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There was a time when you had to wait patiently for about a week to 10 days to get your mutual fund (MF) unit certificate. It’s only then that you had concrete evidence that you have actually invested in that scheme. Not anymore. Today, your MF keeps you updated at every stage of your money getting processed.

SMS

If you have a mobile number, it pays to submit it to your fund house at the time of investing. You need to fill up the details in the application form. As soon as your fund house receives your application, it sends you an SMS alert that they’ve got your application and that it is getting processed. This still does not guarantee that you will be allotted units because if, say, your cheque bounces, you will not be allotted any units. Once the units are allotted to you, you get another SMS alert, typically early morning, the day after. This final SMS alert will tell you the net asset value (NAV) at which you have been allotted units and the number of units allotted. Any other change in your account such as redemption or switch or change of address or bank mandate triggers an SMS alert.

EMAIL

You also have the option to give your email address. Every time you invest in an MF scheme, your fund house sends you an email notification that your units are being processed. Every subsequent action in your MF folio, such as a dividend declaration or redemption or even a switch to another scheme within the same fund house, is also intimated to you over email. Make sure you give your correct email address. If you haven’t registered your email at the time of investment, you can write to the fund house and get it registered.

SYSTEMATIC INVESTMENT PLAN (SIP)

Most mutual funds also send you SMS alerts every time you make an instalment in your SIP. Some MFs first send you an advance alert about your approaching monthly instalment to ensure your bank account has enough money. Typically, an SIP debit happens at about 8.30am or 9am. As a result, even if you put money the same day at about 10am, you could be late and your SIP transaction can get rejected. Once your SIP instalment gets done and units allotted, some fund houses send you another SMS confirming the transaction. The morning after your transaction, you get another SMS confirming that the transaction has gone through. Some fund houses also send you an SMS alert if your transaction gets rejected for whatever reason.

—Kayezad E. Adajania

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Published: 13 Jan 2011, 08:28 PM IST
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