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How to make change in address details in mutual fund investment???

Since KYC is now mandatory for all the investments irrespective of the amount the investor needs to submit the Change of Address details request to PoS of CVL using KYC Change detail form.

 For mutual funds, you will have to update your know-your-customer (KYC) document. You can intimate your change of address to any convenient point of sale. You will have to quote your permanent account number (PAN) and submit it with an address proof. It will take at least 10 days for the change of address to be effective with all the mutual funds with whom you are invested. You don’t need to write directly to the mutual fund or its registrar for the change of address. The specified form can be obtained from the Association of Mutual Funds in India, mutual fund houses and Central Depository Services (India) Ltd’s (CDSL) website. All details of the holders in the mutual fund records will be replaced by the address details available in the CDSL Ventures Ltd record.


Once the address details are updated at CVL, the same will be automatically updated in AMC database.

How to change or update bank details in mutual fund investment??

  • Request letter (preferably in our standard format or as near thereto as possible) signed by all the unit holder(s) according to the mode of operation.
  • Cancelled original cheque of the new bank account.

In respect of the existing (old) bank account, any one of the following documents:
  • Cancelled original cheque of the old bank account (bearing account number and first unit holder name printed on the face of the cheque).
  • In case such bank account is already closed, a duly stamped original letter from the banker on the letter head of such bank, confirming the closure of such account.

  • Original bank account statement. A true copy of the old Bank Account Statement can also be submitted if the original bank account statement is brought to the Designated Investor Service Centre ("DISC")  for physical verification, in which case the original bank account statement will be returned across the counter after due verification.
  • A true copy of the old Bank Pass book. However, the original bank passbook should be brought to the DISC  for physical verification, which shall be returned across the counter, after due verification.
  •  Only for genuine cases, after due verification of the Investor: In case the bank account details mentioned in the original application form were erroneously mentioned of a non-existent bank account, then an undertaking in the standard format.

Dividend in Templeton India Pension Plan

Franklin Templeton Mutual Fund has announced declaration of dividend under the dividend option of Templeton India Pension Plan. The quantum of dividend will be Rs.1.25 per unit.

The record date has been fixed as December 23, 2011.

How can one exit from New Pension System (NPS)

If a subscriber wishes to exit from NPS before attaining the age of 60, he/she can withdraw upto 20% of the sum accumulated till that point of time. The subscriber has to buy annuity with the rest of the money.
The commencement of the annuity depends on the annuity plan / scheme offered by the ASPs. If minimum contributions are not made as stipulated, the account will be frozen and can be reactivated only by paying the penalty.

If a subscriber dies before attaining the age of 60, the entire sum goes to the nominee. The beneficiary submits a withdrawal request to the associated POPSP who will enter the request in the CRA system. After the request is processed, a cheque is issued favouring the beneficiary and forwarded to the associated POP.

How to apply for the NPS scheme launched by the government?

You will need to visit a point of presence (PoP), fill up the prescribed form with the required documents. Once you are registered, the Central Record keeping Agency (CRA) will send you a Permanent Retirement Account Number (PRAN), along with telephone and internet passwords.

 Submit the Subscriber registration Form with KYC documents (as mentioned in the Form) and the NPS Contribution Instruction Slip (NCIS) and minimum contribution amount to any of our authorized branch, an Initial contribution amount of Rs.500/-. The subscription Form and Contribution Slip will be available at the branches. The same can also be downloaded from


What is the procedure for registration of Subscribers in the CRA system?

Any Individual who wants to get registered as a subscriber and wants to open a Permanent Retirement Account (PRA)(Tier I and/or Tier II) in NPS would submit the duly filled form (Composite application form for subscriber registration) with other supporting KYC documents to POP-SP. For only Tier II account, an individual with an active Tier I account needs to approach the associated POP-SP and submit a copy of the PRAN Card along with Tier II activation form (UOS-S10).

PRAN Card is despatched to the registered address within 20 days from the day of receipt of duly filled registration form at the CRA-FC office. During this period, a subscriber can go to and check the status of PRAN kit in CRA website using the 17 digit receipt number provided by POP-SP. The subscriber can also contact his / her associated POP-SP. In case the application form is not filled with all the required details, CRA-FC will not accept the registration form. CRA-FC will intimate subscribers POP - SP regarding rejection of forms.

The salient features of the New Pension System (NPS) are as follows : 

  • It is a pension system for the non-Government sector.
  • It is open to anyone from 18 years to 60 years of age, including NRIs.
  • The minimum contribution is Rs. 6,000 per year, at Rs. 500 per transaction.
  • There should be a minimum of one transactions per year.
  •  There is no maximum contribution.
  • A subscriber must compulsorily select a pension fund manager (PFM). 

Subscriber has the option of chosing any one of following entities appointed by PFRDA to manage the investment:

  • ICICI Prudential Pension Funds Management Company Limited
  • IDFC Pension Fund Management Company Limited
  • Kotak Mahindra Pension Fund Limited
  • Reliance Capital Pension Fund Limited
  • SBI Pension Funds Private Limited
  • UTI Retirement Solutions Limited

  • Under NPS, two types of accounts are available to the subscriber- Tier I and Tier II. The contributions in Tier I account are savings for retirement and are non-withdrawable. Tier II account is a voluntary saving account. 
  •  The PRAN holder can contribute to his/her PRAN a/c through any of our designated Branch.

The Benefits to the subscribers under NPS

 What are the tax benefits of NPS?

At present, the investment is covered under section 80CCD of the Income Tax Act and a tax will be levied if you withdraw the money. You can avoid paying tax by transferring the entire corpus to the annuity service provider. 
The tax treatment for contribution in Tier I account is EET, "Exempted-Exempted-Taxed" i.e., the amount contributed is entitled for deduction from gross total income upto Rs. 1.00 lac (along with other prescribed investments) as per section 80C (as per the provisions of the Income Tax Act, 1961 as amended from time to time). The appreciation accrued on the contribution and the amount used by the subscriber to buy the annuity are not taxable, Only the amount withdrawn by the subscriber after the age of 60 is taxable.

How can NRIs keep track of their investments?

NRIs are urged to register their e-mail IDs while making a purchase.

This would entitle them to a host of online services and facilities offered through

NRIs can get consolidated account statements, portfolio valuation statements and a lot more.

Power of Attorney (PoA) to invest on behalf of the NRI investor?

Yes. A Power of Attorney (PoA) has the authority to invest on behalf of an NRI and sign documents for first and additional purchases, as well as redemptions. While subscribing for units the PoA holder should submit the original PoA, or a duly notarised copy of the same. The same will be registered in the folio.

Can NRIs invest on a repatriable basis?

To invest on a repatriable basis, the amount representing the investment should be received by inward remittance through normal banking channels (cheque or rupee-denominated demand draft, if it is from an overseas account) or by cheque drawn on or debited to an NRE/FCNR account of the non-resident investor.

Redemption proceeds/dividends will be credited to the NRE bank account or paid out by cheque in Indian rupees.

The redemption proceeds and/or dividend can be repatriated in full.

How can an NRI redeem investments?

The redemption proceeds get processed in the normal course by the investor submitting the redemption request form.

The redemption proceeds will be paid by cheque or credited to the first unit-holder's account.

Where the purchase of units is made on a non-repatriable basis, the maturity proceeds/repurchase price of units (after payment of taxes) will not qualify for repatriation and may be credited to the NRO account.

Guidelines for investing in Mutual Funds by an NRI.

Please explain the guidelines for investing in Mutual Funds by an NRI. 

For an NRI to invest, it is mandatory that he/she maintains a bank account in India.

NRIs can invest in Indian mutual funds through their NRE/NRO/FCNR accounts.

The investment has to be made only in Indian rupees. The NRI may also send a rupee cheque from abroad, payable at a bank in India. The ‘investor status' in the form should be marked as ‘NRI' and the bank details of the NRE/NRO account have to be mandatorily provided.

For an NRI to invest, it is mandatory that he/she maintains a bank account in India. AMCs do not accept an NRI application with an overseas bank account detail. NRIs should be KYC-compliant to invest in mutual funds. 

AMFI Circular dated October 14, 2011 on Non-renewal & Suspension of Brokerage of Payment ...

The Association of Mutual Funds in India (AMFI) released unified guidelines for AMFI Registered Mutual Fund Advisor (ARMFA) on October 14, 2011.
This has reference to  circular no. CIR/ ARN-09/ 08-09 dated July 18, 2008 on the following subject

1. Clarification/ Modification in Declaration of Self Certification, (Clause no. 5.6)

2.  Suspension of Payment of Commission (Clause No. 6.3 a and b)

 As per the circular  CIR/ ARN-13/11-12 dated October 14, 2011
Suspension of Payment of Commission;

a) On non-renewal of ARN:

The payment of commission on business procured by Agent/Distributor after expiry of validity period of ARN to be suspended and the same can be released only on receiving intimation/status about renewal of ARN from AMFI.

ARN Holder has been given Six Months' time for renewal of ARN. In case, ARN is renewed after Six Months of expiry date, ARN holder will not be entitled for commission/trail commission on business mobilised during the period when ARN is invalid i.e. from the date of expiry of ARN till the date of renewal of ARN. Information regarding invalid ARN and its subsequent renewal will be sent to the AMCs by AMFI.

The following example narrates the action required to be taken by the AMCs under various circumstances as mentioned above :

 b) On non-compliance of Annual Certification requirement:

AMFI has already issued guidelines for obtaining self-certification from Agent/Distributors on Annual basis. It is recommended that in case ARN holder fails to comply with the requirements of the annual certification, the payment of commission be suspended till the time ARN holder complies with the requirements of the Annual Certification.


Top Recommended Mutual Funds

Liquid Funds
 Large Cap Funds
 Small Cap Funds
 Balanced Funds

Source: Crisil fund Analyser

BSE in Collaboration with Morningstar Launches Mutual-Funds Website

BSE Ltd. (formerly Bombay Stock Exchange Ltd.), Asia’s oldest stock exchange, in collaboration with Morningstar India, launched a dedicated website to empower investors with relevant information and tools on evaluating mutual fund investment opportunities.

According to Morningstar India, the website would provide rich content to the users and would make available our proprietary data points, including our style box, star ratings and analyst ratings

BSE StAR MF is the leading stock exchange's traded mutual fund transaction platform and allows subscription and redemption in 29 MFs. These mutual funds together account for over 92 per cent of the industry's Assets Under Management.

The URL of the website is:

How to Change your name in your PayPal account

Changing your name in your PayPal account

Please make sure that the name associated with your PayPal account exactly matches the name on your bank account statement. Otherwise, transfers to and from your PayPal account will not go through, and a return fee will be charged.

Personal and Premier account holders

Contact Customer Service if you need to change the name we have on file for you. Click Help on any PayPal page and select Contact Us.You may make this change for reasons such as a legal name change, a spelling mistake, or to add a secondary last name. For security reasons, you will need to provide supporting information. It’s not possible to put your bank account in another person’s name.

Business account holders

If your bank account is in your own name, you’ll need to switch to a PayPal Premier account to make transfers. The only difference between a Business and Premier account is that with a Business account you make transactions using a company or group name, and with a Premier account you make transactions using your own name. Please contact Customer Service to switch to a Premier account or to change the contact name for your business account. Click Help on any PayPal page and select Contact Us.

No nomination in PPF will result in paying only one lakh irrespective of amount you have in your PPF account???

what happens to a PPF account in event of the depositor's death? If a PPF account holder dies and there is no nomination, who gets the deposited amount?

 Nomination is very important in PPF. If you have Rs 10 lakh in your public provident fund (PPF) account and you have not nominated anyone for your PPF account, your legal heirs will get maximum of Rs1 lakh only! Yes, it’s so important to have a nominee.
 If the amount is up to Rs. 1 lakh, the accounts office will pay it to the legal heirs of the deceased on receipt of application in prescribed form.

PPF Rule related to Nomination & repayment after death of subscriber

(1) subscriber to the fund may nominate in Form E or, as near thereto as possible, one or more persons to receive the amount stading to his credit in the event of his death before the amount has become payable or, having become payable , has not been paid.

Note:- Nomination may also be made in respect of an account opened on behalf of a Hindu Undivided Family (HUF).

(2) No Nomination shall be made in respect of an account opened on behalf of minor.

(3) A nomination made by a subscriber may be cancelled or varied by a fresh nomination in Form F or , as near thereto as possible by giving notice in writing to the Accounts Office in which the account stands.

(4) Every nomination and every cancellation or variation thereof shall be registered in the Accounts Office and shall be effective from the date of such registration, the particulars of which shall be entered in the pass

(5) If any nominee is a minor, the subscriber may appoint any person to receive the amount due under the account in the event of the death of the subscriber during the minority of the nominee.

(6) Notwithstanding the provisions contained in paragraph 9- which says

a. If a subscriber to an account in espect of which a nomination is
in force dies, the nominee or nominees may make an application in Form G or, as near thereto as possible, to the Accounts Office together with proof of death of the subscriber and on receipt of such application all amounts standing to the credit of the subscriber after making adjustment, if any, in respect of interest on loans taken by the subscriber shall be repaid by the Accounts Office itself to the nominee or nominees. Provided that if any nominee is dead, the surviving nominee or nominees shall, in addition to the proof of death of the subscriber, also furnish proof of the death of the deceased nominee.

b. Where there is no nomination in force at the time of death of the subscriber, the amount standing to the credit of the deceased  after making adjustment, if any, in respect of interest on loans taken by the subscriber, shall be repaid by the Accounts Office to the legal heirs of the deceased on receipt of application in Form G in this behalf from them.

Provided that the balance up to Rs. 1 lakh may be paid to the legal heirs on production of (i) a letter of indemnity, (ii) an affidavit, (iii) a letter of disclaimer on affidavit, and (iv) a certificate of death of subscriber, on stamped paper, in the forms as in Annexure to Form G.

(7) A subscriber to the Fund cannot nominee a trust as his nominee.

Deduction under section 80CCF

Section 80CCF: Infrastructure Bonds – (maximum Limit Rs. 20,000) 

Budget 2010 has introduced one more avenue for you to save tax – Infrastructure Bonds

An investment upto a maximum of Rs. 20,000 in infrastructure bonds would be deductible from your taxable income. Thus, your taxable income would reduce by the investment you make in these infrastructure bonds, subject to an upper limit or ceiling of Rs. 20,000.

In accordance with Section 80CCF of the Income Tax Act, the amount, not exceeding Rs. 20,000 per annum, paid or deposited as subscription to Long Term Infrastructure Bonds during the previous year relevant to the assessment year beginning April 01, 2011 shall be deducted in computing the taxable income of a Resident Individual or HUF.

Please remember that the deduction with the investment in these Bonds is over and above the tax deduction of Rs. 1,00,000 available under Section 80C, 80CCC and 80CCD read with Section 80CCE.

The budget did not specify the exact bonds that qualify for investment under section 80 CCF – these would be notified by the government from time to time.

However, infrastructure bonds issued by both public sector / state owned companies as well as private sector companies would qualify for investment under this section. This is unlike the past trend – till now, only government entities were allowed to issue infrastructure bonds.

The money raised through these bonds would be primarily invested in infrastructure projects – building of roads, ports, airports, power plants, etc. These investments are of long term duration, and therefore, these bonds too are expected to have long tenures – 10 years or more.

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