HDFC Mutual Fund stricter rules for redemptions

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In order to protect unit holders from fraudulent encashment of redemptions/ dividends, HDFC MF has mandated the investors to submit any one of the following documents in case the pay-out bank details are different from pay-in bank details.

 

1. Cancelled original cheque leaf from of the pay-out bank account

2. Self attested copy of bank pass book or statement of account with current entries not older than 3 months

 

3. A letter from bank certifying that the applicant maintains an account with the bank with account information like account number, type, bank branch, branch MICR and IFSC code

 

The change will be effective from November 1, 2013.

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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