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MUTUAL FUNDS New Fees Structure FAQ
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NON FINANCIAL TRANSACTIONS (NFT)
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ONLINE MF TRANSACTIONS ON ICICIdirect |
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| What is a Mutual Fund? | ||||||||
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A Mutual Fund is a body corporate that pools the savings of a number of investors and invests the same in a variety of different financial instruments, or securities. The income earned through these investments and the capital appreciation realised by the scheme are shared by its unit holders in proportion to the number of units owned by them. Mutual funds can thus be considered as financial intermediaries in the investment business who collect funds from the public and invest on behalf of the investors. The losses and gains accrue to the investors only. The Investment objectives outlined by a Mutual Fund in its prospectus are binding on the Mutual Fund scheme. The investment objectives specify the class of securities a Mutual Fund can invest in. Mutual Funds invest in various asset classes like equity, bonds, debentures, commercial paper and government securities. |
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| What is an Asset Management Company? | ||||||||
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An Asset Management Company (AMC) is a highly regulated organisation that pools money from investors and invests the same in a portfolio. They charge a small management fee, which is normally 1.5 per cent of the total funds managed. |
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| What is NAV? | ||||||||
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NAV or Net Asset Value of the fund is the cumulative market value of the assets
of the fund net of its liabilities. NAV per unit is simply the net value of assets
divided by the number of units outstanding. Buying and selling into funds is done
on the basis of NAV-related prices. NAV is calculated as follows: |
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| How often is the NAV declared? | ||||||||
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The NAV of a scheme has to be declared at least once a week. However many Mutual Fund declare NAV for their schemes on a daily basis. As per SEBI Regulations, the NAV of a scheme shall be calculated and published at least in two daily newspapers at intervals not exceeding one week. However, NAV of a close-ended scheme targeted to a specific segment or any monthly income scheme (which are not mandatorily required to be listed on a stock exchange) may be published at monthly or quarterly intervals. |
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| What are the benefits of investing in Mutual Funds? | ||||||||
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1. Qualified and experienced professionals manage Mutual Funds. Generally, investors,
by themselves, may have reasonable capability, but to assess a financial instrument
a professional analytical approach is required in addition to access to research
and information and time and methodology to make sound investment decisions and
keep monitoring them. |
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| Are there any risks involved in investing in Mutual Funds? | ||||||||
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Mutual Funds do not provide assured returns. Their returns are linked to their performance. They invest in shares, debentures and deposits. All these investments involve an element of risk. The unit value may vary depending upon the performance of the company and companies may default in payment of interest/principal on their debentures/bonds/deposits. Besides this, the government may come up with new regulation which may affect a particular industry or class of industries. All these factors influence the performance of Mutual Funds. |
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| What are the different types of Mutual funds? | ||||||||
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(a) On the basis of Objective
Equity Funds/ Growth Funds |
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| What are the different plans that Mutual Funds offer? | ||||||||
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Growth Plan and Dividend Plan |
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| What is Exit Load? | ||||||||
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The non refundable fee paid to the Asset Management Company at the time of redemption/ transfer of units between schemes of mutual funds is termed as exit load. It is deducted from the NAV(selling price) at the time of such redemption/ transfer. |
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| What is redemption price? | ||||||||
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Redemption price is the price received on selling units of open-ended scheme. If the fund does not levy an exit load, the redemption price will be same as the NAV. The redemption price will be lower than the NAV in case the fund levies an exit load. |
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| What is repurchase price? | ||||||||
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Repurchase price is the price at which a close-ended scheme repurchases its units. Repurchase can either be at NAV or can have an exit load. |
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| What is a Switch? | ||||||||
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Some Mutual Funds provide the investor with an option to shift his investment from one scheme to another within that fund. For this option the fund may levy a switching fee. Switching allows the Investor to alter the allocation of their investment among the schemes in order to meet their changed investment needs, risk profiles or changing circumstances during their lifetime. |
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| What is Shut-Out Period? | ||||||||
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After the closure of the Initial Offer Period, on an ongoing basis, the Trustee reserves a right to declare Shut-Out period not exceeding 5 days at the end of each month/quarter/half-year, as the case may be, for the investors opting for payment of dividend under the respective Dividends Plans. The declaration of the Shut-Out period is envisaged to facilitate the AMC/the Registrar to determine the Units of the unitholders eligible for receipt of dividend under the various Dividend Options. Further, the Shut-Out period will also help in expeditious processing and despatch of dividend warrants. During the Shut-Out period investors may make purchases into the Scheme but the Purchase Price for subscription of units will be calculated using the NAV as at the end of the first Business Day in the following month/quarter/half-year as the case may be, depending on the Dividend Plan chosen by the investor. Therefore, if investments are made during the Shut -Out period, Units to the credit of the Unitholder's account will be created only on the first Business Day of the following month/ quarter/half year, as the case may be, depending on the dividend plan chosen by the investor. The Shut-Out period applies to new investors in the Scheme as well as to Unitholders making additional purchases of Units into an existing folio. The Trustee reserves the right to change the Shut-Out period and prescribe new Shut- Out period, from time to time. |
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| Is there any minimum lock-in period for my units? | ||||||||
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There is no lock-in period in the case of open-ended funds. However in the case
of tax saving funds a minimum lock-in period is applicable. The lock-in period for
different tax saving schemes are as follows:
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| Who are the issuers of Mutual funds in India? | ||||||||
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Unit Trust of India was the first mutual fund which began operations in 1964. Other issuers of Mutual funds are Public sector banks like SBI, Canara Bank, Bank of India, Institutions like IDBI, ICICI, GIC, LIC, Foreign Institutions like Alliance, Morgan Stanley, Templeton and Private financial companies like Kothari Pioneer, DSP Merrill Lynch, Sundaram, Kotak Mahindra, Cholamandalam etc. |
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| What are the factors that influence the performance of Mutual Funds? | ||||||||
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The performances of Mutual funds are influenced by the performance of the stock market as well as the economy as a whole. Equity Funds are influenced to a large extent by the stock market. The stock market in turn is influenced by the performance of the companies as well as the economy as a whole. The performance of the sector funds depends to a large extent on the companies within that sector. Bond-funds are influenced by interest rates and credit quality. As interest rates rise, bond prices fall, and vice versa. Similarly, bond funds with higher credit ratings are less influenced by changes in the economy. |
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| As a new investor how do I select a particular scheme? | ||||||||
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Choice of any scheme would depend to a large extent on the investor preferences.
For an investor willing to undertake risks, equity funds would be the most suitable
as they offer the maximum returns. Debt funds are suited for those investors who
prefer regular income and safety. Gilt funds are best suited for the medium to long-term
investors who are averse to risk. Balanced funds are ideal for medium- to long-term
investors willing to take moderate risks. Liquid funds are ideal for Corporates,
institutional investors and business houses who invest their funds for very short
periods. Tax Saving Funds are ideal for those investors who want to avail tax benefits. |
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| What are the rights that are available to a Mutual Fund holder? | ||||||||
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As per SEBI Regulations on Mutual Funds, an investor is entitled to |
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| It is very often said that Mutual Funds have performed badly. Please explain? | ||||||||
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The performance of Mutual Funds is evaluated on the basis of absolute increase or decrease in its Net Asset Value (NAV). However a fund's performance should be evaluated on the basis of a comparison with the relevant indices and alternative instruments. The NAV varies from fund to fund. Therefore this argument is not entirely true. However some funds have performed poorly with their NAV quoting well below their original IPO price. |
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| Where can I view the details of my mutual fund folios purchased through www.icicidirect.com ? | ||||||||
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To view the details of your mutual fund folios purchased online visit the Unit Holdings page of the Mutual Fund section of your ICICIDirect trading account. |
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| when will I be able to see my purchase details? | ||||||||
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The order book reflects details of all the orders placed by you. All successful transactions will be updated in the Unit Holding link within T+3 or T+5 days (depending on the AMC's rules and regulation) |
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| Do I have to pay any entry load for mutual fund purchases made after August 01, 2009 ? | ||||||||
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No. Prior to the implementation of the SEBI guideline, an entry load of 2.25% was charged on all Mutual fund purchases. As per the new guidelines issued by SEBI, with effect from August 1, 2009, entry load will not be charged on purchases in existing mutual fund schemes or on schemes launched thereafter . However, any investment made by you in an NFO which was launched prior to August 1, 2009 will continue to attract entry load and other charges as specified in the offer document. |
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| What exit load will I have to pay as on date? | ||||||||
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Exit Load varies for different schemes and is generally charged as a percentage of NAV. The Exit load normally varies between 0.25% to 2% of the redemption value. Some mutual funds however do not charge any exit load. Such mutual funds are referred to as 'No Load Funds'. |
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| How does the new SEBI Guidelines impact my mutual fund transactions ? | ||||||||
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SEBI Guidelines stipulate that with effect from August 1, 2009,there shall be no entry load for any Mutual Fund scheme whether existing or new. SEBI Guidelines further stipulate that investors will be required to pay upfront commission directly to distributors. This means that earlier if you invested Rs. 10,000/- in a mutual fund, your total invested amount was reduced to the extent of entry load charged ie Rs.225 (@ 2.25%) thereby making your actual investment Rs9775/-. However, w.e.f August 1, 2009, the entire Rs. 10.000/- invested by you would be your investment in the mutual fund. However, while you will not be charged any entry load, you will have to pay 'Transaction charges' directly to your distributor as per the applicable fee structure. Click here for more information on the I-Sec Fee structure. |
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| In light of the new SEBI guidelines, what would be my effective purchase price? | ||||||||
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Effective Purchase Price is the sum of the NAV, transaction charges and service charges divided by the number of units purchased. For example: Let's say you purchased 1,000 MF units for Rs. 10,000. If the transaction and service charges applicable are Rs. 100 and Rs. 10.30 respectively, then the effective purchase price per unit will be Rs. 10.11 (i.e. Rs. 10110.30/1000 units). It is the price which you actually pay to purchase a single unit of a Mutual Fund Scheme. |
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| I have invested in a New Fund Offer (NFO) of a scheme launched prior to August 1, 2009. Will I too get the benefit of the new SEBI Guidelines on entry load? | ||||||||
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No. Entry load has been abolished only with effect from August 1, 2009. Any investment made by you in an NFO which was launched prior to August 1, 2009 will continue to attract Entry Load and other charges as specified in the offer document. |
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| Will I be charged Transaction Charges on investments made after August 01, 2009, in NFOs launched prior to August 01, 09? | ||||||||
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Yes. Although upfront Transaction Charges and Service Tax(ST) would be charged to you on placing a purchase order in NFO launched prior to August 1, 2009, such charges will be refunded subsequently. |
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| Do I need to allocate funds for investing in Mutual Funds? | ||||||||
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Yes, just as in the secondary market, you will need to allocate funds for the purpose of investing in Mutual Funds. Under the Modify Allocation option you would have a separate section for allocating money for Mutual Funds. Also the funds which are allocated for investments in Mutual Fund will not be allowed for transactions in the secondary market. |
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| Can I modify /cancel my transactions? | ||||||||
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Yes, while placing any mutual fund order, modify or cancel option would be available to you till the final confirmation of the order is placed by you. Once you click on Final Confirmation you cannot modify or cancel the order placed by you. You can only modify / cancel any Systematic Investment Plan (SIP) / Systematic Withdrawal Plan (SWP) order placed by you. |
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| Will I get an online confirmation of my transactions? | ||||||||
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As soon as you confirm your order you can view the details of your transaction in the order book. Also an email will be sent to your email address. |
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| Can I transact anytime during the day? | ||||||||
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Yes, you can transact at any time of the day. However, in order to get the NAV of the current day you would have to transact before the cut-off time of the scheme. If you place any order after the said cut-off time, you would be eligible for NAV of the next day. As per SEBI guidelines the cutoff time for accepting orders in Non-liquid funds is 1500 hrs and in Liquid funds it is 1200 hrs. However taking into account internal transaction processing time, ICICIdirect.com has kept the cutoff time, for accepting orders in Non-liquid funds as 1330 hrs and in Liquid funds as 1030 hrs. |
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| Can I purchase after the time which is displayed beside the scheme? | ||||||||
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In order to get the NAV of the same day, you can purchase up to the cut-off time of the scheme, after which you will get the next day's NAV. (If the next day is a holiday, then the NAV of the next working day). |
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| Is there a minimum transaction amount for each scheme? | ||||||||
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As decided by the fund, there is a minimum transaction amount indicated against each scheme. You will get to see the minimum transaction amount in the Place Order screen. |
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| Can I use the funds allocated for investments in secondary market towards investments in Mutual Fund ? | ||||||||
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In order to invest in Mutual Fund, you will need to separately allocate funds for the same. This option is available to you in the Modify Allocation screen. |
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| After my first purchase, can I immediately enter another transaction? | ||||||||
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After your first purchase you will not be permitted to transact for a period of
4 to 7 days depending on the processing time of the Mutual Funds' Registrar. After
you place an investment order in any Mutual Fund for the first time a Folio Number
is generated for that particular fund. Until the Folio number is generated you will
not be allowed to place any further orders for that particular Mutual Fund. After
the Folio Number is generated you can place any number of order in any schemes of
the Mutual Fund. |
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| Who are the users of this facility and how? | ||||||||
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All ICICI Direct customers who are Non-resident Indians, whose accounts are activated, can use the same login Id and password to invest in Mutual Funds.You can invest in units of a Mutual fund from either the Non-Pins NRE or Non-Pins NRO account. |
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| I do not have an account with ICICI Direct, but would like to invest in Mutual Funds. What do I do? | ||||||||
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You can contact any ICICI Centre to open accounts or fill in the application form on the web site and our Customer Service Executive will visit you for opening your e-invest account. Once the processing of your form is completed, you can start investing in Mutual Funds online. |
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| How do I convert my existing portfolio units to icicidirect's portfolio? | ||||||||
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You can transfer in your existing mutual fund units to your ICICIdirect account by filling a Transfer-in request form which is available on the site. However this facility of Transfer-in can be availed only if you're a sole holder in the physical units else your request cannot be processed. Transfer In request can be placed through the "Transfer In" link on the Mutual Fund page. Fill in the existing folio number alloted for that scheme. Thereafter you need to take a printout of the duly filled form and forward it to ICICIdirect. In case of transfer-in of dividend schemes, the dividend re-investment option will by default be activated and will appear as "Y". In case the dividend re-investment option as per your records is dividend pay-out "N", to change the dividend re-investment option you can use the modify dividend re-investment hyperlink. The units are converted to electronic form within 30 days. You can check the status of your request the TI Book link. Once the units are converted into electronic form, the same will be updated in the Unit Holdings link. |
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| How do I purchase from your web site? | ||||||||
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Click on the link "Place Order " in the MF Trading section. This will take you to
all the schemes of the fund. The details of the scheme are indicated against each
scheme. Select PURCHASE in the drop down menu and then click on GO to place your
purchase order. You can also select the option for dividend reinvestment through
the purchase order screen.
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| Can I as an NRI buy Mutual Fund Units in the PINS account? | ||||||||
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No, you cannot purchase mutual fund units in the PINS account. You can only do so in the Non-Pins account. |
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| When will I be able to see my purchase details? | ||||||||
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The details of your transactions will be immediately updated in your order book. An email will also be sent to you and the entry in your portfolio will be displayed within T+3 days. |
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| How do I redeem my Mutual Fund scheme units? | ||||||||
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Click on the link "Place Order" in the MF Trading section. This will display all the scheme units held by you, with details against each scheme. Select the REDEEM option in the drop down menu and then click on GO to place your redemption request. You can either redeem a certain amount or specify the number of units held by you. There is a minimum transaction amount that is indicated against each scheme. A cut off time is also displayed to get that day's NAV. The details of your transactions will be immediately updated in your order book, an email will be sent and your bank account will be credited after T+3 days (the date of pay-out would differ for scheme and will not necessarily be T+3 days). |
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| Will TDS be deducted on the redemption of units? If yes what will be the basis of deduction of TDS | ||||||||
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TDS is not deducted on the sale proceeds for Resident Indians.
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| Where can I see the TDS deducted on the sale proceeds? | ||||||||
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The TDS deducted for NRI can be seen by Clicking on the executed hyperlink against the transaction. You will find the complete details of the redemption including the TDS deducted. |
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| How do I switch from a particular scheme? | ||||||||
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Click on the link "Place Order" in the MF Trading section. This will display all
the scheme units held by you, with details against each scheme. Select the SWITCH
option in the drop down menu and then click on GO to place your switch request.
Click on the scheme you wish to Switch From. There is a minimum transaction amount
indicated against the scheme. Also the scheme you wish to "Switch To" carries a
minimum transaction amount. Therefore the amount which you will be switching will
be higher of the two. The details of your transactions will be immediately updated
in your order book, an email will be sent showing the "Switch From" and "Switch
To" units. The entry in your portfolio will be displayed within T+3 days. Since
this does not involve any transfer of funds, your bank account will not be affected. |
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| How does the Automatic/ Systematic Investment Plan (AIP/ SIP) work? | ||||||||
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Select the option "SIP" followed by "Create a Systematic Investment Plan". Select the fund name and the scheme. A screen will appear with the details of that scheme similar to that in the Purchase screen. In addition to these details you will have to fill up the frequency with which the investments will be made and the start date. From the date specified a fixed amount will be debited to your bank account. An email will be sent showing the details of the amount invested and the entry in your portfolio will be displayed within T+3 days. You can however enter into only one plan per scheme. In case you do not have sufficient funds in your account in any specific month, the SIP would be rejected for that particular month |
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| How does the Automatic/ Systematic Withdrawal Plan (AWP/SWP) work? | ||||||||
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Select the option for "Systematic Withdrawal Plan". Select the fund name and the scheme. A screen will appear with the details of that scheme similar to that in the Redemption screen. In addition to these details you will have to fill up the frequency with which the withdrawals will be made and the start date. From the date specified a fixed amount will be credited to your bank account. An email will be sent showing the details of the amount withdrawn and the entry in your portfolio will be displayed within T+3 days. You can however enter into only one plan per scheme. However if a SWP\AWP request is rejected for insufficient units, then the entire Plan will be scraped automatically. You will also receive an e-mail indicating that the plan has been scrapped. |
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| Will TDS be deducted on dividend received? | ||||||||
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No, TDS will not be deducted on Dividend payments for both Resident as well as NRI's. |
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| Can I transact on a holiday? | ||||||||
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Yes, You can place your request even on a holiday. However, the request would be processed on the next business day and respective NAV would be applicable as per the Mutual Fund's offer document. |
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| How to change the address, Name of the Holder,Contact details, Email ID, Bank Details & Tax /Residence Status in Mutual Fund in AMC records? | ||||||||
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For change of address, Name of the Holder, contact details, Email ID, Bank Details & Tax/ Residence status in Mutual fund folios you need to send a duly filled & signed Request Letter Change in Details to us along with supporting documents mentioned in the Instructions given on the Request Letter. Note:If you are MF CVL KRA Compliant and you wish change the address then please fill & submit KYC Change Individual Form along with Change in details form. To check if you are MF CVL KRA compliant visitwww.cvlkra.com KYC Inquiry. Please send the filled in form & supporting documents at the below address :
Mutual Fund Operations Team
The Turn Around Time (TAT) for change in details is 20 working days from the date
of receipt of documents at the corporate office. ICICI Securities Ltd ( I-Sec )
will process the request on best effort basis within a reasonable time and I-Sec
cannot be held responsible for any loss of documents or delay in processing of the
request. |
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| How to change the Mutual Fund Dividend Option? | ||||||||
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To change the dividend option from Payout to Re-investment or vice -versa, you need to place a online request for Dividend modification and send a duly filled & signed Request Letter Change in Dividend Option for every Scheme in which you wish to make the change. to update. For placing online request visit www.icicidirect.com >Trade & invest >Mutual Funds> Manage My Relationship with ICICIdirect >Modify dividend options. Please send the filled in form at the below address :
Mutual Fund Operations Team
The Turn Around Time (TAT) for Dividend modification/Change of Dividend Option is
15 working days from the date of receipt of documents at the corporate office. ICICI
Securities Ltd ( I-Sec ) will process the request on best effort basis within a
reasonable time and I-Sec cannot be held responsible for any loss of documents or
delay in processing of the request. |
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| How do I consolidate the mutual fund Folios? | ||||||||
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To consolidate Mutual fund folios you need to place online request & send a duly filled & signed request letter Folio Consolidation. For placing online request visit www.icicidirect.com >Trade & invest >Mutual Funds> Folio Consolidation. Please send the filled in form at the below address :
Mutual Fund Operations Team
The Turn Around Time (TAT) for Folio consolidation is 15 working days from the date
of receipt of documents at the corporate office. ICICI Securities Ltd ( I-Sec )
will process the request on best effort basis within a reasonable time and I-Sec
cannot be held responsible for any loss of documents or delay in processing of the
request. |
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| Can I make a nomination for the mutual fund units purchased through www.icicidirect.com? | ||||||||
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Yes. The website www.icicidirect.com. provides you a facility to make nomination(s) for your Mutual Fund units purchased online. |
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| Will nomination(s) made in my linked demat/ bank account(s) be automatically updated for the mutual fund units purchased online? | ||||||||
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No. Nomination details of your linked bank or demat account are not considered for your online mutual fund purchases. Hence, you would be required to make a separate nomination request for your mutual fund folios. |
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| Can I cancel a nomination made by me? | ||||||||
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Yes. You can cancel your existing nomination at any time before you redeem your mutual fund units. |
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| What is the effect of making a nomination? | ||||||||
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Nomination causes all rights and/or amount(s) payable in respect of your Mutual Fund Holdings to vest in and be transferred to your nominee upon your death. If your legal heir is different from your nominee, your legal heir cannot dispute this action as transfer by the respective AMC(s) in favour of a Nominee acts as valid discharge by the AMC(s) against the legal heir of the deceased holder. |
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| Who can make a nomination? | ||||||||
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Investors in the Category of "Individuals" are permitted to make a nomination for their mutual fund units. Non-individuals including society, trust, body corporate, partnership firm, Karta of Hindu Undivided Family and a holder of Power of Attorney are not allowed to nominate. |
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| Whom can I nominate? | ||||||||
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You can nominate any individual as your nominee. However, you cannot nominate the following as your nominee with regard to your mutual fund units: |
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| Can I nominate a Non Resident Indian as my nominee? | ||||||||
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Yes. A non-resident Indian can be a nominee subject to the exchange controls in force, from time to time. |
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| Can I nominate a minor as my nominee? | ||||||||
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Yes. You are permitted to nominate a minor. However, if you nominate a minor, do provide the name and address of the minor's guardian in the nomination request. |
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| Can I nominate more than one person in my Mutual Fund Folios ? | ||||||||
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You can nominate only one person per mutual fund folio held by you. If you hold more than 1 folio, you can nominate different individuals for each folio but multiple nominees under the same folio is not permitted. |
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| Will my existing mutual fund nomination automatically get updated for all future online Mutual Fund purchases also? | ||||||||
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No. Nomination made in your existing mutual fund folios will not be automatically updated for new folios created for fresh mutual fund purchases made by you. For all new folios, you will be required to make a separate nomination request. |
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| Can I change my nominee? | ||||||||
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Yes. You can cancel your existing nomination at any time before you redeem your mutual fund units. |
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| How do I place a request for Nomination or Change in nomination / Cancellation of my existing nomination through www.icicidirect.com? | ||||||||
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To make a Nomination request / Change an earlier Nomination, you would
be required to fill the prescribed Form (click to download the form). Please fill in all the relevant details and send the duly signed form to the following address:
Attn: Mutual Funds Operations Team
NOTE: Your nomination/ change/ cancellation request will be registered only for those folio numbers details of which are mentioned in the Request form.
The Turn Around Time (TAT) for Nominee updation is 15 working days from the date
of receipt of documents at the corporate office. ICICI Securities Ltd ( I-Sec )
will process the request on best effort basis within a reasonable time and I-Sec
cannot be held responsible for any loss of documents or delay in processing of the
request.
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| I have purchased mutual fund units through www.icicidirect.com. Can I send my nomination request directly to the respective Asset Management Company (AMC) of the mutual fund(s) ? | ||||||||
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No. AMC(s) do not accept any direct/ offline request for nomination or other transactions in mutual fund folios that are purchased online. Hence you will have to route all your transactions including nomination related requests through www.icicidirect.com. |
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| Can I transfer My Mutual Fund Unit holdings from one ICICIdirect A/c to another? | ||||||||
|
Yes you can transfer your mutual fund unit holdings from one Match Account (source
Account) to another(Target Account), provided both the Match Accounts are in the
same name and the Source account should be in 'Closed' status and Target
Account should be in 'Active' status.
Documents required for Internal Transfer:
Attn: Mutual Fund Operations Team
The Turn Around Time (TAT) for Internal Transfer is 15 working days from
the date of receipt of documents at the corporate office. ICICI Securities Ltd (
I-Sec ) will process the request on best effort basis within a reasonable time and
I-Sec cannot be held responsible for any loss of documents or delay in processing
of the request.
'My Message' will be updated in your icicidirect.com updating the status of your request. |
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| What do I do if I do not have the canceled cheque or the statement of the old bank account which is currently closed/inactive? | ||||||||
|
A bankers verification letter stating that the old bank account is closed/inactive can be provided. |
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| What are documents required in case if I have only changed the bank account type from NRI to RI or vice versa and not the bank account number? | ||||||||
|
In case only the bank account type is changed from NRI to RI or vice versa,you need to fill only the change in tax/Residence status details & not the bank account details on the Request Letter and the canceled cheque/other valid bank proof bearing the new bank account type to be provided. |
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| What is Transfer In : | ||||||||
|
Transfer In is a process where the customer can transfer his Online/Offline
folio held with some other broker or directly with the AMC to Online/Offline broker
code of ICICI Securities Ltd.Incase customer wants to transfer the folios to online
code of ICICI Securities Ltd then he needs to have an icicidirect.com account. Customer
can also transfer his folios from offline broker code of ICICI Securities Ltd to
online code of ICICI Securities Ltd. Requirements of Online Transfer In:
Documents required for Transfer In:
|
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| How to place order for online Transfer In? | ||||||||
|
The Turn Around Time (TAT) for the Transfer In process is 30 working days from the date of receipt of documents at Corporate office of ICICI Securities Ltd. ICICI Securities Ltd ( I-Sec ) will process the request on best effort basis within a reasonable time and I-Sec cannot be held responsible for any loss of documents or delay in processing of the request. The status of your Transfer In request will be updated by ICICI Securities Limited in TI book under Mutual fund section in your icicidirect.com account. In case your request is rejected, the reason(s) for such rejection will also be updated. |
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| How to cancel online Transfer In Order? | ||||||||
|
You can cancel your existing Transfer In request if the status of the same is 'Documents Awaited'.
|
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| What process to be followed if Folio is held in joint mode but icicidirect.com account is in single mode? | ||||||||
|
Incase customer is holding offline Mutual Fund folio jointly with co-holder, then the process of registration of jointholder in Mutual Fund is to be followed before Transfer In. Registration of Joint holder in Mutual Fund and 'Transfer In' are sequential process , former has to happen before the latter can be initiated. |
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| Is submission of canceled cheque or other proof of bank account mandatory? | ||||||||
|
Bank proof is required for change in bank mandate in folio which is being transferred into your icicidirect.com account.It is mandatory to provide canceled cheque or other specified bank proof if the bank account registered in folio is other than the bank account linked to your icicidirect.com account. Bank Proof is required for both the below bank accounts:
|
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| What can be done if Existing bank account that is registered in the folio is closed? | ||||||||
|
If the registered bank account is closed, a banker's letter with the bank seal & signature can be taken stating the account status as closed/Inactive from the respective banker.The same to be submitted alongwith Transfer In request. |
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| What details should folio statement contain ? | ||||||||
|
Folio statement should contain below details:
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| For AMC - Franklin Templeton what details should I enter under folio details ? | ||||||||
|
For AMC - Franklin Templeton, 13 digit ' account number' has to be mentioned instead of 'cust folio' under folio details. |
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| How does the Transfer In request take place?/b> | ||||||||
|
Once the customer places a Transfer In request online, the status of the order will be 'Documents Awaited' in TI Book till the customer sends the documents to ICICI Securities Ltd.
|
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| Will all schemes available in my folio get transferred in to my account after completion of Transfer In ? | ||||||||
|
Yes. After completion of Transfer In process all schemes available in folio will be reflected under Mutual Fund unit holdings page. |
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| Can the rejected Transfer In order be rectified & sent for re-processing? | ||||||||
|
The rejected Transfer In request can be Re-processed In below scenario however you need to place fresh Online Transfer In order for the same:
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| What Transfer Out ? | ||||||||
|
Transfer Out is a procedure of change in broker code where online ICICI Direct customer
wishes to change the broker code of his existing mutual fund holdings from online
to Offline or map the folios to DIRECT AMC.
Documents Required for transfer Out:
Please submit above mentioned documents at the following address:
The Turn Around Time (TAT) for Transfer Out is 15 working days from the date
of receipt of documents at the corporate office. ICICI Securities Ltd ( I-Sec )
will process the request on best effort basis within a reasonable time and I-Sec
cannot be held responsible for any loss of documents or delay in processing of the
request.
|
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| How does the Transfer Out request take place? | ||||||||
|
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| What is Transmission of Mutual Funds ? | ||||||||
|
Transmission is the process of transferring mutual fund units to the claimant/ nominee on the death of sole/All/one or more unitholders. |
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| What are the documents required for Transmission of mutual fund units? | ||||||||
|
The list of documents required for transmission under various situations is as follows:
Notes:
ANNEXURES/FORMATS: |
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| What is meant by Joint Holder facility in Investment products? | ||||||||
|
Joint Holder facility is a facility by ICICI Securities Limited (I-Sec) on www.icicidirect.com for making investments in Investment Products in Joint Holding mode. |
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| Can I invest in mutual funds in joint holder mode through www.icicidirect.com? | ||||||||
|
Yes |
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| What is meant by Investment products ? | ||||||||
|
Investment products like Fixed deposits, Mutual Fund units, GOI Bonds that are offered by I-Sec in it's capacity as a referral agent to a Principal. The term does not include Equity/ Currency /other products traded on the exchanges. |
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| What will be the mode of operation under the joint holding pattern? | ||||||||
|
The mode of operation for the joint holding will be 'Anyone or Survivor' only. |
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| Who can avail of the Joint Holder facility? | ||||||||
|
The Joint Holder facility can be availed of by all the existing as well as new clients of I-Sec. The holder of the online trading account has the right to request for availing the facility. |
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| Can a joint holder in the linked demat or bank account make a request for availing the Joint Holder facility? | ||||||||
|
No. As mentioned above, only the trading account holder ie the First holder in the linked demat and bank account alone can make a request for availing the Joint Holder facility. |
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| How can I avail of the Joint Holder facility? | ||||||||
|
To avail of the Joint Holder facility, you will have to first register the names of the persons with whom you wish to make investments jointly through www.iccidirect.com. After the persons are successfully registered with I-Sec as your joint holders, you can start making investments in joint mode . |
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| Who can be registered as Joint Holder ? | ||||||||
|
You may predominately appoint any person, aged 18 years or above, who are your family members or other persons as Joint Holders. You will have to mention your relationship with the person while requesting for registering him as a Joint Holder. |
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| Can the joint holders in my Demat and Bank Account be registered as joint holders for Investment products also? | ||||||||
|
Yes, you may register your joint holders in Demat and Bank Account as joint holders for Investment products also. |
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| What is the eligibility criteria for registering a person as Joint Holder? | ||||||||
|
An individual who is 18 years or above and who has a PAN card can be registered as Joint Holder. |
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| Is there any limit on the number of persons I can register as joint holders ? | ||||||||
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Yes. Currently, you can appoint maximum 3 persons as Joint Holders. |
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| How many Joint holders can I select while making Investments? | ||||||||
|
The number of Joint holders that you will be permitted to select will depend on the product feature. Thus while some products may allow you to select all the 3 Joint Holders there may be others in which Joint holding will not be permitted. |
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| How would I know what is the permitted number of Joint Holders any Investment? | ||||||||
|
Depending on the product, the site www.icicidirect.com will allow you to select only the permitted number of Joint holders. |
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| Is there any limit on the different combination of Joint Holders while making investments? | ||||||||
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No. You may choose to have as many combinations as you wish across different joint holders. |
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| I am a registered customer of I-Sec. What is the process for registering a person as my Joint Holder? | ||||||||
|
For registering a person as your Joint Holder, you will have to submit the duly filled and signed request letter to the nearest ICICI Center/ISec Hub. Please click here to download registration form /request letter. In addition to the request letter, you will also have to submit self attested KYC documents of each proposed joint holders. Further, if you are not already registered with CVL (CDSL Ventures Limited), you will have to fill the KRA KYC form also for completing KYC formalities with CVL. |
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| I am not a registered customer. Is it mandatory to fill the Joint Holder request letter at the time of account opening? | ||||||||
|
No, the Joint Holder facility is optional. You may or may not opt for availing the facility at the time of account opening. However, you may avail of the facility at any time even after the account is opened. |
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| Is it mandatory for the Joint Holders to be KYC complaint with CVL? | ||||||||
|
Yes, it is mandatory that the Joint holder is KYC Compliant as per CVL. |
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| Can I add Joint Holders in my existing folios? | ||||||||
|
No. You cannot add joint holders to your existing folios. |
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| How will I know about status of my Joint Holder registration request? | ||||||||
|
After the Joint Holder has been registered, the name will be updated the system and will be displayed in the logged in section of your www.icicidirect.com account. The processing of your registration request will normally be completed within 7 working days. |
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| Where can I view the names of my registered Joint Holders ? | ||||||||
|
You can view the names of your registered Joint Holders as follows: In case of Mutual Funds: On the Unit Holding Page of the Mutual Fund section under the column Nominee/Joint Holder by clicking on the "View Joint Holder". In case of Fixed Deposit/GOI Bonds: Order Placement Page under the column Nominee and clicking on the "View Joint Holder". |
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| Can I deactivate any Joint Holder at a later date? | ||||||||
|
Yes, you may request for removing/deleting the name of any joint holder at any point in time after the registration . |
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| What is the process for deactivation of Joint Holder/s ? | ||||||||
|
To deactivate a Joint Holder, you will have to submit a duly filled and signed request letter to any of the ICICI Securities Centers/hubs. On receipt of the request and on verifying your signature, I-Sec shall deactivate such Joint Holders. |
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| What happens after a Joint Holder is deactivated? | ||||||||
|
After a Joint Holder is deactivated, all further purchases in the scheme will be made in a fresh folio only. Also, I-Sec shall cancel all the pending transactions and running SIP [if any]. Kindly note that incase you are holding any mutual fund units with the said person as Joint Holder in that case you will only have an option to redeem such units (at any time) and the redemption proceeds of the same shall be credited directly by the AMC/Registrar to your registered bank account. |
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| Is there a guide that will help me understand how to place transactions in Joint mode? | ||||||||
|
Please click here to understand the process of order placement. |
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| Are there any changes in the way I redeem or switch investments held in Joint mode? | ||||||||
|
No there is no change in the procedure for redeeming/switching your existing units. |
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| Can I make Additional Purchase from the Unit holdings page? | ||||||||
|
Yes, you have an option to place fresh purchase transactions from the Unit Holding Page. You will have to click on 'Additional purchase link' mentioned against the folio on the Unit Holding Page. Thereafter, the process flow remains the same |
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| Can I Transfer-In my existing offline Mutual Fund units which I am holding in Joint Holding mode to my ICICIdirect account? | ||||||||
|
Yes, you can transfer your existing offline mutual fund units which you are holding in Joint Holder Mode to your ICICIdirect Account provided you have registered the said joint holders . Please ensure that the names of all the holders in the offline folio matches exactly with the names as registered on www.icicidirect.com. |
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| Can the Joint Holders give instructions for any transaction on www.icicidirect.com? | ||||||||
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No. I-Sec will not accept any instruction, whether financial or non financial, from the joint holders as the trading account is held by you and not the joint holders. The holder of the trading account, will be the authorised person for all the registered joint holders and I-Sec will accept instructions only from the account holder. |
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| Will I-Sec send related communications to the joint holders for investment held with them jointly? | ||||||||
|
No. All communications pertaining to the investments made through www.icicidirect.com, whether in Single name or Joint name, will be sent to you I.e. holder of the trading account only. |
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| Incase of an unfortunate event of demise of any of the Joint Holders, what formalities have to be completed by the surviving Joint Holders? | ||||||||
|
All the surviving Joint Holders (for each folio - separately) will have to inform the respective AMC/Registrar and I-Sec of the demise of the Joint Holder and will have to complete all the legal formalities as mandated by the respective AMC / I-Sec. I-Sec will cancel all SIPs and pending purchases that are registered in joint name with the deceased Joint Holder. |
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