Can you please tell me how I can carry out online investments in mutual funds while I am abroad for a few months? I have an account (internet banking) with ICICI Bank.
-Arun Rastogi
Now a days, mutual funds offer online investing facilities through their websites. Furthermore, to your advantage, there would be no entry load deduction if you do not specify a broker code while applying online i.e. invest directly.
But there are a few things you need to be aware of. Each mutual fund company has tie-ups with only a few banks for net banking and transferring of funds while purchasing units. Investing through a debit or credit card is not permissible. Hence you need to check if your bank is on the list of that particular fund company's website. Furthermore, since PAN is a mandatory requirement for investing, you will be required to send an attested copy of the PAN card to the fund house for verification. This will apply if you are investing in a fresh folio.
You can also purchase units if you have an online account with some brokers like ICICI Direct, Sharekhan or India Infoline which offer online mutual fund services. But there would be an entry load deduction if you buy units through these websites.
This article was originally published on April 08, 2008.
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