and you do not pay a single paisa more.

There is of course another model. Some online only distributors (https://www.fundsindia.com) will do the running around for you and live only on the trail commission.

 

[drsambu123]

Did Sharekhan have an annual fees ?

No annual fees for my sharekhan account. But I am doing share trading also. i dontknow whether they do charge(annual) if u buy only mutual fund?????

 

[palka]

It is now possible to invest online in HDFC and Reliance MFs without having an IPIN. You need to have an existing folio with them with the PAN number registered.

For HDFC follow this: https://investor.hdfcfund.com/MFonlineForm/ExistingFolio.aspx

 

[URPradhan]

It is now possible to invest online in HDFC and Reliance MFs without having an IPIN. You need to have an existing folio with them with the PAN number registered.

For HDFC follow this: https://investor.hdfcfund.com/MFonlineForm/ExistingFolio.aspx

Many other fund houses are also offering such mode of investment online directly debiting the amount from your net banking savings a/c. Just you need a folio number with them.

 

[drsambu123]

Pl read this article from todays ET about online MF buying
http://economictimes.indiatimes.com/quickiearticleshow/6198765.cms