You cannot invest in MF for your wife

From 15th November 2010, MF invests can be made by self-issued cheque only. You cannot invest using your friend’s, relative’s or spouse’s issued cheque. All investments with third-party cheques will be rejected. Exceptions to this: 1. Investor for Minors – Up to Rs.50,000/- by the Parent/ Grand Parent/ Related Person 2. Employer on behalf of … Read more

NEFT/ RTGS Charges Changed

RBI has announced the change in Charges for NEFT & RTGS w.e.f. 15th November 2010. The revised charges are as below: RTGS – New Minimum limit = Rs.2 Lakhs Amount                              Charges 2Lakhs – 5Lakhs                Rs.25/- Above 5Lakhs                     Rs.50/- NEFT Amount                              Charges Up to 1Lakh                        Rs.5/- 1Lakh – 2Lakhs                Rs.15/- Above 2Lakhs                     Rs.25/- According to RBI … Read more

Outstation Cheque Collection – RBI Circular

RBI in it’s Circular dated 8th Oct,’08 has issued norms for Charges for Outstation cheque collection. RBI has mandated that banks must follow the following guidelines for Charges: – Up to Rs. 10,000                     – not exceeding Rs. 50 per instrument – Rs. 10,000 to Rs. 1,00,000      – not exceeding Rs. 100 per instrument – Rs.1,00,001 … Read more

Service Charges for Electronic Payments

On 8th Oct’08, RBI mandated that Banks must NOT charge for any Inward RTGS/NEFT/ECS transactions (i.e., for receiving funds). For Outward transactions, i.e., sending the funds, the Maximum Charges have been specified as below: (i)  RTGS  – Rs. 1 to 5 lakh             – not exceeding Rs. 25 per transaction – Rs. 5 lakh and above   … Read more

My Feedback on Variable Load in MF

In continuation with my previous post on SEBI’s proposal for introducing Variable Entry Load in Mutual Funds, I sent in my response by email on the last day (6th of March). The response is as below: ================ I personally welcome the proposal of having Variable Entry Load in MF. This will bring in a rationalisation … Read more

Mutual Funds – Variable Entry Load – Opportunity for Investors

SEBI has issued a Proposal on 13th Feb’09 for Variable Entry Load for investments in Mutual Funds made through Distributors. This is good step forward for investors who use Distributor’s service to the minimal. They can henceforth pay less by bargaining on the Entry Load. This will be good for both investors and Distributors. For … Read more