Different ways to find your Folio number quickly.
It’s a humongous world of numbers out there — numbers linked to bank accounts, passwords, permanent account number, trader account number, customer identification number, and unique numbers for insurance and mutual fund investments and bank deposits, etc — that one must keep track of and put to use.
It is not an impossible task to keep track, but certainly tedious.
While the hassle is largely unavoidable, one can certainly avoid some. Consider, mutual funds. One can avoid having to quote separate numbers for mutual fund investments by quoting minimum folio numbers for all transactions with the same fund house.
But, what is a Folio Number?
A folio number is a number given to a mutual fund investor by an asset management company. An Asset Management Company is an institution that launches various mutual fund schemes keeping in mind different objectives. This number is unique for each fund house. So, when you invest for the first time in a fund you would get a folio number that’s different from the folio number given to you when you previously invested in another fund.
Much like a bank account number, a folio number depict your holdings in the schemes of a fund house. There is absolutely no restriction on the number of folios that you can have with a particular fund house. However, it is good practice to have a minimal number of folios so that it is easier to keep track of your investments.
By quoting your folio number, you can get a list of your unit holdings with the fund houses.
To put things into simpler perspective, all mutual funds need some sort of record-keeping system in place.
Where to find your Folio Number?
Finding your Folio number is no rocket science. Here are a few ways through which you could find/retrieve your folio number.
Consolidated Account Statements (CAS):
As the name suggests, it is a statement that reflects your money holding in a scheme. A statement of accounts is like a bank pass book.
A Consolidated account statement will reflect the following:
- The scheme in which you have invested.
- The amount you’ve invested, the purchase price and the units you were allotted.
- Other details like Folio number, Bank details, mailing, and contact details, nominee details, etc.
The industry issues a consolidated account statement across fund houses once a month. However, one is free to request for an account statement with each fund house that will solely reflect the holdings in the schemes managed by that particular fund house, although there are charges levied for requesting an account statement.
These Consolidated Account Statements contain every single detail about your mutual fund scheme, and it also has the folio number mentioned.
This is probably the simplest way to know your Folio number.
Mutual Fund Statements:
When you purchase a mutual fund scheme from an Asset Management Company or a fund house, you receive a set of documents via Email and SMS. These documents contain details about the entire scheme. Your folio number can be found in the email and the SMS that are received from your AMC or fund house.
Through The Online Portal:
With the WealthTrust App, you can shift your existing investment on other online portals and go commission free. Through this online portal, you can find the folio numbers of your previous investments.
How to use Folio Number to Switch to Direct Plan with the WealthTrust App?
With the WealthTrust App, you can sign in and switch to a direct mutual fund plan in seconds. A direct plan does not involve any third party solutions or brokers, thereby making it commission free. It also results in better returns for the investor.
To switch to a Direct Plan with the WealthTrust App, follow these instructions:
- Log in to WealthTrust App, and create your account by providing your email address, password, PAN number, and taking a picture/selfie.
- Once you are logged in, you have to enter your folio number, and enter your ‘From Fund’ and ‘To Fund’ detail
- Voila! You have switched to a direct plan in just seconds.
Important Note – A few Asset Management Companies require pictures/copies of your Mutual Fund statement.
The WealthTrust Mutual Fund Tracker app lets you switch to a Direct Plan in a jiffy, which helps you receive a better return on investment. With long-term investments, one could save up to 30% in returns.
In a nutshell, you can save more by investing money wisely, with the WealthTrust App.