Mutual Funds Redemptions related queries
Created by Nagadeep M U, Modified on Mon, 9 Jun at 2:20 PM by Nagadeep M U
Redemption success
Process Steps | Action/ Response | GTIS |
If regular redemption status is success | Inform the user that your withdrawal request for funds of ₹{regular amount} has been processed successfully and their investment portfolio has been updated. The user should receive the amount in their account within:
| Group: Mutual funds Type: Redemption success Issue: Amount not credited Sub Issue: Info given Status: Pending SLA: Redemption Date Capture the transaction ID, payment transaction ID,order ID, mode of redemption |
If the user states that the withdrawal amount is not credited to his/her account. Agent to check the fund category | ||
If the fud category is {LIQUID} or {DEBT_LOW_DURATION} | ||
Contact before redemption date | Inform the user that his/her withdrawal request has already been processed successfully. ... Also inform them that his/her withdrawal amount will be sent to them in T+1 working day. Request that they check balance after T+1 working day. | Group: Mutual funds Type: Redemption success Issue: Amount not credited Sub Issue: Info given SLA: Redemption date Capture the transaction ID, payment transaction ID,order ID, mode of redemption, Fund category |
Contact after redemption date | Inform the user that we'll raise this issue with the concerned team, and get back with an update within {current date + 3 WD}. ... Don't worry, your money is absolutely safe. Please wait for an update from us. Capture the transaction ID, payment transaction ID,order ID, mode of redemption, fund category & set the SLA as per the TAT of current date + 3 working Day | Group: Mutual funds Type: Redemption success Issue: Amount not credited Sub Issue: To be escalated Status: Waiting on third party Team: MF SME SLA: Current date+3WD |
If the Fund category is Equity | ||
Contact before redemption date | Inform the user that their withdrawal request has already been processed successfully. ... Also inform that his/her withdrawal amount will be sent to them in T+2 Working days. Request them to check balance after 2 Working days. Capture the transaction ID, payment transaction ID,order ID, mode of redemption, Fund category | Group: Mutual funds Type: Redemption success Issue: Amount not credited Sub Issue: Info given Status: Pending SLA: Redemption date |
Contact after redemption date | Inform the user that we'll raise this issue with the concerned team, and get back to you with an update within {current date + 3 WD}. ... Don't worry, your money is absolutely safe. Please wait for an update from us. Capture the transaction ID, payment transaction ID,order ID, mode of redemption, fund category & set the SLA as per the TAT of current date + 3 working Day | Group: Mutual funds Type: Redemption success Issue: Amount not credited Sub Issue: To be escalated Status: Waiting on third party Team: MF SME SLA: Current date+3WD |
If the fund category is FUND_OF_FUND | ||
Contact before redemption date | Inform the user that their withdrawal request has already been processed successfully. ... Also inform that his/her withdrawal amount will be sent to them in T+4 working days. Request them to check balance after 4 working days. Capture the transaction ID, payment transaction ID,order ID, mode of redemption, Fund category | Group: Mutual funds Type: Redemption success Issue: Amount not credited Sub Issue: Info given Status: Pending SLA: Redemption date |
Contact after redemption date | Inform the user that we'll raise this issue with the concerned team, and get back to you with an update within {current date + 3 WD}. ... Don't worry, your money is absolutely safe. Please wait for an update from us. Capture the transaction ID, payment transaction ID,order ID, mode of redemption, fund category & set the SLA as per the TAT of current date + 3 working Day | Group: Mutual funds Type: Redemption success Issue: Amount not credited Sub Issue:To be escalated Status: Waiting on third party Team:MF SME SLA: Current date+3WD |
If the fund category is INTERNATIONAL Funds | ||
Contact before redemption date | Inform the user that their withdrawal request has already been processed successfully. ... Also inform that his/her withdrawal amount will be sent to them in T+ 6 working days. Request them to check balance after 6 working days. Capture the transaction ID, payment transaction ID,order ID, mode of redemption, Fund category | Group: Mutual funds Type: Redemption success Issue: Amount not credited Sub Issue: Info given Status: Pending SLA: Redemption date |
Contact after redemption date | Inform the user that we'll raise this issue with the concerned team, and get back to you with an update within {current date + 3 WD}. ... Don't worry, your money is absolutely safe. Please wait for an update from us. Capture the transaction ID, payment transaction ID,order ID, mode of redemption, fund category & set the SLA as per the TAT of current date + 3 working Day | Group: Mutual funds Type: Redemption success Issue: Amount not credited Sub Issue:To be escalated Status: Waiting on third party Team: MF SME SLA: Current date+3WD |
If the user states that, his/her portfolio is not updated or has incorrectly been updated. | Check if the customer has reached out to us on the same day of the redemption date or 1 working day after the redemption date. | |
CX has reached out on the same day | Inform the user that his/her withdrawal request was completed successfully and the portfolio will be updated in a maximum of 1 WD Ask him/her to share a screenshot if the portfolio is still not updated. Please know that we update the portfolio between 10 p.m. 11 p.m. on a trading day after your withdrawal is successful However, withdrawals made outside PhonePe won't be updated on the app. If you see any discrepancy in your Portfolio details please reply with a screenshot to help you better.
| Group: Mutual funds Type: Portfolio Issue: Showing incorrect balance Sub Issue: Asked for more details Status: WOC |
CX shared the requested screenshot after 1 day | If the portfolio details are not updated as per SS | |
Details are incorrectly updated | Inform the user that we'll raise this issue with the concerned team, and get back to you with an update within {current date + 3 WD}. | Group: Mutual funds Type: Portfolio Issue: Showing incorrect balance Sub Issue: To be escalated Status: Waiting on third party Team: MF Ops 1 SLA: Current date+3WD |
Redemption is successful, however, got an intimation from AMC that cheque is issued. | - Inform the customer that the amount was sent through an electronic medium at first. However, the transfer failed due to some tech issue. - As per SEBI guidelines, if the first attempt of transfer fails, the AMC will issue a cheque and sends it on the KYC address. -As customer have received a confirmation from AMC about the cheque. We will escalate this to concerned team to get the tracking details and get back with an update within 3 working days from today. | Group: Mutual funds Type: Redemption success Issue: Cheque issued Sub Issue: To be escalated Status: Waiting on third party Team: MF Ops 1 SLA: Current date+3WD |
Cheque received with incorrect details | - Inform the customer that if he has received the cheque with incorrect details, then he needs to contact his AMC as the cheque is generated from AMC's end and it cannot be changed from PhonePe' end. - Check the AMC for which customer had received the cheque and provide the AMC contact details. | Group: Mutual funds Type: Redemption success Issue: Cheque issued Sub Issue: Received cheque with incorrect details Status: Pending SLA: Current time+9 hours |
When L2 shared cheque details with tracking ID | AMC tried sending you the money through NEFT. However, since the NEFT failed, they’ve issued you a cheque.
| Group: Mutual funds Type: Redemption success Issue: Cheque issued Sub Issue: Shared cheque details Status: Pending SLA: Current time+9 hours |
If cheque is returned Undelivered(RUD) | Please be informed that due to some issue the warrant/cheque issued by AMC was returned undelivered. We would like to inform you that in order for us to reinitiate this payment, we request you to send us a scanned copy of a canceled cheque/account statement of the primary bank account on your folio to mf-cs@phonepe.com. Along with the document we also request you to kindly write a handwritten letter on the same email body requesting the reinitiation of the NEFT as follows: To The Manager, <AMC> Dear Sir/Ma'am, I would like to inform you that for my redemption of Rs. XYZ, dated - (date of redemption) for folio number - ________ I have not received the amount. Please re-initiate NEFT transfer for the same. Name (as in PAN) Signature (as in PAN) Once you send us this mail with the required documents, we will immediately forward this to the AMC to reinitiate the payout for the transaction. Also, kindly ensure that you mention this Ticket ID in the subject line of the mail you send us. Kindly note that once you have sent us the required documents, the transfer will be initiated within 4-5 working days. Also, make sure the documents (canceled cheque/ bank statement) you share should have the following details clearly visible: - Your name - Your bank account number - IFSC code | Group: Mutual funds Type: Redemption success Issue: RUD Sub Issue: Asked for more details Status: WOC |
If cx says he/She shared the requested documents | - Inform the customer that we have received the requested documents. - Inform him/her that we are escalating this to our concerned team and we will get back to him/her with the update within 3 working days. | Group: Mutual funds Type: Redemption success Issue: RUD Sub Issue: Shared requested details Status: Waiting on third party Team: Mutual funds SLA: Current date+3WD |
The docs shared by the customer are incorrect Or Didn’t receive the docs shared | Inform the customer that we are unable to process the refund as the docs you’ve shared do not match our criteria. Please share the correct mentioned above. Note: If L2 has asked for specific corrections, mention the same to the customer | Group: Mutual funds Type: Redemption success Issue: RUD Sub Issue: Asked for more details Status: WOC |
When L2 informs us that Mail has been sent to AMC to reinitate the Neft | Inform the customer that we have forwarded the docs to AMC and that AMC will reinitiate the refund as soon as possible. Please expect the refund to be processed within 4-5 working days | Group: Mutual funds Type: Redemption success Issue: RUD Sub Issue: Mail sent to AMC Status: Pending SLA: Current time+ 48 hours |
Customer comes back after 4-5 days saying that he/she still haven’t received the amount | Inform the user that we'll raise this issue with the concerned team, and get back to you with an update within {current date + 3 WD}. ... Don't worry, your money is absolutely safe. Please wait for an update from us. Capture the transaction ID, payment transaction ID,order ID, mode of redemption, fund category & set the SLA as per the TAT of current date + 3 working Day | Group: Mutual funds Type: Redemption success Issue: RUD Sub Issue: To be escalated Status: Waiting on third party Team: MF Ops 1 SLA: Current date+3WD |
If L2 asks the customer to reach out to AMC for further help | Inform the customer that AMC tried processing your refund but it’s failing. Please contact AMC. Share the AMC details | Group: Mutual funds Type: Redemption success Issue: RUD Sub Issue: Routed to AMC Status: Pending SLA: Current time+ 9 hours |
Placed withdrawal request, however, portfolio linked bank a/c is closed | Inform the customer to reach out to AMC for this particular redemption as customer has already placed the redemption and his bank account is inactive/closed. - Inform the customer that if he/she wishes to change the bank account linked to his portfolio, then the customer needs to visit the nearest office of CAMS. The customer can locate the nearest CAMS office by clicking on the below link:
https://www.camsonline.com/Investors/Support/CAMS-Location&Service-center
Customer can do this by giving a written request marking his/her folio number along with a cancelled cheque leaf of the old and new bank. This can be submitted at either the office of the fund house or at the RTA for the fund house.
In case the customer does not have a chequebook, ask the customer to physically walk up to the nearest CAMS office to complete the in-person verification to change his/her primary bank details. Request them to contact the CAMS for further details on this. | Group: Mutual funds Type: Redemption success Issue: Change bank account Sub issue: Redemption requested for closed bank account Status: Pending SLA:current time + 9 hrs |
If the amount has been credited to the wrong account | Inform the customer that AMC credits the amount to the folio linked bank account. If he/she wishes to change the bank account linked to his portfolio, For AMC’s Aditya Birla/ Bandhan/ DSP/ HDFC/ HSBC/L&T/ICICI/Kotak/Navi/PPFAS/SBI/Tata/WhiteOak - Share CAMS link For AMC’s Axis/ Edelweiss/ Nippon/ Groww/Quant/LIC/ Baroda/ Invesco/ UTI/ Mirae/ Motilal/ PGIM/ Sundaram - KFINTECH link Share AMC details as well | Group: Mutual funds Type: Redemption success Issue: Change bank account Sub issue: Routed to RTA/AMC Status: Pending SLA:current time + 9 hrs |
How to change bank account in the CAMS website | To do it with CAMS RTA tap on the link and follow the steps: 1) Enter your PAN number. Your mobile number will be automatically fetched. 2) Next, enter the OTP. 3) Select your AMC. Tap the bank account and enter the OTP. You can check your bank account details. 4) Tap Link and Submit and enter your OTP again. 5) Choose the folio number. 6) And add your new bank details. Once you check the summary of your old and new bank account details and tap Submit. | Group: Mutual funds Type: Redemption success Issue: Change bank account Sub issue: Routed to RTA/AMC Status: Pending SLA:current time +9 hrs |
Received lesser amount | Check if the difference of amount is lesser than 5% | |
If the difference is less than 5% | Inform the customer there might be difference in amount due to the following reason: Customer to check if: a) NAV applied at the time of redemption approval(Max2-3%) b) Withdrawal charges set by AMC(Exit load - max 1-2%) If the difference in the received amount is around <= 5% tell the cx that it is due to NAV and Exit load | Group: Mutual funds Type: Redemption success Issue: Less amount received Sub issue: Info given
Status: Pending SLA: Current time + 9 Hours |
If the difference in the received amount is greater than 5% | Inform the customer that it might be because you have redeemed outside Phonepe which will not get updated on the app. Hence you might see the higher amount in your app while redeeming but receive only the exact amount available in his folio. - Inform the customer to download his consolidated statement to cross-check the exact folio balance and the NAV applied for his redemption. https://mfs.kfintech.com/investor/General/ConsolidatedAccountStatement https://www.camsonline.com/Investors/Statements/Consolidated-Account-Statement To download the eCAS statement,
However, if there are any discrepancies, customer can get back with the screenshot of the consolidated statement. | Group: Mutual funds Type: Redemption success Issue: Less amount received Sub issue: Info given
Status: Pending SLA: Current time + 9 Hours |
The customer has shared the e-cas statement | Agent to check if 2 folios are created for the same AMC. If yes, We see that two portfolios are created for the same fund. We request you withdraw from one portfolio and once you have zero units in that folio or your current value becomes 0, please get back to us, we will map the 2nd folio. Note: In order to map the 2nd folio, the 1st folio details would be nullified. Agent info: Multi folio case is only rare occasions where user had done one purchase but debit had happened twice and RTA allocates units for both, It would generate the folio for both and 2 folio's would get created for one order(Do not share with customers) | Group: Mutual funds Type: Portfolio Issue: Multiple folios Sub Issue: Info given Status: WOC |
The customer comes back saying that he redeemed from the first folio | Inform the user that we've raised this with the concerned team to check on what happened, and will give you an update before <current date + 3 Working Days>. | Group: Mutual funds Type: Portfolio Issue: Multiple folios Sub Issue: To be escalated Status: Waiting on third party Team: MF Ops 1 SLA: Current date+3WD |
If multiple folios are not created as per e-cas and CX hasn’t redeemed from outside | Inform the customer that the difference in the amount might be due to a technical issue. Inform the user that we've raised this with the concerned team to check on what happened, and will give you an update before <current date + 3 Working Days>. | Group: Mutual funds Type: Portfolio Issue: Multiple folios Sub Issue: To be escalated Status: Waiting on third party Team: MF Ops 1 SLA: Current date+3WD |
If multiple folios are not created as per e-cas and the folio balance is less than the one shown in Share.market App | Inform the customer that it might be because you have redeemed your funds outside Share.market which will not get updated on the Share.market App. Hence you might see the higher amount in his folio while redeeming but receive only the exact amount available in his folio. | Group: Mutual funds Type: Portfolio Issue: Showing incorrect balance Sub Issue: Redeemed offline Status: Pending SLA: Current time + 9 Hours |
I have updated my bank account in RTA or AMC website but the details are not updated on Share.Market app | I understand your concern. Any changes made through the RTA or AMC's website will not be reflected in your portfolio on the app. Don't worry, you will receive the withdrawal amount to the bank account linked with your folio. Please check the status of your account change request on the RTA or AMC website. | Group: Mutual funds Type: Bank related Issue: Changes not reflecting Sub Issue: Info given Status: Pending SLA: Current time + 9 Hours |
Incorrect NAV applied | Please note that NAV is applied based on the time of your withdrawal. You can check the summary of your withdrawn units below: Withdrawal date: {navDate} NAV: {nav} Units withdrawn: {units} Total amount: {amount} If there’s any discrepancy in the NAV, ask the CX to share a SS | Group: Mutual funds Type: Redemption success Issue: Incorrect NAV Sub Issue: Info given Status: Pending SLA: Current time+ 9 hours |
CX shared a ss where NAV is not updated | Inform the user that we will raise this with the concerned team to check on what happened, and will give you an update before <current date + 3 Working Days>. | Group: Mutual funds Type: Redemption success Issue: Incorrect NAV Sub Issue: To be escalated Status: Waiting on third party Team: MF Ops 1 SLA: Current date+3WD |
Redemption Failed | ||
Redemption failed with an error saying - Your fund withdrawal failed as your KYC verification is not complete or you have zero/insufficient withdrawable balance. Please submit your documents for KYC or tap Withdraw All. | Agent to check the KYC status of the customer. If the KYC is verified. Inform the customer that you have zero/insufficient withdrawable balance. This might be because you have redeemed it outside of PhonePe and the same is not updated in our system. Inorder to check this further, please help us with the e-cas statement which can be downloaded from the links below: | Group: Mutual funds Type: Redemption failed Issue:Unable to withdraw Sub Issue: Info given Status: WOC |
Redemption failed, but CX has sufficient balance as per CAS Or Redemption failed, but CX got amount as per CAS | Inform the user that we will raise this with the concerned team to check on what happened, and will give you an update before <current date + 3 Working Days>. | Group: Mutual funds Type: Redemption failed Issue: Unable to withdraw Sub Issue: To be escalated Status: Waiting on third party Team: MF Ops 1 SLA: Current date+3WD |
Customer has 0/Insufficient balance in portfolio as per CAS | This is because you have redeemed it outside of share.market and the same is not updated in our system. | Group: Mutual funds Type: Redemption failed Issue: Redeemed offline Sub Issue: Portfolio not updated Status: Resolved |
Multiple redemption failure | Inform the user that we will raise this with the concerned team to check on what happened, and will give you an update before <current date + 3 Working Days>. | Group: Mutual funds Type: Redemption failed Issue: Multiple redemptions failed Sub Issue: To be escalated Status: Waiting on third party Team: MF Ops 1 SLA: Current date+3WD |
Redemption Pending | ||
Can I get it faster? | Check when did the customer reach out to us before or after redemption date | |
If he comes within TAT | We understand your concern. Amount would reach your account by {redemption date} Based on the fund type of the investment share the below TAT to CX. Equity: 2 Working days Debt: 1 working days Fund of Funds:4 working days Liquid: 1 working days International: 6 working days | Group: Mutual funds Type: Redemption pending Issue: Haven't received amount Sub Issue:Within wait time Status: Pending SLA: Redemption date |
If he comes After TAT | Inform the user that we will raise this with the concerned team to check on what happened, and will give you an update before <current date + 3 Working Days>. | Group: Mutual funds Type: Redemption pending Issue: Haven't received amount Sub Issue: After wait time Status: Waiting on third party Team: MF SME SLA: Current date+3WD |
Can I cancel my withdrawal request? | No, you won't be able to cancel the withdrawal request once you have placed the order. | Group: Mutual funds Type: Redemption pending Issue: Cancel redemption Sub issue: Info given Status: Pending SLA: Redemption date |
Can I change my bank account? | Check if the AMC that CX is talking about | |
If the AMC is ADITYA_BIRLA_SUN_LIFE/ BANDHAN/ DSP/ HDFC/ HSBC/L&T/PRU_ICICI/KOTAK/NAVI/PPFAS/SBI/TATA/WHITEOAK | We understand your concern. Unfortunately, you won't be able to change your bank account on Shae.market. Don't worry, you can update the same by tapping the CAMS link here | Group: Mutual funds Type: Redemption pending Issue:Change bank account Sub issue: Routed to RTA/AMC Status: Pending SLA: Redemption date |
AXIS/ EDELWEISS/ NIPPON/ GROWW/QUANT/LIC/ BARODA/ INVESCO/ UTI/ MIRAE/ MOTILAL/ PGIM/ SUNDARAM | We understand your concern. Unfortunately, you won't be able to change your bank account on Share.Market. Don't worry, you can update the same by tapping the KFintech link here | Group: Mutual funds Type: Redemption pending Issue:Change bank account Sub issue: Routed to RTA/AMC Status: Pending SLA: Redemption date |
I have switched my plan | If you've switched your plan outside Share.market, you won't be able to withdraw your funds on the app. If you wish to withdraw your funds, you may do so by visiting the AMC website. | Group: Mutual funds Type: Redemption pending Issue: Switched my plan Sub issue: Portfolio not updated Status: Pending SLA: Redemption date |
I've redeemed my units outside of Share.Market | If you've withdrawn your funds from a different app or an AMC website, your portfolio may not get updated on the Share.market app. However, you can download your consolidated portfolio using the links mentioned below. | Group: Mutual funds Type: Redemption pending Issue: Redeemed offline Sub issue: Portfolio not updated Status: Pending SLA: Redemption date |
If customer comes up with an other query | Address it as per the VOC shared in the freetext option and escalate the issue if required | Tagging can be updated based on the GTIS |
When will I receive the refund | If the overall payment status is shown the following PROVIDER_REQUEST_PENDING PROVIDER_REQUEST_SUCCESSFUL UNIT_DEALLOCATION_SUCCESSFUL | |
PROVIDER_REQUEST_PENDING | ||
If CX came before redemption time | Inform the customer that your withdrawal request has been sent to the exchange(BSE), we are awaiting approval from BSE on the same. You'll receive this amount in your {beneficiaryBankName} bank account ending with {bankAccountNumber} by {Redemption date} from {amc} once BSE accepts your request and sends it to RTA(CAMS/KFintech). Ask the customer to wait till {redemption date} | Group: Mutual funds Type: Redemption pending Issue: Haven't received amount Sub Issue:Within wait time Status: Pending SLA: Redemption date |
If CX comes after redemption time | Inform the customer that your withdrawal request has been sent to the exchange(BSE), we are awaiting approval from BSE on the same. However, since it is taking longer than usual to receive an update, we are escalating the issue and will get back to you with an update by {current date+3 WD} | Group: Mutual funds Type: Redemption pending Issue: Haven't received amount Sub Issue: After wait time Status: Waiting on third party Team: MF SME SLA: Current date+3WD |
PROVIDER_REQUEST_SUCCESSFUL | ||
If CX came before redemption time | Inform CX that your withdrawal request of has been accepted or approved by BSE. It will be sent to RTA for its approval. You'll receive this amount in your {beneficiaryBankName} bank account ending with {bankAccountNumber} by {Redemption date} from {amc} once RTA accepts your order. Please check your bank account statement for a confirmation. | Group: Mutual funds Type: Redemption pending Issue: Haven't received amount Sub Issue:Within wait time Status: Pending SLA: Redemption date |
If CX comes after redemption time | Inform CX that your withdrawal request of has been accepted or approved by BSE. It will be sent to RTA for its approval. However, since it is taking longer than usual to receive an update, we are escalating the issue and will get back to you with an update by {current date+3 WD} | Group: Mutual funds Type: Redemption pending Issue: Haven't received amount Sub Issue: After wait time Status: Waiting on third party Team: MF SME SLA: Current date+3WD |
UNIT_DEALLOCATION_SUCCESSFUL | ||
If CX came before redemption time | Inform CX that your withdrawal request of ₹{regular amount} has been accepted by RTA. You'll receive this amount in your {beneficiaryBankName} bank account ending with {bankAccountNumber} by {Redemption date} from {amc}. Please check your bank account statement for a confirmation. | Group: Mutual funds Type: Redemption pending Issue: Haven't received amount Sub Issue:Within wait time Status: Pending SLA: Redemption date |
If CX comes after redemption time | Inform CX that your withdrawal request of ₹{regular amount} has been accepted by RTA. However, since it is taking longer than usual to receive an update, we are escalating the issue and will get back to you with an update by {current date+3 WD} | Group: Mutual funds Type: Redemption pending Issue: Haven't received amount Sub Issue: After wait time Status: Waiting on third party Team: MF SME SLA: Current date+3WD |
Received a message from AMC that amount has been credited | We understand your concern. Do not worry, we have informed our team regarding this issue, they are actively working towards updating the latest state of your transaction. .. We would request you to wait till {Current date+3 WD} to get a final update on your issue. | Group: Mutual funds Type: Redemption pending Issue: Haven't received amount Sub Issue: After wait time Status: Waiting on third party Team: MF SME SLA: Current date+3WD |
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