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Mutual Funds

Important update about your mutual fund investment. And some other minor changes.

Written by - Tejesh Kumar

November 18, 2020 2 minutes

This is to inform you that starting November 17, 2020, the Reserve Bank of India has placed Lakshmi Vilas Bank (LVB) under a moratorium for a month, capping withdrawals at Rs. 25,000 per depositor. 

Please note, your investments are with Mutual Fund Companies and not with LVB hence this moratorium will not impact your mutual fund investments in any manner. However, your access to the money redeemed to your LVB account may get blocked during this period due to the capped withdrawal limit.  

Hence, to ensure your money does not get withheld — we’ve disabled redemptions to LVB accounts for the time being and have come up with an alternate process for the same. 

Here’s what you need to do should you wish to place a redemption request:

  • Send an email to with details of the fund name, the redemption amount along with the alternate bank account* details as mentioned below:
    1. Bank Name 
    2. Account Number 
    3. IFSC Code 
    4. Attach Bank Proof (either canceled cheque or passbook photocopy or one month’s bank statement)

Upon receiving your alternate bank details and your redemption request, our Operations Team will take it forward and we will notify you once the redemption order is placed. You will receive the redemption amount in your alternate bank account within 4-5 working days.

We’ve taken this measure to ensure we continue to serve you in a way that makes your investments 24/7 reliable and seamless. 

Should you need any further assistance, please call us on +917829228886 .


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