May 08, 2007 03:05 PM
14663 Views
Citibank's online investment is very convenient and simple. You select the Fund house and fund name, enter the amount and the request gets processed. You can invest in lumpsum or set up an SIP(they call it RIS). Most of the popular fund houses have tied up with Citibank like HDFC, ICICI, DSP ML, Fidelity and Franklin Templeton. The selling is also pretty simple. select the fund u need to sell and the units and the money gets deposited in your account in a couple of days.
The sad part id that they do not have SBI and Sundaram yet on their online investment and they do not have very good relationship managers or Citiphone officers who understand Mutual funds. They have E-serve in Bangalore taking calls to solve customer queries. Now I believe it has moved to Chennai. One Mr Irafan from e-serve bangalore was a very good relationship manager who helped me and a lot of colleagues understand the nuances of MF.
I am surprised everytime I talk to a citiphone office and talk about CAMS online and they go blank, most of them have not heard about CAMS.
The statement part is a bit tricky. Citibank send u a Statement whenever there is a transaction under the citibank letterhead. You do not receive a statement from the fund houses not can u subscribe one online as citibank would have registered the mutual fund investment in our name with their email address and citibank address. I have tried in vain to get a fund house statement from citibank. as they would tell u to contact the fund house and the fund house cannot send u a statement as the address registered in not yours. I went to HDFC personally and requested for a statement and submitted the same as a proof of investment
