I purchased DSP Block Rock Micro-cap fund in September 2016 through a distributor. At that time I shared with Axis bank account details (Salary A/c) for SIP(through CAMS). I requested distributor to change bank details from Axis bank to SBI for SIP. They told that , now DSP stopped to take fresh SIP. Now, they are offering to me, to take new fund with Reliance.
I did not get problem either from DSP company or Distributor, regarding just a change of bank details.
Is my distributor suggesting new funds for their commission purposes?
How can I change bank details without losing DSP fund?
Please help me
He is telling you the truth. Because DSPBR MF stopped accepting fresh investment in this particular fund. If you try to change now, then you have to cancel the SIP, update your bank details for your folio and then start a new SIP from new bank (which is not allowed as of now).
Thank you, Basu.
So, I have to loose this fund. What about the amount I invested till now and interest. How much penalty/charges..etc should I bear? Any alternate to avoid these charges. Is there any chance of waiting for this fund.
If not, suggest me which fund shall I purchase
Awaiting for your reply.
Why you loose? They only not accepting fresh SIPs or fresh lump sum. They are accepting old SIPs to continue. Also, this is for time being. Why penalty? Why charges?
I am in confusion on your reply. I interested in investing on DSP that makes good returns to me. My Distributor said that a fresh SIP is stopped and suggesting for new funds to purchase. Here DSP will not receive my SIP amount from SBI bank. I requested to cancel SIP from Axis bank. That means, from July onwards DSP will not consider my SIP. What will happen on existing paid SIP amount?
I understand fully of what you are saying. However, as per current status of DSPBR Fund, no fresh investment will be considered. In your case, if you cancel the SIP, then you can’t register now a SIP in this fund. Hence, you have to choose the different fund.
Regarding the existing investment amount, they continue without any harm and you no need to worry.