How do you redeem your mutual fund (MF) units? Most of us fill out physical forms. We either give them to our distributors who go to the fund houses or registrar and transfer agent’s offices, or we go there ourselves. But it’s tedious to go physically. What if you forgot to take signatures or details that you are required to fill in the forms? That is one visit wasted and you have to go back again. All this effort can be saved by redeeming units online.
REDEEMING UNITS ONLINE
Many fund houses allow you to redeem your units online. Typically, as soon as you invest, fund houses encourage you to open an online account. Once you do this, you can invest further (additional units), make a switch from one scheme to another within the same fund house and redeem whenever you wish. But even if you haven’t opened an online account in all these years, you can still redeem your units online. To do that, you need to first ascertain whether your fund house allows you to redeem units online, if you don’t have an online account. Check with your fund house’s customer call centre to find out.
Fund houses such as L&T Investment Management Co. Ltd, IDFC Asset Management Co. Ltd, and Quantum Asset Management Co. Ltd offer this facility. Others such as HDFC Asset Management Co. Ltd do not at present, though they are working on it.
Currently, with the olatter, you have to first fill out a form, take a personal identification number, open an account and then do online transactions.
