Important! Please proceed to create a new Folio online if you are KRA/KYC compliant before February 1, 2017. In case you have completed your KRA/KYC after that date, then you need to be CKYC compliant too in order to be eligible to create the new folio.
Now, just use your fingers instead of your feet. Few points to note:
Eligible applicants: Resident Individual and Non-Resident Individuals who are KRA compliant.
Guardians who are KRA Compliant. As per current SEBI Regulations, the Minor's name should be entered as the First Holder. Second / third holders /Nominations are not permitted in the case of such applications.
Your Folio No and Account Statement will be sent to your registered e-mail ID within two working days of your online application.
Please note: Citi Bank and Indusind Bank Debit Cards not eligible
In case of online purchases, the following Regulations apply:
In case of applications below ₹ 2 lakhs:
Units will be allotted either as per the time stamp of your 'Purchase Confirmation' on the camsonline.com website. Units will be allotted based on the same day's NAV if the application is made prior to 3:00 PM.
In case the application amount is equal to or over ₹ 2 lakhs:
As per current SEBI Regulations, the Net Asset Value (NAV) of the units being allotted will depend on the date and exact time of actual credit of the application money into our 'Scheme Collection Account'.
This credit usually happens one working day after the amount is debited from the applicant's bank account (T+1) but may get delayed further due to technical / operational reasons, on rare occasions.
Amounts received upto the SEBI mandated cut-off time of 3:00 PM will receive the NAV of the day of credit. If the credit occurs after 3:00 PM, units as per the next working day's NAV.
For instance, ₹ 10 lakhs is debited from the Applicant's Account at 1:00 PM on January 4, 2017. However, we receive the amount from Billdesk, our payment gateway provider at 3:05 PM on January 5, 2017. In such a case, all those who have invested ₹ 2 lakhs and above will receive units as per the NAV of January 6, 2017 (and not January 4th or 5th).
However, if we receive this same sum from Billdesk at 1:00 PM on January 5, 2017 the applicant will receive the NAV of January 5th.
Please note : As per current convention, Billdesk aggregates all amounts received during a given day and sends the cumulative amount to our Scheme Collection Account on 'T+1 working day'. This system is not peculiar to our Mutual Fund. It is the same for equity schemes of other mutual funds too. As and when this system speeds up, all Funds will benefit.