How A Joint Family Can Invest In Mutual Funds | MoneyMindz

By | 08/08/2018


Mutual Funds Financial Advisory | MoneyMindz

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     Mutual Fund Investments are something we have always heard. Individuals can invest in Mutual Funds. We have also explained how an individual can invest in Mutual Funds. Did you know that a Joint Family can also invest in Mutual Funds? [Get Personalized Advice On Mutual Funds Visit]

What is a Mutual Fund?

A mutual fund is an investment vehicle that comprises of a pool of money taken from various investors to invest in stocks and bonds and such other securities. Money managers manage mutual funds and they allocate the funds’ investments while attempting to create income for the funds investors. Free Online Mutual Funds Advisory Portal in India

What is a Joint Family?

A Joint Family or an Undivided Family is an extended family arrangement where several generations live together. The head of the family is the patriarch or the matriarch depending on gender. The oldest member of the house is the head of the family. Apart from the head, his/her children, grandchildren, great-grandchildren all live together under the same roof. India Best Free on-call Mutual Funds Advisory Portal

How can an Undivided Family invest in Mutual Funds?

The head of the family can make investments for the family in his name. Such a person will first have to fill up the non-individual KYC form and also conclude the KYC formalities with the registration agency (KRA).

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Along with the KYC form, he/she has to carry the following documents:

  1. PAN of the Joint Family
  2. Declaration deed/List of coparceners
  3. Bank statement or passbook of the Joint Family
  4. The Heads Evidences of identity, PAN and address along with his/her photograph

The Head has to fill up the Mutual Fund application form and submit it with documents carried. This particular application ought to be supported by a cheque for investment amount in favor of the scheme chosen.

Submit the Form to the investor service center or the branch office of the AMC or to the distributor. Applications received before cutoff timing will be allotted NAV as per Sebi regulations and account statement for the same will be sent to the registered email id for the records of the HUF. Free On-call Traditional Mutual Funds Financial Advisory Portal

Joint family accounts and portfolios are to be managed and operated on a single holder basis only. The Head is supposed to mention “HUF” within brackets after his/her name so as to separate it from his/her personal investments.

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