[Agarwal_Aayush]

Does anyone here have any experience with Axis MF for transmission and cancellation of SIP?
I have been calling and mailing these guys for more than 1.5 months now and they have not been able to do any one of these.
Customer Care executives all have a different story to tell and want different set of documents to be submitted for a transmission request. Have talked to 10 different people, none of them are in sync with what documents need to be sent to them for transmission.
One said KYC acknowledgement slip is mandatory for transmission while the other said that it is not needed as you have already sent KYC docs (Aadhar and Pan card copy of the nominee).
Shot an email to escalations team and they have not bothered to reply even for over a month now.
On top of that, they are deducting the ECS charges as the bank account with which the SIP EMI was linked has been closed by the bank. As per Axis, SIP cannot be cancelled as it requires folio owners signature, asked them how to get the signature of a person who is no longer with us, they have no answer to this and say get the transmission done it will automatically cancel the SIP.

Raised a complaint last week which was to be completed by 8th of this month and yesterday when I called them to get an update on the complaint status, I was provided with another complaint id by evening stating with this it will be resolved by next week (7 working days). Have no faith in them now as I am pretty sure they will hand over another ticket id next week.

[SoumenD]

Originally Posted by sups

Liquid funds used to deliver slightly better returns than bank FDs. But recently liquid fund returns seem to have gone below that of FDs. For example, ICICI bank is ready give 5.5% interest in one year FD. But last 1 year return of ICICI Prudential Liquid Fund is only around 3.3%. Same is the story for other liquid funds. Does it makes sense in that scenario to put money in Liquid funds?

I think its fine to invest in FDs if the amount is small as after 40k interest the tax is charged as per slab. No indexation benefits AFAIK.

For larger sums liquid funds turn out better after taking indexation benefits into consideration. A lot depends on the amount you wish to park IMO.

[whitewing]

Originally Posted by SoumenD

I think its fine to invest in FDs if the amount is small as after 40k interest the tax is charged as per slab. No indexation benefits AFAIK...

Section 10 TTA the limit is on savings bank interest with a deduction limit of 10k AFIK it cannot be claimed for interest receved for FDs.

However, if this 40k can be claimed under a different section, can you please elaborate for the beneift of others?

[.sushilkumar]

Originally Posted by Agarwal_Aayush

Does anyone here have any experience with Axis MF for transmission and cancellation of SIP?

You should be able to do this all via their website yourself. I am assuming you have a login created on their site. I have few SIP running with them and all were setup by me on their site and can stop them when ever i wish to.

Did you invested via some agent. Still, use your folio number to create login and redeem your units or stop the SIP.

[Agarwal_Aayush]

Originally Posted by .sushilkumar

You should be able to do this all via their website yourself.

Thank you for your reply sir. Yes I have the login credentials with me and have tried searching everywhere but there is no option to stop/cancel the SIP. Even the customer care executives say that it can only be cancelled by filling the SIP cancellation form and there is no option to cancel it online.
If you have tried cancelling online, can you please help me out with the location of the cancellation request online .it will save me from atleast one headache.

[ashish.uno]

Originally Posted by Agarwal_Aayush

Thank you for your reply sir. Yes I have the login credentials with me and have tried searching everywhere but there is no option to stop/cancel the SIP. Even the customer care executives say that it can only be cancelled by filling the SIP cancellation form and there is no option to cancel it online.
If you have tried cancelling online, can you please help me out with the location of the cancellation request online .it will save me from atleast one headache.

I logged in and was surprised to see there was no option to cancel the SIP online like other MFs.
In this day and age, how difficult it is to provide an option to cancel it online unless the AMC deliberately wants to make the process of getting out difficult. Anyway, I looked around and one option (probably) is to download Kfinkart app on your phone and register with your registered mobile no. for all MFs (assuming it to be one no.)
Once you are able to see your funds, go to the expendable menu and select "pause/cancellation of SIP"
Fill the details and you are good to go.

Above info is from quora. Hope it works.

[Agarwal_Aayush]

Originally Posted by ashish.uno

I logged in and was surprised to see there was no option to cancel the SIP online like other MFs.
In this day and age, how difficult it is to provide an option to cancel it online unless the AMC deliberately wants to make the process of getting out difficult.

Yes, this is what I feel that they are deliberately doing this. They think that it is a good way of making money by keep on deducting the charges while the customer struggles to get them to do the transmission. All other MF companies have an option to cancel the SIP online, Axis is the only one who does not support online cancellation of SIP. All other MF companies have been more than understanding and accommodating, these guys just don't want to work and make the customer suffer.

Originally Posted by ashish.uno

Anyway, I looked around and one option (probably) is to download Kfinkart app on your phone and register with your registered mobile no. for all MFs (assuming it to be one no.)
Once you are able to see your funds, go to the expendable menu and select "pause/cancellation of SIP"
Fill the details and you are good to go.

Above info is from quora. Hope it works.

Thank you so much for the suggestion, I downloaded and have finally cancelled my SIP . Took me 15 mins to do the same which these guys have not been able to do for last 2 months. This is the power of being in such a great community

One battle won, other one to go, let's see how this goes !

[dragntailonfire]

Originally Posted by Agarwal_Aayush

Does anyone here have any experience with Axis MF for transmission and cancellation of SIP?

I stopped an SIP just yesterday, using the Axis MF site.

1. Login to https://www.axismf.com/.
2. Click on the top right user avatar icon and select "Systematic Plans" option.
3. Active/Inactive SIP/STP/SWPs are visible there.

There is the option to Pause or Cancel Active ones, and I successfully cancelled my SIP from there.

I have to admit though, it took some time to reach this screen, but now it makes sense.

[Agarwal_Aayush]

Originally Posted by dragntailonfire

There is the option to Pause or Cancel Active ones, and I successfully cancelled my SIP from there.

Thank you dragntailonfire for letting me know the way at axismf website. Have cancelled it using Kfinkart app but will try this next time whenever I have to cancel my SIP.

[deathwalkr]

Been doing SIPs through Geojit for the past few years. Had to buy new SIPs and it seems the automatic mandate does not work for a joint account.

Is that a new rule? Because i never had the issue before.

[hrman]

I use Zerodha's Coin for all my Mutual Fund investments.
We need to set up a one time scheduled bank mandate with date and amount for monthly SIPs, the process overall is seamless.
New SIPs, stopping SIPs is pretty simple and straightforward. Most Mutual Fund houses' direct investment option is available. Highly recommended.

[huntrz]

Originally Posted by hrman

I use Zerodha's Coin for all my Mutual Fund investments.
We need to set up a one time scheduled bank mandate with date and amount for monthly SIPs, the process overall is seamless.
New SIPs, stopping SIPs is pretty simple and straightforward. Most Mutual Fund houses' direct investment option is available. Highly recommended.

Totally agree. Not sure why should any one struggle with free and/or AMC specific platforms. SIP as a tool is to make investor commit for regular flow of funds which is beneficial for both AMC and advisor. It is in their interest to keep it easy to start and difficult to modify or stop money flow. With Coin I feel placing a new lumpsum order every time instead of SIP is more convenient(unless we are investing minimum allowed amount). I can manage allocation between various funds at the time of investing itself.

[ValarMorghulis]

My SIP portfolio is at a 48% profit value after 3 years. Wondering if I should continue or exit right now.

Ideas are:
1. Put the amount in FDs and start another SIP now, so that I don't lost the profits.
Pros: Book the actual profits (Should I only pull out with less than 1 lakh profit?)
Cons: LTCGT.

2. Continue the SIPs as is:
Pros: Get higher profits (??!)
Cons: Lose it all or most

Experts, please suggest/ recommend.

[sunilch]

Originally Posted by ValarMorghulis

My SIP portfolio is at a 48% profit value after 3 years. Wondering if I should continue or exit right now.

Ideas are:
1. Put the amount in FDs and start another SIP now, so that I don't lost the profits.
Pros: Book the actual profits (Should I only pull out with less than 1 lakh profit?)
Cons: LTCGT.

2. Continue the SIPs as is:
Pros: Get higher profits (??!)
Cons: Lose it all or most

Experts, please suggest/ recommend.

Do this:

Book just under 1L of profit every year. If you have other avenues to invest or spend, do so. Else re-invest in same funds.

I recently had to clear my portfolio for personal reasons and now have to pay a hefty LTCG. There was no way for me to stagger my exit due to some constraints. But you do have such an option. So stagger your profit booking each year this way.

[hothatchaway]

Hypothetical situation: let's say my equity MF portfolio, which at cost price is 2 lakh has appreciated to 2.8 lakhs. I decide to redeem 1.3 lakh to meet a personal exigency. Am I correct in estimating that the redemption will not be subject to LTCG tax since the whole corpus had appreciated by 80 thousand only? The corpus has been held for several years and investment was systematic and not lump sum. There is no other capital gains transaction under this PAN