You are an investor in the HDFC Mutual Fund, and there are you may have any queries regarding your portfolio. This article aims to assist you with resolving your question.
About Company
HDFC Mutual Fund was established in 1999 as a joint venture between Housing Development Finance Corporation Limited (“HDFC”) and abrdn Investment Management Limited (erstwhile known as Standard Life Investments Limited).
In March 2003, HDFC Mutual Fund (MF) acquired Zurich India Mutual Fund, totaling Rs 3,332 crore in assets. At that time, HDFC MF managed 6,900 crore.
In December 2013, HDFC Mutual Fund (MF) acquired all eight schemes of Morgan Stanley Mutual Fund, totaling Rs 3,290 crore in assets.
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The asset under management by HDFC Mutual Fund as of Dec. 31, 2022, is 4,44,796.27 crore (AUM).
HDFC Mutual Fund Scheme performance
List of HDFC Mutual Fund best Equity Scheme:
SIP Date 1st every month – Valuation Date 1 Dec 2022
HDFC Mutual Fund Service
1. Redemption
You can redeem HDFC Mutual Fund units online or through an offline method. The redemption process can be completed anytime during the day using an easy method.
If you’re already registered, log in to the HDFC Mutual Fund website.
- After logging in,
- Click “Transact Now.”
- Then select the Redemption option
- Select your folio number first
- then select a scheme
- Select Value section
- Click on one option. All unit or the Specify amount
- Confirm Transaction
After completing transaction received email & sms for transaction confirmation.
HDFC Mutual Fund Redemption Process
2. SIP Cancellation – Physical & Online
The option to cancel or stop SIP in various ways. Investors should be aware that SIP is a non-committal investment. No charges or fines can be assessed if an investor chooses to end the plan during the middle.
There are a variety of methods to end HDFC SIP on the internet.
For more details on HDFC SIP cancellation PDF download and online process, check this article.
3. HDFC Mutual Fund SIP Pause
HDFC Mutual Fund SIP Pause is a feature that enables investors to temporarily pause an existing SIP. By submitting the SIP Pause/Cancellation form, the applicant will have the option to pause SIP whenever they choose. 15 days before the next SIP date, the notice of pause must be received.
Investors may put an existing HDFC Mutual Fund SIP on hold without terminating it.
The SIP shall restart from the immediate month after the completion of Pause period. This facility can be availed only once during the tenure of the existing SIP.
SIP Pause facility will allow existing investor to ‘Pause’ their SIP for a specified period of time i.e. Minimum 1 month & Maximum 3 months. A maximum of three months may lapse during the SIP Pause.
SIP Pause facility is only available for SIP registration with Monthly/Quarterly Option.
4. Nomination
Mutual Fund nomination refers to the appointment of a person to take responsibility for your investments in the fund following your passing away.
The nominee’s nomination will ensure that, after your death, your mutual fund holdings will be transferred to the nominee.
The Nomination Form can be used by an investor to register a nominee, modify an existing nomination under his folio, or cancel an existing nomination.
The preliminary information you must fill in on the form of nomination are:
- Name of the nominee
- Date of birth of the nominee (If minor)
- Nominee’s relationship with the investor
- Address of the nominee
- Percentage share of each nominee (if there is more than 1 nominee), etc.
You can add up to 3 nominees in HDFC Mutual Fund folio and specify the percentage share that each nominee will receive in the event of your death.
If you don’t specify the percentage of your share, the Mutual Fund units will be equally distributed to all nominees named on the nomination form.
5. Change of Address in Folio
Investors must first update their KYC records with any address changes. Once the KYC has been corrected, he can submit a request to HDFC Mutual Fund to have his address amended.
6. Mobile & Email Update in Folio
It is possible to change your mobile number & Email ID on HDFC Mutual Fund online and also offline.
Login to your folio account online & “My Profile” section. User is given the option of changing the mobile no & email id.
Note: User will receive OTPs for both their email & mobile. Without OTP you can’t update.
7. Change of Bank
- Change of Bank Form– request form duly signed by all the unit holders as per the mode of holding needs to be submitted.
- Old Bank Proof– Self attested bank statement/ Self attested banker letter confirming name, PAN, address / Self attested bank passbook/ Self attested cheque leaf/ Self attested closure letter
- New Bank Proof– original cheque leaf or photocopy of cheque leaf/ Bank statement /Bank passbook first page/ Banker letter confirming name, PAN, address attested by investor& email from registered email of the investor providing and confirming the COB details and documents.
8. Transmission
Transfer of Units is a method by which units owned by the unitholder who died are handed over to the nominee or the legal descendants or legal heirs of the unitholder who died, as the situation requires.
- Transmission Request Form for Transmission of Units in favor of the Nominee(s).
- Death Certificate of the deceased unitholder(s) in original OR photocopy duly attested by a Notary Public or a Gazetted Officer.
- Copy of Birth Certificate, in case the Nominee is a minor.
- Copy of PAN Card of the Nominee(s) / Guardian (in case the Nominee is a minor)
- KYC Acknowledgment OR KYC Form of the Nominee(s) / Guardian (where Nominee is a Minor)
- The Cancelled cheque with the Nominee’s name pre-printed OR Copy of the Nominee’s recent Bank Statement/Passbook (which cannot be more than 3 months old).
- In case of change of name of an Investor due to marriage, the Investor would have to furnish the details along with the certified copy Marriage Certificate.
- Self-Attested copy of PAN Card bearing the new name
- If there are any changes in the signature, “Signature Updation Form” should be separately submitted.
- KYC & FATCA Acknowledgement of the investor bearing the new name
Transmission forms & their rules regularly update, so when require contact amc office and take form & ask about current rules.
9. Change of Guardian
The following documents must be presented in required to register a new guardian in the event that the previous guardian passes away or changes by mutual agreement.
The new guardian must either be the child’s natural guardian—that is, the child’s father or mother—or a legal guardian appointed by a court.
Request Letter from the New Guardian,
2. In case the existing guardian is alive, No Objection Letter (NoC) or Consent Letter from existing guardian or Court Order is required
3. Notarized copy or attested copy of the Death Certificate of the deceased guardian, where applicable
4. Bank attestation attesting the signature of the new guardian in a bank account of the minor where the new guardian is registered as the guardian
5. Cancelled Cheque Leaf of new Bank account/ Attested copy of Cancelled Cheque Leaf of new Bank account
6. In case of natural guardian, any suitable proof evidencing the relationship status of the guardian with minor
7. In case of court appointed legal guardian, supporting documentary evidence shall be submitted
8. KYC & FATCA acknowledgement of New Guardian
10. Change in Status from Minor to Major (MAM)
1. The prescribed MAM form duly filled in all respects. Note: Signature of the applicant (minor who has turned major) in the MAM form shall be duly attested in the space provided therein by the parent/guardian whose signature is registered in the records of the HDFC mutual fund against the folio of the minor unitholder or by a Notary or a Judicial Magistrate First Class(JMFC). Alternatively, the applicant’s signature may be attested by the unitholder’s bankers in the prescribed form as per format given in Annexure 1.
2. Copy of PAN Card of the applicant
3. KYC Acknowledgment or a duly competed KYC form.
4. A cancelled cheque leaf with the applicant’s name pre-printed or the applicant’s latest Bank Statement/Passbook.
5. Signature attestation by the bankers in Annexure 1 (if the signature of the applicant is not attested by the guardian or a Notary or a JMFC in the MAM form)
6. Nomination Form
7. FATCA
On the day the minor reaches the age of majority, the guardian must freeze the account and prevent any transactions from being made until the documentation necessary to change the status have been received.
11. Pledge of Units / Lien on Units (Loan Against Fund unit)
Lien marking
The units under the relevant scheme(s) may be pledged or charged in the name of scheduled banks, financial institutions, non-banking financing companies (NBFCs), or any other organisation as security. Such Pledged Units will be noted and recorded by the HDFC Mutual Fund and/or the ISC.
For this reason, the following documents must be presented by the unit holder:
1. Request Letter from Investor
2. Board Resolution + Authorized Signatory List of Investor (in case the investor is non-individual)
3. Request Letter from Financier
4. Board Resolution + Authorized Signatory List of Financier
Only after receiving the above mentioned documentation will the HDFC Mutual Fund record a lien.
Units that have been pledged cannot be redeemed unless the entity to which they were pledged gives written consent to the HDFC Mutual Fund so that the pledge/lien charge may be eliminated. The pledgee will have full authority to redeem any pledged units as long as they remain pledged.
Lien release
For the un-pledge of units or the release of liens on units, the financier must provide a Lien Release Letter, ideally in a standard format.
Lien Invocation
A lien invocation letter, ideally in standard style, must be submitted if a financier wishes to invoke the lien with regard to the units pledged in their favor. On any business day, the financer must submit the same before the cutoff to receive the same-day NAV.
12. Consolidation of Folios
The option to combine investments from multiple folios into a single folio is available to unit holders of any of the fund’s schemes, provided the mandated information is the same in each folio.
The request for consolidation of folios must be signed and submitted at any of the Official Acceptance Points CAMS or HDFC Mutual Fund Office.
For consolidation of folios, the following details in all the folios should match:
13. Change of name of investor
If an investor changes his name, he must submit the following documents, in the case of an individual investor:
- Letter or form requesting the change of name in AMC/RTA records.
- A certified copy of the name change notice published in the gazette
- In the event of an NRI or OCB, a certified copy of a passport or other document from the applicable jurisdiction attesting to the name change
