Things You Must Check In Your Mutual Fund Account Statement

Things You Must Check In Your Mutual Fund Account Statement

 

1. Accuracy of your name

Usually, fund houses print the investor’s name in bold, and it typically

catches your attention easily. If you notice any discrepancy in your name or

spelling, inform your distributor or fund house immediately to get it rectified.

 

2. Correspondence address or email ID

Your address and email ID are mentioned below your name. These details

need to be checked, and any mistake rectified at the earliest. It is imperative

that you inform the fund house about your new address when there is a

change in residence by filling up the change in address form. Registration of

your email ID is important, since, among other things, it will help you get

instant access to your account details.

 

3. Bank details

Ensure that the bank name and account number printed on your account

statement is correct. Otherwise, you would face hassles in receiving your

redemption proceeds. Again, in case of any inaccuracy, get it rectified

immediately.

IPRU Insights | July-Aug 2015 07

 

4. Mode of payout: Warrant or direct credit

In the account statement, check for the mode of payment details. You have

the option of receiving dividends or redemption proceeds directly in your

account or through a cheque. If you have not provided your fund house

with the IFSC code of your bank branch, by default, the warrant option will

be the mode of payment. If you have provided the details, in case of a

mistake, do get it rectified. Else, you will receive the proceeds from the fund

house through a cheque.

 

5. Name of scheme and plan

It is important to check whether your account statement correctly

mentions the mutual fund scheme along with the relevant option (dividend

or growth) you opted for. Also, check out the frequency of the dividend

payout in case of a dividend option. In case of any discrepancy, this needs

to be sorted out, especially if you are relying on your dividend income.

 

6. Units and value of your investment

Your account statement records both cost and current market value of your

investments. The two figures mentioned in your account statement helps

you gauge the scheme’s performance and that of your investment on the

date of the account statement. If you have invested through an

Systematic Investment Plan (SIP), you will get details of your SIP

instalments. Check the accuracy of the details.

Happy Investment