How can i invest in ELSS to avoid the entry fees ?

Question

I invested through internet banking but i was charged entry fees . Please guide me .

Answer 1

you think they work on charity?

Answer 2

You can avoid entry loads if you directly buy from the AMC Office. For example you want to buy say HDFC Taxsaver, which by the way is a great ELSS fund. You can go to the nearest HDFC Bank office, and ask them the address of the HDFC AMC Office in your city/town. There you need to fill-in the forms and submit with PAN copy, etc. This also means when you need to redeem the units you will again have to physically fill up the forms, quote Ledger/Folio nos, etc.

Having said that, saving on entry loads may not be worth so much trouble as you would have realised form above. Because you could subscribe online thru a online distributor of mutual funds such as Citibank or ICICIDirect. Buying and selling is real-time, hassle free, no forms need to be filled up (as the bank/distributor has all your details) and you can track your funds portfolio at their sites.

In my opinion it is worth paying the entry loads if you are subscribing online, because of these other real advantages. However if you are buying/selling offline and physically filling the forms everytime, then it may a good idea to save entry loads by buying directly from the AMC office.

Answer 3

hi,

it is unavoidable. either you have entry load or exit. that's the difference.

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Answer 4

Most of the schemes do have Entry load for subscription.  There have been proposals to remove this entry load, but it is still not implemented ; so you cannot avoid this fee.

Answer 5

Hi, you have to directly go to the Asset Managment companies office and submit your application. My suggestion is to hire a good advisor who can give you good service. If you invest directly then you will have to personaly visit the office at the time of investment or redemption and follow up if you dont receive the statment. All this process will incur some expenses. Its better to go for an advisor and let him give u good advice and serivice.

Answer 6

Go to the AMC office directly. Then you will not be charged any entry load.