I wanted to shift my online mutual fund SIPs from Motilal Oswal demat account to FundsIndia before closing the demat account as they charge annual demat maintenance fee of Rs, 449 every April. I wrote to FundsIndia and got the following reply:
“Dear Sir,
Greetings from Fundsindia!
This is to inform you, Demat account is not required for MF investments here,
Hence, upon your account activation you can transfer your existing funds to us
The documents which you need to submit is , FI application form, Pan Card copy, cancelled cheque leaf with you name pre-printed.
Once you complete the registration,by using our Easy Transfer option the existing offline investments can be transferred to our platform to have a consolidated view and online access over your investment.
Please follow the below given instructions to generate the Easy Transfer request
Login to your account -> Click on Mutual Fund -> Easy Transfer -> Transfer folios -> Continue -> Select the AMC -> Search -> Select the Scheme -> Enter the folio number
Based upon the above steps Easy Transfer letters will be generated, the same needs to be signed and send it to our mailing address along with your FundsIndia application forms. On receipt of the documents we will do the needful.
Please note that these outside folios must not have an active SIP running and should be offline (not through another online channel) folios.”
Does this mean that my folios cannot be transferred? In that case, what is the solution? Must I redeem them (I opened them only 20 days back)? After transferring or redeeming the folios, there will be nothing left in my demat account. How do I get it closed?
Thanks
