General Features
This section covers the various types of accounts that can be setup using FundsIndia and the requirements for each type. You will find articles in this section useful regardless of whether you are considering a brand new account with us, or if you are looking to add a second or third account to your existing account.
Opening an account
FundsIndia is a transactional investment service - what that means is that one can use FundsIndia to make investments in financial instruments and to redeem them. An investor can use the system to transfer money from their bank account to buy mutual funds or other products, and "sell" the units to get the money back. However, to be able to do so, one would need to "open an account" with FundsIndia.
Multiple investor accounts
We have created a family friendly investment platform at FundsIndia. In India, we often manage our investments as a family. Having multiple accounts in different
places for different people in the family makes it really difficult to track and efficiently manage investments across the family. Hence, we have created a
system that makes it easy to make and manage investments in one single place for the entire family.
Joint accounts
Having a joint account in FundsIndia works slightly differently from other service providers. Whereas in most other places, one would create an explicit joint
account stating first holder, second holder etc. at FundsIndia, it is much more flexible.
Minor accounts
FundsIndia also supports minor accounts for investments in mutual funds. Minor children will need to have their own investment services account to be able to
hold mutual fund investments in their name.
Using portfolios
The FundsIndia platform was created primarily as a mutual fund platform. It is tailored for how people should ideally use their mutual fund investments. The
"Portfolio" feature of FundsIndia is the central pillar of this usability.
NRI investing using FundsIndia
FundsIndia supports mutual fund investing by non-resident Indians (NRIs). An NRI can open an account with FundsIndia and invest in mutual funds using their
net-banking account. There are some restrictions, and a few extra/specific requirements for an NRI to transact in mutual funds in India, however.
Maintaining your FundsIndia account
At FundsIndia, we are proud of supporting long-term investments of our investors. Some of our investors open investment schedules with us that last 10 or 15
years if not more. Over such long time periods, life moves on and things various things change. We could change bank accounts, add new ones, wish to change the
nominee for our investments, or move residences and so on. How do we manage these changes with respect to our investments?
Transferring existing folios
If an investor has existing investments in mutual funds, they can transfer the same to their FundsIndia account. This will give them two advantages: