Redeeming ELSS Funds

Seven years ago I invested in three tax saving funds. How do I sell them and realise the proceeds?
-Tara Varghese

Your investments in the tax planning funds have passed the mandatory three year lock-in, so you can redeem your investments any time. The redemption process is pretty simple and straightforward: you need to fill the redemption form that is at the lower half of your account statement and sign it before submision for redemption to the AMC's or the distributor's office through whom you made the investment.

The redemption form seeks details like your name, the folio number of your investment, the scheme details, besides the number of units that you wish to redeem. Once you have submitted these details, it takes up to three days in most instance for the redemption proceeds to be credited to the bank account that is registered with the AMC.

This article was originally published on May 19, 2014.