Can anybody please guide on the process, from their personal experience.
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Transferring MFs and SGBs from Zerodha Coin to Axis for meeting Magnus Burgundy 30L TRV
- Thread starter Crusader4Credit
- Start date
- Replies 22
- Views 3K
Brokers give a DIS (Delivery Instruction Slip); earlier every broker used to provide it at the time of account opening. Nowadays, since everything is online at a good level they generally don't provide it.
You can request a DIS book from your broker; which in this case is Zerodha. If your MF's acc in Axis is wtih CDSL depository the Transfer can be done online (CDSL to CDSL); if it is in NDL Category ; there you will have to do on off market Transfer (Offline basically). I am providing you with some links from Zerodha website; which will explain you the process in detail.
(Btw; do keep in mind there are transfer Charges associated. In case, you are closing your entire Demat Account at one Broker and transferring the everything to Demat of another Broker, then there are no Transfer charges applicable)
General Info > https://support.zerodha.com/categor...in/articles/transfer-mutual-funds-out-of-coin
CDSL to CDSL transfer using CDSL easiest > https://support.zerodha.com/categor...es-from-my-zerodha-account-using-cdsl-easiest
CDSL to NSDL transfer > https://support.zerodha.com/categor...erodha-demat-account-to-another-demat-account
There is also another way (which IMO is cumbersome and costly) and that is to rematerialize your MF's and then submit it to your new broker to dematerialize them
[ Please NOTE : - Information provided herewith is solely for informative purpose . Please do your own research before taking any further steps ]
You can request a DIS book from your broker; which in this case is Zerodha. If your MF's acc in Axis is wtih CDSL depository the Transfer can be done online (CDSL to CDSL); if it is in NDL Category ; there you will have to do on off market Transfer (Offline basically). I am providing you with some links from Zerodha website; which will explain you the process in detail.
(Btw; do keep in mind there are transfer Charges associated. In case, you are closing your entire Demat Account at one Broker and transferring the everything to Demat of another Broker, then there are no Transfer charges applicable)
General Info > https://support.zerodha.com/categor...in/articles/transfer-mutual-funds-out-of-coin
CDSL to CDSL transfer using CDSL easiest > https://support.zerodha.com/categor...es-from-my-zerodha-account-using-cdsl-easiest
CDSL to NSDL transfer > https://support.zerodha.com/categor...erodha-demat-account-to-another-demat-account
There is also another way (which IMO is cumbersome and costly) and that is to rematerialize your MF's and then submit it to your new broker to dematerialize them
[ Please NOTE : - Information provided herewith is solely for informative purpose . Please do your own research before taking any further steps ]
Deleted member 21942
TF Legend
Please someone tell the procedure for 'Dematerialisation of Shares'.
Assuming you want to Dematerialise shares to your Axis bank Demat ,
go to nearest Axis Bank Branch (preferably Demat enabled Branch) and fill and submit DRF form (Dematerialisation Request Form ) (signed by every Demat A/c holder ] ; along with original share certificates.
And then Axis Bank will process it on your behalf and submit it to the relevant RTA and then it will be credited to your Demat Account.
More info > https://application.axisbank.co.in/webforms/axis-support/sub-issues/Demat-dematerialisation-3.aspx
For Dematerialisation of Mutual Funds to Axis > https://application.axisbank.co.in/webforms/axis-support/sub-issues/Demat-dematerialisation-3.aspx
[ Please NOTE : - Information provided herewith is solely for informative purpose . Please do your own research before taking any further steps ]
Deleted member 21942
TF Legend
Thank you so much for sharing the details.
Firstly, I would suggest you ask Axis if they will consider your existing holdings for the purposes of calculating the TRV. The issue here is that they will not benefit from commissions if you did not invest through them.
Here's the process: https://support.zerodha.com/categor...in/articles/transfer-mutual-funds-out-of-coin
Also, why do you bother with all this? Let the Axis fellows handle it for you.
Here's the process: https://support.zerodha.com/categor...in/articles/transfer-mutual-funds-out-of-coin
Also, why do you bother with all this? Let the Axis fellows handle it for you.
I have the same doubt, his MF holdings in Coin would probably be “Direct” funds and Axis only considers Regular funds (with their broker code) for TRV calculations.
After so much hassle, if they don’t count it towards TRV then what’s the point. He should probably confirm with Axis Bank first.
saurabhduasd
TF Select
I read somewhere in Axis Magnus TnC that they consider only purchases made through Axis for consideration of Burgundy TRV condition, check thoroughly all documents
Transfer not possible due to Direct vs Regular
Infact I wasn't able to transfer from Coin to Groww either using cdsleasy as Coin holds in demat whereas Groww doesn't allow holdings in that
(For a long while I was confused as to what happened as my units weren't showing anywhere)
Infact I wasn't able to transfer from Coin to Groww either using cdsleasy as Coin holds in demat whereas Groww doesn't allow holdings in that
(For a long while I was confused as to what happened as my units weren't showing anywhere)
Ahh thts a bit tricky
While I have never used groww; I went through their website and found out [in 10 mins of surfing through ] they give the option to directly invest in MF's.
Even Zerodha provides that option buttt; Mutual Funds on Coin in Zerodha are held in DEMAT form
Now I know you don't really require a Demat account to Buy Mutual Funds. But if you want; you can have a Demat with Axis Bank (technically Axis Direct/Axis Securities) and this Demat account (which would be linked to your Axis Savings acc) would be the target DP ID for the Mutual Funds Transfer.
Another tricky part which he needs to figure out is whether Axis will consider those MF's towards computation of TRV since they aren't purchased through them; but rather transferred.
[ Please NOTE : - Information provided herewith is solely for informative purpose . Please do your own research before taking any further steps ]
You cannot transfer MFs.. You can only transfer demat holdings
Thank you @talkwithfino for explaining the process in detail. I think the catch is that the MFs are held in Coin under DEMAT and are Direct plans. To transfer to Axis (for 30 TRV), I would need to re-materialise them and then buy regular plans OR transfer them to Axis Direct as Demat but then the TRV shoots up for Magnus Burgundy.
Good inputs @j_s @ak95 @viznu99 @saurabhduasd @Zacobite, Thanks !
Any idea SGBs and G-Secs? Can they be transferred from Kite to Axis Account (not Axis Direct) ?
Good inputs @j_s @ak95 @viznu99 @saurabhduasd @Zacobite, Thanks !
Any idea SGBs and G-Secs? Can they be transferred from Kite to Axis Account (not Axis Direct) ?
sumitlehri
TF Buzz
i wish to buy 54ec capital gain bonds to save captial gain tax..will that be counted as trv if i purchase those bonds from axis?
CARDBITRAGE
TF Legend
Get in touch with your RM, they should help in this regard. Transferring GSecs and SGBs is slightly more complicated compared to stocks. You need to first submit a rematerialization request with your existing DP and submit the dematerialization request with the desired DP to credit it to your new account.
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AritraSaha
TF Prestige
Check this (might help)
Redeeming MFs in Demat form can be a pain if you close your broker account
The following is an account of an ordeal to redeem from mutual funds in demat form. As mentioned several times earlier, holding mutual funds (except ETFs)
freefincal.com
I think you should be able to just directly transfer them (without the rematerialise and dematerialise process; but please confirm this from someone in Axis Direct/ good source) from CoinZerodha Demat to Axis Demat Account ( and this would have charges as mentioned on their website )
Edit - > Some more info >> https://cleartax.in/s/switch-regular-to-direct-plans
'but then the TRV shoots up' ? I didn't get
Yu can find the info here > https://support.zerodha.com/categor...securities/articles/inter-depository-transfer
( I have never transferred SGB's and G-Secs; so wouldn't talk more on this )
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Thanks ! Now begins the research on how to convert Demat MF into SOA MFCheck this (might help)
Redeeming MFs in Demat form can be a pain if you close your broker account
The following is an account of an ordeal to redeem from mutual funds in demat form. As mentioned several times earlier, holding mutual funds (except ETFs)
Thanks again, for more info!
The TRV for MB criteria shoots up from 30L to 1 crore when we include DEMAT.
If you are in profits, easiest way is to sell from Zerodha ad buy in Axis same day to ensure you buy and sell at same rate (you will need the funds to buy).
You spend only the STT in this case provided there is no exit load (1 year plus investment).
Additional benefit can be realizing LTCG which is tax-free upto 1L/yr.
Disadvantage -> you are moving from direct to regular. The commission of the ARNs will be a cost to you -> return of regular scheme is lower than that of direct scheme.
You spend only the STT in this case provided there is no exit load (1 year plus investment).
Additional benefit can be realizing LTCG which is tax-free upto 1L/yr.
Disadvantage -> you are moving from direct to regular. The commission of the ARNs will be a cost to you -> return of regular scheme is lower than that of direct scheme.