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>Joint holding in mutual funds Investing in a mutual fund under joint names is a good idea. It can be operated by either of the unit holders. Joint holding is also hassle-free because the investment passes on to the survivor if one of them dies, as the right of the joint holders is superior to that of nominees. Funds allow investment jointly, either between two or among three unit holders.
Joint application
Joint holding is established at the time of application. All joint holders should sign the application. PAN and KYC details are required for all joint holders.
Mode of holding
The investors should specify the mode of holding. They can choose between ’joint’ or ’anyone or survivor’. If mode of holding is not mentioned, the mutual fund treats the mode of holding as ’joint’ by default.
Operation of joint folio
If the mode of holding is ’joint’, financial and non-financial transaction requests should be signed by all unitholders. But if it is ’Anyone or Survivor’, any one of the unitholders may sign the transaction requests.
Nomination
Irrespective of mode of holding, request for nomination or cancellation of nomination must be signed by all joint holders in the folio. Rights of the nominee will arise only after the death of all joint holders in the folio.
Death of joint holder
In case one or more of the unit holders die, the units will be transmitted to the remaining unit holders after submission of death certificate and other documents as may be specified by the AMC.
Points to note
1. All communications and payments (dividends, redemption) by the mutual fund are made to the first unit holder only.
2.If units are held in a demat account, the rules of the Depository will be applicable to operate the demat account.
3. Minors cannot be jointholders in a mutual fund folio.
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