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I have HDFC ISA account that I use to invest in mutual funds. Is it really expensive to hold HDFC ISA account? They charge approximately ₹150 per quarter, ₹100 per your SIP cycle. Are there any other hidden charges? I want to invest in Direct Plans of mutual funds. However, I don t see them listed on HDFC ISA. Which means I am making less profit by investing in the regular plans of mutual funds. How can I invest in DIrect plans of mutual funds? I have some folios created through HDFC ISA. In future, if I want to close ISA account, what happens to these folios? I may not want to redeem the units but want to close ISA account. Is that possible?
- SK
An Investment Services Account (ISA) linked to your bank allows you to buy and sell mutual funds units. The bank charges a fee for the services. If you want to invest in direct plans, you have to invest directly with a mutual fund. You cannot invest in a direct plan via an intermediary like HDFC ISA. You have to redeem or transfer all your online mutual funds investments to physical mode to close the online mutual fund account with your bank.
This article was originally published on January 11, 2016.
Disclaimer: This content is for information only and should not be considered investment advice or a recommendation.
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