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Can I Add a Joint Holder to My Mutual Fund and PMS Without Redeeming?

Ramalingam Kalirajan |6275 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Aug 23, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Question by Ravinder on Jul 19, 2024Hindi

Money

Sir My question is " I invested in a mutual fund as well as in PMS in signal name. Now my question is can I add another person as a joint holder with out redeeming the fund? If yes what is the procedure? Thanks Kapoor

Ans: Most mutual fund houses / PMS providers do not allow adding a new holder to an existing folio. This is due to the regulations which consider it as a transfer of investment. However, there are exceptions.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Hi Sunil, I am planning to buy a under construction Apartment and to fund it, I intend to partly withdraw my Provided Fund(PF). I also have funds available from the sale of my parental flat that was sold around 4-5 months ago (when the parental flat was sold it was on my mother's name). I want to buy the NEW apartment jointly in my Mom's and my name, so that amount received from sale of parental flat is reinvested and capital gains can be avoided on Mom's behalf. However the challenge, I have is, according to the norms of PF, I cannot have joint name other than spouse, if I am using funds from Provided Fund(PF). Please can you suggest me, how I can withdraw from Provided Fund(PF) and also use proceedings from parental flat sale.

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Question by Ravinder - Jul 24, 2024Hindi

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SIR , can a I add my wife as a joint holder in running mutual fund/PMS

Ans: Most mutual fund houses / PMS providers do not allow adding a new holder to an existing folio. This is due to the regulations which consider it as a transfer of investment. However, there are exceptions.

Best Regards,

K. Ramalingam, MBA, CFP

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www.holisticinvestment.in

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Sir , i am 57yrs old. within 1 yr i am retired. So pls guide me , how i invest 30 laks in swp system and how many return from here . Also request you suggest the mf name where i invest.

Ans: You can invest 30 Lac as lumpsum in conservative hybrid(debt oriented) fund. Based on 5 year return yardstick Kotak hybrid debt fund and SBI Conservative hybrid fund are the 2 recommendations.

It will be better if you stay invested in this fund for 5 year and let the corpus grow. After 5 years you can expect a corpus of around 50 Lacs(10%+ return assumed)

Then you can start your SWP at the rate of say 5% per year which will translate into monthly payout of around 21K.

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My date of exit is wrongly put in epf account. I will try to give joint declaration form, but my compay liquidator not give sign. My company pay(epf payment) only 2013. But i am regin in 2015. I am 59 year old. Give solutio n.

Ans: If your employer has not made the statutory EPF contributions then you can file a legal case.

For wrong DOE, joint declaration form is the right way, if the employer is not co-operating then you can talk to EPF officials about the same with documentary evidence. They may consider it, else you can file online grievance through EPFO grievance management system.

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I am 71 years and retires. Invested Rs. 30 Lakhs in SCSS and Rs. 15 Lakhs in PMVVY. Would like to invest another Rs. 10 Lakhs for requirement of Annuity. Pl suggest.

Ans: You may invest in Post Office monthly income scheme. 5 year tenure. Monthly interest payment. Current rate is 7.4%. If singly held maximum investment limit is 9 Lac and for joint holding it is 15 Lac. It is GOI scheme offered through Posts hence comes with sovereign guarantee.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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