What is the procedures for reduumption of units in mutual fund.?

I have some mutual funds currently of diffrent fund houses. Currently i want to redeem units of one of Reliance mutual fund can anybody please tell me what is the procedure to be followed for the same.

Also there is some difference between My Name on the Mutual Fund account statement and My Name in the bank account that i have given in mutual fund. So do i need to get the name changed??

3 Replies to “What is the procedures for reduumption of units in mutual fund.?”

  1. In the bottom of the statement there will be a slip for redemption. U fill it and give. If there is slight change like ur initials are abbreviated in statment/bank account there is no problem crediting in ur account. If u r not sure about that just give a written request in a paper and submit in ur nearest reliance office or to ur broker for forwarding.

  2. Just sign and give to Mutual fund how much do you want to redeem the units.

    No need to change the name as you get ECS credit in your bank account.

  3. WOW. If there is a variance on your name then you have issues that need to be addressed prior to the redemption.

    Having worked at a mutual fund company for many years here are your options:

    A> For Name Change: you need to submit a signature guaranteed letter with BOTH names on it – not a notarized letter, it must be signature guaranteed – and explain the name discrepancy – this will change your name legally on the account

    B> For redemption: Redemptions can be handled a few ways

    1) If your account has ‘telephone redemption privilege’ then you can call and request that liquidation and tell them where you want funds sent

    2) you can use the redemption form that is typically attached to your statement

    3) you can submit a letter of request to redeem. If the name is not the same on the account then you MUST have this letter signature guaranteed.

    BTW: if your name change is due to marriage you should also provide a copy of your marriage certificate (this must be an original if you do not have a signature guarantee but can be a copy if the sig guarantee is provided)

    good luck!

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