My grandfather and grandmother have some old mutual funds with them. They are separate MFs (not joint). Can I open a joint zerodha account for both of them (both have PAN), and import the old mutual funds in their name into coin so that they can view the mutual funds in a single place?
@iinfi1 In Coin, Mutual Fund units are held in Demat format. I believe the mutual fund units are held by your grandparents would be in physical format. To get them on Coin in one account, either one of your grandparents transfers his or her MF units to the spouse (you have to contact the AMC for the transfer process. And then open a Zerodha demat account (single owned by that person who now has all the MF units while keeping the spouse as nominee) and then apply to dematerialise the MF units. This is a tedious process. And has cost attached. I am not aware of the joint account process. Zerodha team may guide you on that. But joint demat account opening and dematerialisation of physical MF units both the processes would consume time amd money.
If your purpose is to see both the portfolio online for better tracking, I have an instant alternate solution to you and I am personally using the same to track my father’s portfolio, he is a senior citizen and not tech savvy, and my brother’s portfolio because he is an NRI.
I use Kuvera to import their CAS data from CAMS based on their PAN. Instructions on their site. I have added my father’s and brother’s portfolio in my Kuvera account and with one click I can toggle between their portfolios. As a manager of their portfolio I can also invest or redeem on their behalf. I am also using Kuvera because it clubs my MF units in Coin and the MF units I have in physical format, all of them in one place under a single window view.
I think this would cater to your need.
On a different note, keeping separate Mutual fund account for grandfater and grandmother (as it is now) would also help in reducing tax when you redeem. Because both can get benefit of tax exemptions rules individually. But importantly, make sure you have nominee assigned to all of their MF units if you intend to hold for long or pass on as inheritance.