Check list For Mutual Fund Investors

If you have invested in a mutual fund scheme, the fund house has to send you a statement with details of your investment. You can opt for a physical copy of the statement or a soft copy, which is e-mailed to you and which you can access online. This statement is sent to you within three working days of the transaction. Here are some important things you need to check in your statement.

Personal details and bank details:

Your name, address, e-mail ID and contact numbers of the investor or joint investors, if any, are mentioned in this section. Check if the name of your bank and account number is mentioned correctly, else you might face hassles when you redeem your mutual fund units. In case you need to change your bank mandate, fill up the slip provided at the bottom of the account statement and submit it to the fund house.

Folio and account numbers:

Each time you invest in a mutual fund, the fund house gives you an account number. You could also invest in a number of schemes, such as a debt fund, an equity fund or a tax plan, with the same fund house. In this case, it would be wise to mention your account number so that the fund house can consolidate all accounts under a single folio. This makes it easier to track all the investments with a particular fund house.

Current cost and value:

The current value is the latest market value of the investments on the date the statement is generated, while the current cost indicates the amount invested in the scheme. The number of units allotted is calculated using the amount invested divided by the NAV of the scheme as on the date of allotment. In case there is an exit load, it would be deducted from the NAV and the proceeds paid out to the investor.

Source :-

http://economictimes.indiatimes.com/personal-finance/mutual-funds/analysis/reading-a-mutual-fund-account-statement/articleshow/8542773.cms

Thank you

Ankit Wani

Summer Intern at DENIP Consultants