How many times can I redeem mutual funds?
Funds with Lock-in Period – Open ended schemes can be redeemed at any point of time, whereas some schemes like ELSS (Equity Linked Savings Scheme) cannot be redeemed up to three years from the investment date.
How can I check my mutual fund redemption status?
How to Check Mutual Fund Status with Folio Number?
- Get in touch with the asset management company. An investor can call the asset management company to find the performance of funds.
- Contact the broker. Many people invest in mutual funds with a broker.
- Online. A lot of people invest in mutual funds online.
- Fund’s website.
How do I redeem mutual funds?
You simply have to log-on to the ‘Online Transaction’ page of the desired Mutual Fund and log-in using your Folio Number and/or the PAN, select the Scheme and the number of units (or the amount) you wish to redeem and confirm your transaction.
When can I redeem ELSS?
So, an investor may redeem the units on all business days subject to the completion of a lock-in period of three years from the date of allotment of units, as prescribed under the ELSS guidelines.
When can I redeem my investment in ELSS?
For your investment, let us assume you received 1000 units. According to the ELSS lock-in period of 3 years, you cannot redeem your units upto three years, i.e. until 1st December 2023. You can redeem all of your units or withdraw your investment only after 1st December 2023.
What is the lock-in period in ELSS mutual funds?
When you invest in a ELSS mutual fund, you actually buy some units of the mutual fund and the lock-in period applies to that particular units. You can redeem those units after three years of lock-in period, irrespective of its value at the time of redemption. For example, you invested Rs 10,000 in tax saving funds in 2018.
What is the tax rate on ELSS returns?
A. ELSS returns upto Rs. 1 lakh are exempted from tax after the lock-in period of 3 years is completed. Returns exceeding Rs. 1 lakh levy Long Term Capital Gains Tax which currently stands at 10\%. Q. How do I invest in ELSS funds?
What are the requirements to apply for an ELSS?
You will need to fill information like – starting as well as maturity month and year of the SIP, valuation date, the name of the Asset Management Company (AMC) and the investment amount. An ELSS comes with the shortest lock-in period of 3 years among all the tax saving investment options.