Thursday, 9 February 2012

Do you know what an “account statement” in mutual fund is?

Just by investing in mutual funds, you cannot say that your work got over and you will get good returns. You have to watch it carefully and keep track of it. But, how to track it? Here comes the "Account Statement"

After investing in some mutual fund scheme, you will get a statement from your MF within seven working days which gives a detailed look in to your investments and the transactions made in a specific folio. In short, it is like your bank account pass book.

SEBI  has made it mandatory and directs every MF to send these account statements to  unitholders, whenever there is change in the account. For example, it may be either an extra investment or declaration of dividend or anything else. MF does have to send it atleast once in a year to the unitholders.

What to look out for in your account statement?

Current cost and Current value:

Current cost means the amount you have invested in a particular mutual fund scheme while current value means the recent market price for your investments. 

Account Numbers and Folio:

Most of the MF gives one folio number and different account numbers for the investments you make and it will appear under that particular folio. So it is easier for you to track as all comes under one roof.

Details of your bank account:

Check your bank name and account  number. If you need to change your bank details fill the slip  in your account statement  and send it to your MF.or agent.

Details of PAN:

Make sure that your PAN is correct and there is no error. You have to provide your PAN even if you invest less amount.

Check out for Agent’s name:

If you have sought the help of an agent then the account statement should contain the name of the agent and the agent code number. But, if you have approached the MF directly, that column or space in the account statement will be left blank.

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