Published Article Details

What can a mutual fund transaction slip be used for?

Posted by: Girija Gadre on Feb 26, 2018, 06.30 AM IST

Mutual fund investors are given a folio number at the time of allotment. Further transactions can be made in the fund using the folio number. Using this, existing investors can carry out financial and non-financial transactions in their folio using a transaction slip, instead of filling out an application form.

Transaction slip
A transaction slip is available at the distributor’s office or the fund house’s branch. It can be downloaded from the fund website. Info such as name of unit holder(s), folio number, scheme/option name must be mentioned in the slip.

Additional purchase
For additional purchase into an existing scheme, only amount to be invested and payment details must be mentioned. The payment instrument must accompany the slip.

Switch
A switch from existing fund to another fund can be made using a transaction slip. Details such as the transferee scheme/plan/option details and the units /amount that are to be transferred need to be mentioned.

Redemptions
Redeem investments with transaction slip. Amount or units to be redeemed must be mentioned. IFSC code of account where redemption proceeds are to be credited should be mentioned.

Contact details updation
Investor’s or first holder’s contact details (landline/mobile number, email id) can also be updated using the transaction slip.

Points to note
1. All unit holders must sign transaction slip for joint holdings.
2. In case there is a change of bank mandate request along with a redemption request, the change of bank mandate request will not be processed and redemption will be carried out in the registered bank account.

(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)
This article appeared in Economic Times dated Feb 26, 2018, 06.30 AM IST

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