Mutual funds do not usually accept cash. Investors, however, have the option of investing in mutual funds by depositing cash within a limit of `50,000 per investor, per financial year. Only resident individuals, sole proprietorships and minors (through guardians), who are KYC compliant and have a bank account can make cash investments.
Mode of application
Cash applications can be made only in physical form at designated investor service centres of the fund houses which are authorised to accept cash applications.
Cash collection facility with banks
The fund house usually ties up with collecting banks and designated branches to accept cash. Branches remit the cash into the fund's schemes usually by the next business day.
Procedure
Deposit slips for making cash investments are obtained from the specified ISCs. The investor has to fill the deposit slip with the scheme name and the amount of cash to be deposited. The contents of the deposit slip shall be verified by the officials of such ISCs.
Application
Acknowledged copy of the deposit slip received from the bank along with the scheme application form transaction slip has to be submitted at the same ISC (ie. from where the deposit slip was obtained) for time stamping.
Linking cash to application
Investors must mention their name and folio application number on the reverse of the deposit slip. The pay out bank account details are also required to be specified in the application form.
Payment of proceeds pertaining to redemptions and dividend, with respect to cash investments shall be made only into a bank account.
Pay out bank account should be mentioned in the application form or as registered in the folio as bank mandate.
Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015
1.ICICI Prudential Tax Plan
2.Reliance Tax Saver (ELSS) Fund
3.HDFC TaxSaver
4.DSP BlackRock Tax Saver Fund
5.Religare Tax Plan
6.Franklin India TaxShield
7.Canara Robeco Equity Tax Saver
8.IDFC Tax Advantage (ELSS) Fund
9.Axis Tax Saver Fund
10.BNP Paribas Long Term Equity Fund
You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds
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For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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