How to Redeem Your Mutual Funds?

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How to Redeem Your Mutual Funds

A) Mutual fund bought from an Agent or Offline

If the Mutual Funds were bought offline that is to say from an Agent, then you can approach them directly and fill up a redemp­tion form. The forms are avail­able with any mutual funds Asset Man­age­ment Com­pany (AMC) office and their addresses are avail­able on the inter­net also. It would be advis­able to go to the near­est CAMS office (bro­ker offices) where you can fill up the redemp­tion forms for one or more mutual funds that you would like to redeem simul­ta­ne­ously.

While fill­ing the redemp­tion form, take care to fill in all rel­e­vant details viz. your name, cor­rect folio num­ber, the num­ber of units you wish to sell etc. You may redeem all the units or a few of them. This form duly filled up may be sub­mit­ted to the CAMS office for onward processing.

Some Impor­tant Points to Remember

Net Asset Value (NAV)

While sub­mit­ting the redemp­tion form, one impor­tant thing to remem­ber is that if you sub­mit the form before 3:00 pm, the NAV applic­a­ble will be as per the same day clos­ing rates whereas in case of appli­ca­tions sub­mit­ted after 3:00 pm, NAV of the next day would be applic­a­ble. There­fore, this time frame is very crucial.

An Active Bank Account.

The money redeemed from your Mutual Funds would be deposited in the same bank account which was used to pur­chase them or which was reg­is­tered with your AMC. It is impor­tant that the bank account should be active at the time or redemp­tion. An inac­tive account can put you in many has­sles and then the redemp­tion pro­ce­dures can be a lit­tle clumsy. You will have to open a new account and attach a can­celled cheque of this new account and show proof of your pass-book entries or they might even ask you to pro­duce a dec­la­ra­tion from the bank man­ager or some other valid proof before deposit­ing the redeemed money in your account. I was lucky enough to have an active bank account which made things eas­ier.

How to redeem your Mutual Funds — CAMS do not enter­tain all types of Redemp­tions

Another impor­tant thing about redemp­tion of Mutual Funds is that CAMS do not enter­tain the redemp­tions of all Asset Man­age­ment Com­pa­nies (AMCs). We will have to check with them to know which are the mutual funds they deal with. You can get this infor­ma­tion by con­tact­ing the near­est CAMS in your city by send­ing an email. Their web­site shows the email IDs and addresses of all their offices. In my case, I had to go to my own AMC for redemp­tion as CAMS was not han­dling that par­tic­u­lar Mutual Fund.

Time taken to credit your money

In nor­mal course, it takes about 3 or 4 work­ing days to com­plete the process and credit the money in your bank account and in some cases, it could hap­pen even in two days also. The time taken usu­ally depends upon the day of your sub­mis­sion of appli­ca­tion for redemp­tion. If you sub­mit your form in the begin­ning of the week, you will get your money back by the end of the week and if any hol­i­days or week-ends fall in between, redemp­tion is likely to be delayed.

How to redeem your Mutual funds bought online?

If your mutual funds were pur­chased online or from your DEMAT Account, or if your online account was acti­vated after buy­ing through a bro­ker, you have the option of redeem­ing your mutual funds through their web­sites. The var­i­ous schemes avail­able and pro­ce­dures to be fol­lowed are explained on the web­site and you can exer­cise your options for redemp­tion accord­ingly. These pro­ce­dures are self explana­tory and easy to follow.

Acti­vat­ing your online account with AMC

It is imper­a­tive to acti­vate your online account at the ear­li­est if you have not done it so far. Acti­vat­ing your online account can reduce your has­sles at the time of redemp­tion of your mutual funds. How did you feel when you redeemed your mutual funds? Was it easy or did you come across any new point to be taken note of before going for redemp­tion? Do you feel that more and more peo­ple would opt for redemp­tion of their mutual funds or equi­ties as the mar­kets are not per­form­ing rea­son­ably well these days?

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