Consolidated Account Statement for Mutual Funds: Everything You Need to Know

April 1, 2023

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Consolidated Account Statement for Mutual Funds: A Comprehensive Guide

Mutual funds are an excellent investment option for people looking to diversify their portfolio and earn good returns. With a plethora of mutual fund schemes available in the market, keeping track of one’s investments can be a tedious task. This is where a consolidated account statement (CAS) for mutual funds comes into play.

In this blog, we will discuss everything you need to know about consolidated account statements for mutual funds, including its definition, benefits, and how to obtain it.

What is a Consolidated Account Statement?

A consolidated account statement is a document that provides a summary of all mutual fund investments made by an investor across different fund houses. It is a single statement that captures all the transactions made in the investor’s mutual fund investments, including purchases, redemptions, and switches, among others.

Benefits of a Consolidated Account Statement

A consolidated account statement offers several benefits to investors, including:

Convenience: With a consolidated account statement, investors can view their entire mutual fund portfolio in one place, making it easier to keep track of their investments.
Easy Monitoring: Investors can track their investments and keep an eye on their portfolio’s performance with a consolidated account statement. They can also identify any redundant or underperforming investments and take appropriate actions.
Transparency: A consolidated account statement provides complete transparency to investors by giving them an overview of all the transactions made in their mutual fund investments.
Reduced Paperwork: A CAS reduces the amount of paperwork for investors as they no longer need to maintain separate records of their mutual fund investments.

How to Obtain a Consolidated Account Statement

Investors can obtain a consolidated account statement in the following ways:

Online: Investors can visit the websites of individual fund houses or CAMS (Computer Age Management Services) or Karvy to obtain their CAS. They need to enter their PAN (Permanent Account Number) and registered email address to generate the statement.
Offline: Investors can also request for a consolidated account statement by visiting the nearest CAMS or Karvy branch. They need to carry their PAN card and a valid identity proof, such as Aadhaar card, driving license, or passport, among others, to get the statement.
Email: Investors can request for a consolidated account statement through email by sending a request to the respective fund house or CAMS or Karvy. They need to mention their PAN and registered email address in the request.

While the process of obtaining a consolidated account statement for mutual funds is relatively simple, investors must ensure that the statement they receive is accurate and up-to-date. It is essential to review the statement carefully and cross-check it with their records to ensure that all transactions are correctly reflected.

Investors should also keep in mind that a consolidated account statement may not provide a complete picture of their portfolio’s performance, as it only captures transactions made within the mutual fund industry. Other investments, such as stocks or bonds, may not be included in the statement. Therefore, investors should also maintain a separate record of their other investments to get a comprehensive view of their overall portfolio.

Moreover, it is advisable to obtain a consolidated account statement at regular intervals, preferably every six months, to keep track of any changes in their portfolio. This will enable investors to identify any gaps in their investments or any changes in their financial goals, allowing them to make informed decisions regarding their investments.

Conclusion

In conclusion, a consolidated account statement for mutual funds is a valuable tool that provides investors with a comprehensive view of their mutual fund investments. It helps investors monitor their investments and take timely actions to optimize their portfolio’s performance. Investors should obtain a consolidated account statement regularly and review it carefully to ensure that it accurately reflects their investments. By doing so, they can make informed decisions and achieve their financial goals.

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Frequently Asked Questions (FAQs)

What is a consolidated account statement for mutual funds?
A consolidated account statement is a document that provides a summary of all mutual fund investments made by an investor across different fund houses.

Why do I need a consolidated account statement?
A consolidated account statement helps investors keep track of their mutual fund investments and monitor their portfolio’s performance. It also reduces paperwork and provides transparency.

How often can I get a consolidated account statement?
Investors can obtain a consolidated account statement at regular intervals, preferably every six months.

Can I get a consolidated account statement online?
Yes, investors can visit the websites of individual fund houses or CAMS or Karvy to obtain their CAS online.

Is there a fee for obtaining a consolidated account statement?
No, there is no fee charged for obtaining a consolidated account statement.

How do I cross-check my consolidated account statement?
Investors should review the statement carefully and cross-check it with their records to ensure that all transactions are correctly reflected.

What transactions are reflected in a consolidated account statement?
A consolidated account statement reflects all transactions made in an investor’s mutual fund investments, including purchases, redemptions, and switches, among others.

Are other investments, such as stocks or bonds, included in a consolidated account statement?
No, a consolidated account statement only captures transactions made within the mutual fund industry.

Can I obtain a consolidated account statement for my spouse’s mutual fund investments?
No, a consolidated account statement is specific to an individual’s PAN number and only reflects transactions made in their mutual fund investments.

How can I request a consolidated account statement offline?
Investors can visit the nearest CAMS or Karvy branch and carry their PAN card and a valid identity proof, such as Aadhaar card, driving license, or passport, among others, to get the statement.