I am a first-time investor, for ICICI mutual fund direct scheme, I want to do SIP for one of the ICICI Mutual fund online. I am planning to do that online (as the AMC branch office very far from my home).
But I came ti know that for first time investor online SIP not possible, and they suggested to do the first do the lump sum amount and create the folio and then for the same folio start SIP by registering online. Sir, is there any issues in doing like that?
please suggest (forgot mention the minimum lump sum amount is the same amount i want to do monthly every month).
Ramesh-Yes, you can’t do it ONLINE if you are the first time investor of MF. First you have to visit the branch of MF with KYC documents and cheque. Instead of lump sum, you can start direct SIP. Once the folio is created then you can do all transactions online.
Also, using the same folio, you can invest in different mutual funds of ICICI. The same rule applies to other mutual fund companies too. I think it is best to go and create a folio, as it is one time process. This will give you an edge over regular funds.