REDEEM Mutual Funds

Mutual Funds (MFs) can be redeemed or sold any time by the investors. Open ended funds usually can be sold at any point of time compared to closed ended funds that have a fixed investment period.

Customers can specify any of the following for redeeming the funds:

Whether the redemption is for a specific number of units & if so the number of units to be redeemed or
Whether the redemption is for all units currently held ( the user can view the balance units held) or
Whether the redemption is for a specific amount & if so the amount to be redeemed or
Whether the order is for a systematic withdrawal plan

Pre-Requisites

Transaction access is provided to the Retail User.

Features Supported In Application

The module supports the following features:

Search Funds to be Redeemed
Search Funds to Redeem - SWP

You are here How to reach here:

Dashboard > Toggle Menu > Wealth Management > Place Orders > Redeem Mutual Funds

Search Funds to Redeem

This option allows the retail investor/ user to search the mutual funds from the specific account to redeem. The user can search the mutual fund scheme name by selecting the search criteria like investment account number, name of the fund house, or scheme name.

To search the mutual funds:

Select Fund - Search Funds to Redeem

Field Description

Field Name	Description
Fund Details
Investment Account	The account number from which the user wants to select the fund for redemption.
Fund House	The Fund house from which user intends to redeem the fund for current redemption order.
Scheme Name	Name of the fund/ scheme which user intends to redeem the fund for current redemption order.
Search Results Select Funds to Redeem
Scheme Name	Name of the scheme matching search criteria.
Folio	Folio number of the scheme currently held.
Avg. Purchase NAV	The expected return in terms of percent that a investor will get on selling the particular fund (recommended / top purchased) over a period of time.
Total Units	Total units currently held in the folio.
Redeemable Units	Number of units that can be redeemed currently.
Current Market Value	Current Market Value of the entire holdings in the folio.
Action	The available action buttons against the scheme name are displayed. The action button can be: Redeem: Link to initiate one time redemption SWP: Link to initiate systematic withdrawal plan

From the Investment Account list, select the account number from which the user wants to select the fund.
From the Fund House list, select the fund house from which user intends to redeem the fund.
Note: Only those fund houses, where user currently has investments will be displayed.
From the Scheme Name list, select the fund/ scheme which user wants to redeem.
Note: Only those funds, where user currently has investments in the selected fund house will be displayed.
Click Search. The search results appear on the screen based on the search parameters.
OR
Click Cancel if you want to cancel the transaction.
OR
Click Clear if you want to reset the search parameters.
In the Search Results section, click the Redeem link if you want one time redemption.
The Order Details screen with the details of selected scheme order details appears.
OR
Click the SWP link if you want to initiate systematic withdrawal plan.

Order Details - Redeem

Field Description

Field Name	Description
Scheme Name	Name of the scheme selected for current redemption order.
Scheme Rating	Rating of the scheme selected for current redemption order.
Latest Price	The latest NAV/ Price per unit the scheme chosen for current redemption order. The value below the Latest Price field is the Amount change over previous value of the NAV/ Price per unit the scheme chosen for current redemption order and the percentage change over previous value of the NAV/Price per unit the scheme chosen for current redemption order.
Fund House	The Fund house to which the fund house in context belongs.
Scheme Suitability	Displays whether the scheme is suitable for user to invest in provided by MF processor. The system displays 'Yes' if its is suitable and 'No', if the scheme is not suitable.
No. of units Held	Number of units held in the current redemption order.
Market Value	Current market value of the entire holdings.
Redeem By	Options whether to redeem by Units/ All Units/ Amount/ SWP. The options are: Units - On selecting this option, user has to specify the number of units to be redeemed in the current redemption order All Units - On selecting this option, user can redeem all the units in the current redemption order Amount - On selecting this option, user has to specify the amount to be redeemed in the current redemption order SWP On selecting this option, user has to set the systematic withdrawal plan (recurring redeem orders) for the redemption
Units to Redeem	The number of units to be redeemed in the current redemption order. This field appears, if you select Units option in the Redeem By field.
Balance Units	The balance units available for user to redeem is displayed. This field appears, if you select All Units option in the Redeem By field.
Enter Amount	The entered amount to be redeemed. This field appears, if you select Amount option in the Redeem By field.
Min. Amount	The minimum redemption amount as set by the fund house for the scheme. This field appears, if you select Amount option in the Redeem By field.
When	Select the option by which to specify when the orders are to be submitted for execution. The options are: Now: Current business date Later: Select this option if you wish to select a future date from calendar
Order Date	The future date on which the orders are to be submitted for execution. This field appears if you select Later option in the When field.
Cut Off Period	Cut off time and date for the order as provided by the MF processor.
Redeem orders placed Fund(s) Currently selected for redeem
No. of Funds Selected	Displays the number of redemption orders that have been placed till then ( in the context of multiple buy orders - maximum 3 redemption orders can be placed in one go).
Total Order Amount	Sum of all the order amounts.
Folio No	Folio number selected for the scheme getting redeemed.
Scheme Name	Name of the scheme selected for current redemption order.
Order Amount	Order amount keyed in by user.

In the Redeem By field, select the appropriate redemption option.
OR
In the Scheme Details section, click the View More link, if you want to view more details of the scheme selected for current redemption order.
If you select Units option, enter the number of units to be redeemed in the Units to Redeem field.
If you select Amount option, enter the amount to be redeemed in the Enter Amount field.
If you select SWP option, go to step .
In the When field, select the appropriate date for order execution.
Select the future date from the Purchase Date list, if you select Later option.

Order Details - SWP

Field Description

Field Name	Description
Scheme Name	Name of the scheme selected for current redemption order.
Scheme Rating	Rating of the scheme selected for current redemption order.
Latest Price	The latest NAV/ Price per unit the scheme chosen for current redemption order. The value below the Latest Price field is the Amount change over previous value of the NAV/ Price per unit the scheme chosen for current redemption order and the percentage change over previous value of the NAV/Price per unit the scheme chosen for current redemption order.
Fund House	The Fund house to which the fund house in context belongs.
Scheme Suitability	Displays whether the scheme is suitable for user to invest in provided by MF processor. The system displays 'Yes' if its is suitable and 'No', if the scheme is not suitable.
No. of units Held	Number of units held in the current redemption order.
Market Value	Current market value of the entire holdings.
Redeem By	Whether to redeem by Units/ All Units/ Amount/ SWP. The options are: Units - On selecting this option, user has to specify the number of units to be redeemed in the current redemption order All Units - On selecting this option, user can redeem all the units in the current redemption order Amount - On selecting this option, user has to specify the amount to be redeemed in the current redemption order SWP On selecting this option, user has to set the systematic withdrawal plan for the redemption
SWP Amount	The order amount per installment of the current SWP order.
Min. Amount	The minimum SWP order amount per installment as set by the fund house for the scheme.
Frequency	The SWP frequencies specified by fund house. The options are: Daily Weekly Monthly
Start Date	The SWP start date.
No. of Redemption	Number of SWP installments for redemption.
End Date	The end date of SWP based on start date, frequency & installment number.

In the Redeem By field, select the SWP option.
OR
In the Scheme Details section, click the View More link, if you want to view more details of the scheme selected for current redemption order.
Enter the installment amount to be redeemed in the SWP Amountfield.
From the Frequency list, select the SWP frequency.
From the Start Date list, select the appropriate SWP start date.
From the No. of Redemption list, select the appropriate option.
In the Dividend field, select the appropriate dividend type.
In the Transaction section, enter the order amount of the purchase order in the Order Amount field.
In the Start Date field, select the appropriate start date for SIP/ SI.
From the Frequency list, select the SIP/ SI frequency.
From the Installments list, select the SIP/ SI installments.
In the End Date field, select the appropriate end date for SIP/ SI.
Click Save. The Redeem orders placed section displaying No. of orders placed, Total Order Amount, Folio Number, Scheme Name, Order Amount appears and a delete icon to delete the selected fund appears.
Select the I agree to the Terms and Conditions check box to continue to purchase the funds.
Click to view the terms and conditions.
OR
Click the Redeem Another Fund link, if you want to redeem another fund.
The Redeem Fund - Select Fund screen appears.
Click Submit.
OR
Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
OR
Click Back , to navigate to the dashboard.
OR
Click Back to Dashboard, to navigate to the dashboard.
The Review screen appears. Verify the details, and click Confirm.
OR
Click Cancel to cancel the transaction.
OR
Click Back to navigate back to previous screen.
OR
Click the Back to Wealth Overview link to navigate to the Wealth Management Overview screen.
The Verification screen appears if the transaction is configured for Two Factor Authentication. The user has to pass the 2factor authentication, before he can proceed. 2 factor authentication (OTP/ Security question/ Soft Token) will be as per the setup done by system administrator.
The success message along with the host reference number and status of the order appears.
Click Go to Dashboard, to navigate to the dashboard.
OR
Click the Redeem Fund link, if you want to redeem another fund.
OR
Click the Back to Wealth Overview link to navigate to the Wealth Management Overview screen.
OR
Click the Switch link, to access the Switch Mutual Funds screen.

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