General

How to Change in Tax Status in existing MF Folios?

In case of RI to NRI conversion cases - This option is available in RI/NRO Non-PINS accounts only. With this feature, customers can update the tax status mismatch in existing MF folios online on our portal.

Process Flow:

• Customer has to select Mutual Fund > Services > “NRI Tax Status option” to request for tax status updation of eligible folios. Customer will get eligible folios as below snapshot. Customer can select any number of folios and click on “Send request” option.

• Post submitting, customer needs to download the prefilled request form (mandatorily) and re-upload the same with prefilled details, signature and other details (if any) and click on “Continue” option.

• Customer will be redirected to Mutual Fund > Orders > NRI Tax Status Order Book automatically and he will be required to upload downloaded request form with attested signature and other details including one bank proof as per given instructions. Customer will be getting option to reject the request and can place order before the Document upload. Once Document is uploaded customer will not have any option to cancel the request. OPS team will be having the right to accept or reject the request.

• Post submitting document, request status will be changed to “Document Uploaded”

• Ops team will do the backend process and client can track the further status i.e., Sent to RTA/Executed/Rejected status will be updated in Mutual Fund > Order > NRI Tax status Order Book.

• If request is rejected, rejection reason will be updated in “NRI Tax Status Order Book”. Post clicking on “Rejected”, rejection reasons can be viewed.

• If it gets executed, it will be shown as “Executed” as below in “Tax Status Order Book”. Customer can be able to place order using this folio post successful execution.

• Bank Related request : Bank has introduced five new services in internet banking for NRI demat customers and one is closure of the demat.Team can also view other service requests which we have introduced like CML,TIFD booklet,Demat nominee,Income range > I mobile > Services Section