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Know how to trace your forgotten mutual fund money

Fret not as we give you a lowdown on the ways to trace back your forgotten MF investments.

‘Invest and forget’. That’s what investment experts advise you to do to reap the benefits of long-term investing. But what do you do if in the process, you totally forget about your mutual fund (MF) investments. Fret not as we give you a lowdown on the ways to trace back your forgotten MF investments. 

1. Search Operation

Check your primary email account or if you inherited a portfolio which was started pre-digitisation era, search for the paper documents. At the time of investment, MF companies usually send across an account statement. It has important details about your investments like its folio number, your bank account number, residential address, units owned and other related details. In addition, half-yearly statements and emails are regularly sent to investors.

If you don’t have it, visit the websites of registrars (like CAMS) which offer free mail-back facilities. On keying-in your email or PAN number, it gives a consolidated statement of all your MF investments (including those managed by other registrars). However, if you have changed or have not registered your email while investing, it wouldn’t reflect in the statement. 

2. Claim process

Once you get the folio number, approach the fund house or its registrar. Call up its customer care number or go to its nearest designated office. It will get you started on the claim process. 

If you don’t want to do any transaction, just ask for a new account statement. Finish the KYC process if it is not yet done.

Dividend and redemption cheques usually mention the name and bank account of the investor as it is in the records of the registrar. If you want to redeem, ensure you update your bank account details, residential address and the PAN number. 

If the investor is deceased, follow the necessary procedure by giving supporting documents such as death certificate and those relating to establishing the legal heir.

Investors making a claim up to three years from the due date of redemption or dividend are eligible to receive initial unclaimed amount along with income earned on its deployment in liquid funds. Thereafter, its income is used for the purpose of investor education by the fund house. 

3. Be aware of rules 

Investors can claim their funds anytime by filling up a specific form. As per the Sebi rules, mutual funds need to park the unclaimed dividends and redemption proceeds in liquid funds. Ensure you claim your money as soon as possible. 

Investors making a claim up to three years from the due date of redemption or dividend are eligible to receive initial unclaimed amount along with income earned on its deployment in liquid funds. Thereafter, its income is used for the purpose of investor education by the fund house. 

Moreover, PAN has been recently made mandatory to redeem mutual fund units. So, update your KYC details with PAN number.

4. Good Housekeeping

Mutual fund investors can avoid the above-mentioned problems by resorting to good housekeeping. They should regularly update their personal details such as residential address and bank account and email with the registrars. It will automatically reflect in records of all mutual funds. 

If they are receiving frequent dividends, they should opt for the ECS option. It will directly credit the dividend into the designated bank account, saving the leg work. Adopting the online mode will make the transacting process convenient and fast.

Also, they need to keep a proper record of investments, whether in paper form or electronic. Sharing it with a family member will make things easier in case of exigencies.

Takeaway

Folio number or PAN number can help you trace back your forgotten mutual funds. To avoid repetition, ensure you regularly update your records and take the digital mode of transacting. Share the investment records with your near-and-dear ones, so that they need not read this article. 


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