Mutual Fund doubts

[megapixel]

I have purchased a Mutual Fund first time. I have two queries. Can anybody please respond to these queries ?


(Q1) When you purchase a Mutual Fund ...what document you receive ? Do you receive any policy bond/certificate after purchase ? If so what is that called ?

Example: when you purchase LIC .... you receive a policy bond.....likewise when you purchase a Mutual Fund what document you receive ?


(Q2)I purchased a Mutual Fund online through HDFC Bank.

Should I receive any document ? I need a document as a proof of my mutual fund investment . What is that document called ?

 

[comm4300]

I have purchased a Mutual Fund first time. I have two queries. Can anybody please respond to these queries ?


(Q1) When you purchase a Mutual Fund ...what document you receive ? Do you receive any policy bond/certificate after purchase ? If so what is that called ?

you get UNITS when you purchase mutual fund. Mutual Fund Account Statement is generated after your purchase.

(Q2)I purchased a Mutual Fund online through HDFC Bank.

Should I receive any document ? I need a document as a proof of my mutual fund investment . What is that document called ?

Yes and No. If you've opted for e-statement, you'll get your account statement in pdf form to your email. If you do need a documentary proof, you could ask the fund house to mail across your mutual fund STATEMENT or take a simple print out.

cheers.

 

[megapixel]

If you do need a documentary proof, you could ask the fund house to mail across your mutual fund STATEMENT or take a simple print out.

today I purchased Franklintempletonindia Taxshield (Dividend) through online HDFC......But I still don't find any Unit Holding Statement under online HDFC Mutual Account.

Does it take some time ? if so how long it could take approximately ?


Also whom to approach for a STATEMENT ? Is it franklintempletonidnia or HDFC ?

 

[comm4300]

today I purchased franklintempletonidnia taxshield (Dividend) through online HDFC......But I still don't find any Unit Holding Statement in HDFC Mutual Account.

Does it take some time ? if so how long it may take approximately ?


Also whom to approach for a STATEMENT ? Is it franklintempletonidnia or HDFC ?

normally takes 2 business days for statement generation.
for statement you approach the particular fund house - i.e Franklin in your case.

 

[megapixel]

normally takes 2 business days for statement generation.
for statement you approach the particular fund house - i.e Franklin in your case.

Thanks comm ...that was very much helpful.

I wish my purchased MF fund is a good one ..

 

[megapixel]

Can you please tell what is a Folio Number ?

I have seen many places this is referenced . any idea where I may get it ? Is it a secret kind of stuff ..not to be shared publicly ?

 

[comm4300]

Can you please tell what is a Folio Number ?

I have seen many places this is referenced . any idea where I may get it ? Is it a secret kind of stuff ..not to be shared publicly ?

Foilio no. is akin to account number. A unique folio is created for all investments in a fund house.

just like you have client id with zerodha, you have folio number with Franklin; another folio with hdfc (if invested) so on and so forth....

 

[megapixel]

Foilio no. is akin to account number. A unique folio is created for all investments in a fund house.

just like you have client id with zerodha, you have folio number with Franklin; another folio with hdfc (if invested) so on and so forth....

Thanks....that was a great piece of information....and helped a lot.

unfortunately I don't know yet what is my folio number ....I guess if the STATEMENT comes out after 2 business day ..then the STATEMENT should carry folio number in it ...right ? I guess then only I'll be able to know my folio number with Franklin...till then only waiting



By the way ..till now I used to believe an Open ended fund can be liquidated any time.

However I find this specific Franklin fund is both an Open ended and also having lock-in period 3 yrs ......I'm bit confused at this part ..because its Open and Locked ...both

So finally ...
Does it mean I can redeem it any time after 3 yrs ?
OR
I can redeem this before 3 years ?




For quick look up here is the Franklin Templetonindia Tax Schield (D) fund info from moneycontrol website ...

 

[comm4300]

Thanks....that was a great piece of information....and helped a lot.

unfortunately I don't know yet what is my folio number ....I guess if the STATEMENT comes out after 2 business day ..then the STATEMENT should carry folio number in it ...right ? I guess then only I'll be able to know my folio number with Franklin...till then only waiting



By the way ..till now I used to believe an Open ended fund can be liquidated any time.

However I find this specific Franklin fund is both an Open ended and also lock-in period 3 yrs
I'm bit confused at this part ..because its Open and Locked ...both

Does it mean I can liquidate it any time after 3 yrs ?
OR
I can liquidate this before 3 years ?




For your information ,here is the Franklin Templetonindia Tax Schield (D) investment info from moneycontrol website ...

Tax savings mutual fund schemes are known as ELSS [equity linked savings scheme];
Govt has permitted investements under ELSS as deduction under 80C
ELSS hence have lockin of 3 years.
3 years from the date of transaction/investment.

Other schemes [non-ELSS] do not carry 80C tax benefit. ex. franklin prima fund, hdfc equity fund etc...they can be sold anytime after purchase.

 

[megapixel]

Tax savings mutual fund schemes are known as ELSS [equity linked savings scheme];
Govt has permitted investements under ELSS as deduction under 80C
ELSS hence have lockin of 3 years.
3 years from the date of transaction/investment.

Other schemes [non-ELSS] do not carry 80C tax benefit. ex. franklin prima fund, hdfc equity fund etc...they can be sold anytime after purchase.

yup .. I purchased it to get 80C tax benefit in fact.

just curious ...Fund Type is "Open ended" here....looks like Fund Type has nothing to do with exit timing.

What happens If I don't redeem this ELSS even after 3 years ....will my fund be safe ? Will I still continue to receive benefit If I don't redeem even after 3 years ?