For mutual funds purchased online, redemption can be done
online too. All you need
to do is login to the AMC / broker / portal through which you had purchased the
units, select the fund and the number of units that you wish to redeem and confirm
your request. That’s it. You redemption request is on the way.
Some points to remember:
- NAV:
The Net Asset Value (NAV) of
every mutual fund is calculated at the close of each
trading day. However, for redemption requests a particular day’s
NAV will
be applicable only for requests received up to 3 p.m. that day.
- Processing time:
It can take up to three working days for the funds to reach your registered
bank
account after receipt and verification of your redemption request
- Open / Close ended funds:
Open ended funds can be redeemed anytime while close ended funds can be
redeemed
on maturity of the fund. Also, funds with a lock-in period (like ELSS)
cannot be
redeemed within the lock-in time frame.
- Charges:
Ensure that check with the website about applicable charges, if any for
redemption
of units.
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