I am evaluating whether I should consolidate all my Mutual Funds on COIN or MF Utility. I have an account with both now.
MF Utility: MF Utility activated my CAN and Online Login. However, it seems I need to complete a physical form before I can initiate a SIP on their site. I find that extremely discouraging. I thought it is completely online but it’s not. Plus, the interface is not great. The only things I like is that it’s absolutely free and it is recognized by almost all AMCs, AMFI & SEBI. Very legit I think. There is no issue with any fractional units, you can buy & sell in decimals (fractional units).
COIN: Everything was set up online, no paper forms. Can buy/set up SIP online without any paper forms. Charges are INR 50 a month plus demote charges of INR 300 a year plus every time you redeem, there is a charge. The biggest problem seems to be that you can’t redeem Fractional units. If you have 220.76 units in a folio, you may forever be stuck with the .76 units. Is there a solution to that?
Direct AMC: How about I continue to invest directly on the AMC websites. Now that I have a CAN from MFU, if I die or something; my heir only needs that one CAN to access/redeem everything; even though I don’t invest through MFU. Is my interpretation correct?