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SMS Transaction FAQ
 

  SMS Transaction FAQ

 

1. Do I need to register separately for purchases and redemptions under SMS Transact Facility?

Not required. One form can be signed for registration of SMS Purchases and Redemptions. The activation for SMS redemptions is generally done within 5 working days.

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2. How to register for Purchases under SMS Transact facility?

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3. How to register for Redemptions under SMS Transact facility?

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4. Which are the eligible schemes under SMS Transact facility?

All the eligible and live open-ended schemes of IDFC Mutual Fund are available under SMS Transact Facility.

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5. What are the various services provided under this SMS Transact facility?

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6. Which category of investors can avail of this facility?

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7. How will the investor come to know if his registration for SMS Transact is successful?

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8. Which Banks can be registered for Purchases under SMS Transact?

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9. For Redemption transactions through SMS Transact facility, which bank account will be credited with the redemption proceeds?

Irrespective of which bank is registered against SMS Purchases, investor will continue to get credited/paid out to the existing default bank mandate registered in the folio and is independent of bank mandate registered against SMS Transact Purchase and SIP.

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10. Is there any monetary limit for Purchase transaction under the SMS Transact facility?

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11. How to Transact?

To avail of the various services provided under this SMS Transact Facility, the user(s) are required to send and SMS with the relevant syntax as mentioned below to 56767267.

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12. Where will the User find the Scheme code of the desired Scheme/Plan/Option to make SMS Transaction?

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13. How to change the bank mandate for Purchases under SMS Transact facility?

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14. How will the User choose the SIP date, frequency and period under SMS Transact facility?

The default date for SIP installment would be on the 10th of every month, or the subsequent business day if the 10th is a non-business day. On receipt of the SMS for starting SIP, the first SIP will be triggered on the 10th of the month immediately following the date of receipt of the SMS. Thereafter, it will automatically be triggered on every 10th of the subsequent month.

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15. What NAV will I get against SMS Purchases?

The allotment of NAV depends upon the nature of scheme and transaction amount. The rules applicable for physical transactions would also apply for SMS Transactions.

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16. Will there be a difference in payout schedule if I submit a physical and SMS Transaction for redemption?

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17. Which broker code will the SMS Transactions be routed under?

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18. How will transactions be posted if investor is registered with a broker code or under a Direct Code?

The following rules would apply:

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19. Do I have to re-register for additional schemes if I had already registered for SMS Transaction facility when the same was available only for IDFC MMF-TP?

Fresh registration for all schemes is required only for account holders of SCB. SCB account holders are required to fill in and submit the fresh mandate registration form.

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20. What if the earlier syntax INV space <AMT> or RED space <AMT> is used post Sept 30, 2013 for sending in requests?

The earlier syntax of INV space AMT for purchases and RED space AMT for redemptions under SMS Transact facility would be rendered invalid post Sept 30, 2013 and transactions received with this syntax would be rejected upfront.

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