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.<\/p>\n
Exceptions to this:
\n1. Investor for Minors – Up to Rs.50,000\/- by the Parent\/ Grand Parent\/ Related Person
\n2. Employer on behalf of Employees for SIP investments through Payroll deductions
\n3. Payments by Custodians on behalf of FIIs or clients.<\/p>\n
Such applications will require PAN & KYC for the person\/entity making the payment & also declaration for the relationship with the 1st holder.<\/p>\n
In case of Payment by Demand Drafts, a certificate from banker about the a\/c holder’s name & a\/c no. debited for issue of the DD is to be submitted. This will virtually ensure that DDs are not used for investing in MF considering it is a pain to get the certificate from the bank (may also incur additional charges). DDs taken using cash payment will not be accepted since the banker’s certificate cannot be submitted for this case.<\/p>\n
New rules now provide an option to register multiple bank a\/cs to a folio so that cheque can be issued from any a\/c.<\/p>\n
Further, in case the cheque from other a\/c is accepted if it has the investor’s name printed on it or if a copy of the statement attested by bank manager is a also submitted. Very cumbersome process in the 2nd case (for most investors with a\/cs in Nationalised Banks).<\/p>\n
Few questions: (UPDATE: 29\/NOV – I got replies to my queries to CAMS) 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<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[146,212],"class_list":["post-292","post","type-post","status-publish","format-standard","hentry","category-for-info-general","tag-mutual-fund","tag-third-party-cheques"],"views":1113,"_links":{"self":[{"href":"https:\/\/kirukkalgal.pathipagam.com\/index.php?rest_route=\/wp\/v2\/posts\/292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kirukkalgal.pathipagam.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kirukkalgal.pathipagam.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kirukkalgal.pathipagam.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kirukkalgal.pathipagam.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=292"}],"version-history":[{"count":0,"href":"https:\/\/kirukkalgal.pathipagam.com\/index.php?rest_route=\/wp\/v2\/posts\/292\/revisions"}],"wp:attachment":[{"href":"https:\/\/kirukkalgal.pathipagam.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kirukkalgal.pathipagam.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kirukkalgal.pathipagam.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n1. There are 3 investors in the application. Can any one issue the cheque or only the 1st applicant\/holder’s cheque is allowed?
\nREPLY BY CAMS: 1st applicant cheque is allowed. Cheque\/Bank Statement\/Bank Passbook should contain the name of the First Holder in MF Application.<\/em>
\n2. If I have a joint a\/c (Either or surviror) \u00a0with my wife and my wife issues the cheque from the same a\/c for investment in my name, is that allowed?
\nREPLY BY CAMS: Cheque\/Bank Statement\/Bank Passbook should contain the name of the First Holder in MF Application.<\/em>
\n3. Why cannot a member of the family issue cheque for other members of the family? Like Husband issuing cheque for wife or children?
\nREPLY BY CAMS: AMFI circular says the cheque should be issued from the First Account Holder only.<\/em>
\n4. \u00a0I issue a cheque wherein my name is not printed on the cheque leaf. However I sign the cheque (same signature as in the application form). Why do I need Banker’s attestation? If the cheque is passed by the bank, it proves that the cheque leaf belongs to my a\/c.
\nREPLY BY CAMS: Before depositing the cheque itself, we need to ensure that the cheque pertains to the First Holder only. Latest Bank Statement\/Passbook with A\/c Holder’s Name and Bak Account Number from where cheque is issued can be submitted as a proof.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"