I was interested in investing in mutual funds and then I got registered with Aditya Birla Money Myuniverse. I can invest 3000/month through SIP for 5 years. They suggested me some funds and asked me to proceed with the KYC documents and my KYC was done online. To start investing on SIP, they had asked me to send the ECS form signed. Now my doubt is that in the ECS form, it’s mentioned that they can draw max of 1,00,000.00 and the time was till 2063 or until cancelled. I feel the ECS form is wrong.
My second question is, with this KYC can I invest online directly in other mutual funds?
Laxmish-This is the pure case of mis-selling. Whether your goal is up to 2063? If not then why they filled the form mandating up to 2063? Whether you cross-checked the fund they selected? Whether they provided proper diversification? I don’t think so. Do it at your risk. They SELL but not make sure to invest you with proper knowledge sharing.
Yes, once KYC is completed, then you can invest with other mutual funds using AMCs portal or using the platforms like FundsIndia or MF Utility.
thank you for your response. my investment goal is 3000/ pm for 5 years,Franklin India High Growth Companies Fund-GROWTH Tata Balanced Fund Plan A – GrowthCanara Robeco Emerging Equities-Regular Growthall three are @1000/month through sip. they suggested me these three fundsi registered in myuniverse and my KYC is completed. but in the ECS format which is autofilled, 1,00,000 maximum withdrawal, and time upto 2063. i feel ECS should have been 3000/month for 5 years, as per my investment.
Laxmish-I will not enter into equity if my goal is 5 years. Rest is left with you and those experts to decide.
but is that ECS is right .. what they autofil and send it to me. i can extend my time from 5 to may be 10years.. but are the funds which they suggest are good.
Laxmish-What they said is the limit Bank can withdraw as SIP from your account (maximum). Don’t worry about that. Each fund have meant for specific goals or customers. I don’t know how they suggested. I can’t say good or bad, because I don’t know the goal. Considering the 10 year time frame, I might retained a single Tata Fund rather than complicating my life.