What is Folio Number – Relevance?
You will be familiar with bank account number; the bank assigns the number to customers as an identification unique number to the account holder. Following the same, fund houses allot a number to a mutual fund investor called ‘folio number’.
WHAT IS A FOLIO NUMBER?
You’ll get different folios for different mutual funds. But, if you are holding more than one mutual fund, one folio number will be good to all of them. Precisely, it represents your shares in the scheme. Thus, the systematic storage of mutual funds data and records is vital for transparency.
Foremost, the column of folio number is left blank. The fund house generates the folio number only after the first investment.
RELEVANT TO INVESTORS?
The statement of the mutual fund is vital because it summarizes all your investment trail in that fund. Similarly, like a bank that shows every transaction you do. Therefore, the folio number is an important component of the mutual fund statement. Using the same folio number make it economical for you to manage all the investments with the same fund house. Soft copy of the email statement comes within 2-3 days after the investment, whilst a hard copy in 5-10 days. Okay, if you are thinking about how to get your folio number? The selected AMC will give after your first investment.
ADVANTAGES OF FOLIO NUMBER
- Folio number can easily trace funds deposited by the investor in different funds.
- It is one of the easiest ways to check the record of the investor.
- The investor can avail statement(s) for any period using the folio number.
- It can dig up investor’s contact information and transaction history.
- To get the list of the units with the AMC folio number can be used.
- Save the time for KYC process with the same fund house with folio number.
HOW TO FIND YOUR FOLIO NUMBER?
|Mutual Fund Statements||Consolidated Account Statements||Website/App of the AMC|
|Fund house gives it to an investor when the fund is purchased.||Like bank issues passbook for salary or savings accounts.||The investor can make fund transaction through online/app.|
|The investor will receive folio number as SMS and email.||Information is reflected about the entire mutual fund scheme along with folio number.||Folio number is available on e-statement.|
|For the request of new copies AMC charges.||For one month it’s free. Charges will be there for other statements.||Both online/app are commission free.|
Saving your folio number can be useful, this allows you to keep a check on the performance of the fund, thus, helping in making the decision. But, if you haven’t given any thought about mutual funds, now is the right time. Gulaq (originally spelled as gullak) is a convenient option for you to choose funds from top AMCs. Talk to the advisors.
*Mutual fund investments are subject to market risks. Please read the scheme information and other related documents carefully before investing.