Mutual Fund Investment services FAQ
Mutual Fund Investment services
Is there a minimum investment to start investing?
You can start with amount, as low as Rs.100 depending on the fund house & scheme you want to invest in. However to invest in a suggested portfolio, you will be shown a portfolio with some minimum investment value depending upon your Risk Profile.
In how many days I will get confirmation of portfolio updation?
For liquid Folio: It takes up to 2 working days to show updated portfolio.
For Non-liquid funds: It takes up to 4 working days to show updated portfolio.
How can I update my nominee details?
For New Folio, nominee details entered on Nomination screen will get updated
Nominee details in existing folio cannot be changed online
How can I redeem Mutual Funds through the platform?
You can redeem a fund by choosing ‘Sell’ on Portfolio screen
Enter all or Partial amount/units of the selected scheme and execute the transactions present on the cart.
The transaction will be processed within 2-4 days as per the scheme TAT and the redemption proceedings will be credited directly into your registered Savings Bank account.
Can I execute multiple transaction by authenticating once?
Yes, you can add multiple transactions in the investment Cart.
Can I delete any particular transaction from the Cart?
Yes, you can delete any particular transaction you do not wish to execute, by clicking the delete button against the fund present on the investment Cart.
Can I have multiple nominees for my funds?
Yes, you can enter up to three nominees for your funds.
Where can I see MF reports?
Click on three horizontal bar on Home screen < click on Report
If I have multiple saving accounts linked in Internet Banking, but only one is registered for MF Online Registration, can I debit any of my linked accounts for a transaction?
Yes, if you have multiple saving accounts linked in your Internet Banking login, you can select any account to debit funds towards your investments. However, investments will be linked only to the registered account and any redemption / dividend proceeds received will be credited back to the registered account only.
The holding pattern of the investments will be as per the pattern selected at the time of registration and not as per the holding pattern of the saving account that was debited for a transaction.
Where can I view Key Information Memorandum (KIM) Scheme Additional Information (SAI) of a fund?
Links to the Key Information Memorandum (KIM) and Scheme Additional Information (SAI) are visible on the investment cart page, before you authorize any transaction. These links will direct you to the AMFI website where these documents are available for all fund.
What is the commission that ICICI Bank earns when I purchase funds and where I can view this information?
ICICI Bank earns commission for the sale of funds and this information is displayed in the ‘Commissions’ link on the Order Confirmation page, before you authorize any transaction.
What is the process to get started?
1) Process of Paperless MF Registration :
MF KYC Registration and RTA registration process will start as soon as a non-MF Online registered client from RIB / iMobile places a MF order. Below is the Eligibility and Process of Paperless MF Registration:
Mode of Holding of the account should be Single. Paperless MF Registration is not available for Joint Accounts
This facility is available only for Savings account currently. It is not available for Minor/NRI/ HUF/Current Accounts
Account Open Date should be post Jan 2007 if the MF KYC is not registered. For MF KYC registered cases, there is no restriction of Account Open Date
MF KYC Registration status as per KRA (KYC Registration Agency) should be complete or should not have been initiated. Existing status should not be in reject or hold status
2) For MF Online Registration, user should be KYC registered. For KYC registration, user has to take below steps:
Completely filled KYC application form
Documents required :
Self-attested copy of PAN
Self-attested copy of Address proof: (Latest Telephone Bill/ Landline/Mobile/Latest Electricity Bill/ Passport copy/ Latest Bank Passbook/ Bank Account statement/ Latest Demat Account statement/Driving License. /Ration Card/ Rent Agreement)
Documents required for MF Online Registration
After filling the MF Online Registration Form (duly signed by all account holders), submit the Form along with the below mentioned documents at any ICICI Bank branch.
A self-attested copy of your PAN card
KYC acknowledgement slip or KYC Status Screen
All Account holders should compulsorily be Mutual Fund KYC compliant; else, the request will be rejected.
What is the cut-off time for online transactions?
At Mutual Fund Online, the cut-off time for same-day NAV is 12:30 p.m. for Liquid Funds and 2.00 p.m. for non- Liquid Funds. All instructions received on a transaction day (except on Saturdays, Sundays and holidays) before the cut-off time will be eligible for the same day's NAV. For transactions after the cut-off time, the NAV applicable will be as on the following business day
Disclaimer: The cutoff time for NAV applicability depends on transactions getting time stamped and the funds being remitted to respective AMC pool account within respective scheme(s) regulatory cut off time. In order to get the applicable NAV for the current day customers are requested to transact before the actual cut-off time of the respective scheme(s). ICICI Bank will not be responsible for any delays in reporting the transactions within the scheme cut-off time in case of any technical issues. In such instance, the transaction will be reported to the AMC after the technical issue is rectified or the refund will be initiated depending the nature of technical issue.
How can I change address, registered bank account or nominee details?
For any changes to your Investment Account information like address, bank account, nomination details etc., you need to contact the nearest ICICI Bank branch and provide a written request and fill relevant form to get the changes done.
Can I transact on a holiday?
You can place a request even on a holiday, however your request will be processed on the following business day and the units would be allotted based on applicable NAV.
Are the units allotted as per the NAV on the screen?
The Mutual Fund House declares NAV by the end of the day. Hence, the NAV displayed on the screen (the previous day’s NAV) will have a lag of one day or more. The displayed NAV’s are indicative and for the purpose of information only. When you transact through the platform, you get the same day’s NAV depending upon the cut-off time, as applicable (all working days).
How will I receive the dividend payouts/ redemption amounts?
You will receive it through a direct credit from the AMC into your registered Savings Account.
When can I place purchase order?
Once you are registered, you can place order at any time subject to sufficient funds being maintained in your account.
Are there any charges for using this service?
No, we do not charge anything for using these services. ICICI Bank earns commission for the sale of funds. For detail information click here ( Disclosures - ICICI Bank Mutual Fund Investment)
What is KYC?
KYC( Know Your Customer), is a term commonly used for Customer Identification Process. SEBI has prescribed certain requirements relating to KYC norms for Financial Institutions and Financial Intermediaries including Mutual Funds to know their clients. This would be in the form of verification of identify and address, financial status, occupation and such other demographic information
With effect from January1, 2012 all categories of investors irrespective of amount of investment in Mutual Funds are required to comply with KYC for carrying out any transactions in Mutual Funds. Thus any investor (all applicants in a folio) investing into mutual funds would be required to be KYC complaint by any KYC Rating Agency ( CVL, NSE, NSDL, CAMS or KARVY) without which the transactions may be liable to be rejected by the respective mutual fund houses. This one-time verification is valid for transaction across all AMCs.
What type of transactions can I do through iMobile/RIB?
Buy (One time,SIP,FIP)
Can I invest in funds other than the ones suggested?
Yes, we have the option of top categories where you can search schemes of your choice to invest.
What is a Flexibile Investment Plan (FIP) and how does it work?
FIP allows you to start an investment of a frequency of your choice ie Daily,Weekly,Monthly,Quartely,Half-Yearly or Yearly on a date of your choice and for a period of your choice .The investment will get registered as Purchase with the AMC.
What is a Systematic Transfer Plan (STP) and how does it work?
A Systematic Transfer Plan (STP) allows you to transfer a fixed amount/ no. of units into another scheme of the same fund house, as per STP dates defined by the AMC.
What is Systematic Withdrawal Plan (SWP), and how does it work?
A Systematic Withdrawal Plan (SWP) allows you to withdraw a fixed amount /no. of units from an existing fund at certain fixed frequencies and dates defined by the AMC. The transaction will be processed within 2-4 days as per the scheme TAT and the redemption proceedings will be credited directly into your registered Saving Bank Account.
How can I stop my SIP?
You can stop your ongoing/requested SIP from Systematic Transactions screen.