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Consolidated Account Statement: Check Mutual Fund Statement- Benefits & How to Generation

Introduction to Consolidated Mutual Funds Statement

It is very easy to spend but keeping track of every single transaction is also necessary. Same is the case with mutual funds. Mutual funds due to its diversified nature allows you to invest in various schemes and portfolios. There's one way you can get information pertaining to all these transactions, and that is through a consolidated statement. Read further to know more about consolidated mutual funds statement.

Reasons Why You Invest in Mutual Funds

To start with, let's get familiar with what is a mutual fund and why you should invest in it.

The very reason for which people invest in mutual funds is to grow wealth. The Asset Management Company (AMC) collects a pool of money from investors and invests in securities like bonds, stocks and other assets. A professional fund manager oversees the performance of the schemes and ensures that the securities generate possible high returns. The Securities and Exchange Board of India (SEBI) regulates the mutual funds' sector.

Top 7 Reasons Why You Invest in Mutual Funds

Mutual fund majorly consists of – Equity Funds, Debt Funds and Balanced or Hybrid Funds. These funds are classified based on their investment traits and risks. Here's why you should invest in mutual funds:

  • Growing wealth:

    To reiterate the earlier point, the mutual fund is an easy way to accumulate wealth for your future goals - be it buying a new home, savings for child's marriage, child's education abroad or saving for retirement.

  • Diversification:

    The sole purpose of diversification in a mutual fund is that it helps to reduce risk when you build an investment portfolio. When you invest in securities that contain different asset classes, and if one of the asset underperforms, the other performing assets mitigate the risk, thereby giving you expected returns. A diversified investment portfolio reflects your investment risks and financial goals.

  • SIP option:

    If you're someone who wants to start with a small amount in mutual funds, then Systematic Investment Plan or SIP is the best option. SIP allows you to build a considerable corpus in just a few years. You can begin this account by investing as low as Rs. 500 per month.

  • Flexibility to Switch funds:

    TWhen investing in a mutual fund, you can switch to another fund to avoid risks. Switching in mutual funds has limitations like you cannot make a shift when a fund has a lock-in period; for instance, Equity Linked Saving Schee (ELSS) fund has a lock-in period of 3 years. Open-ended funds do not have a lock-in period. Besides, switching to other fund attracts fine.

  • Liquidity:

    A financial emergency can strike anytime, and there may be a time when you may have to redeem mutual fund in a hurry. You can redeem your returns via buyback option and get the amount in your bank account within 3-5 working days. Except for ELSS, all other open-ended mutual funds are liquid assets. While investing in a fund, keep liquidity aspect in mind.

  • Tax-saving option:

    If you’re looking to save tax through mutual fund investment, then it is best to choose ELSS. With a lock-in period of 3 years, you can get a tax benefit of up to Rs. 1.5 lacs under Section 80C.

  • Ease of tracking:

    When it comes to tracking the performance of mutual fund investment, companies provide Consolidated Account Statement. Let's get to know it in detail.

What is the Consolidated Account Statement?

Just like you get a monthly bank statement to know about your transactions; similarly, you can check all mutual fund holdings across different fund houses. SEBI issues the Consolidated Account Statement (CAS) regulation, so as investors can be aware of the performance of their mutual funds. CAS is a single account statement of all transactions related to the investment in your schemes and portfolios.

The investor receives consolidated mutual fund statement on or before 10th of every month. CAS depends on two factors:

  • Financial transactions in a month

  • Identical Holders of CAS

  • KYC complaint unitholders

What Does Consolidated Account Statement Include?

All types of financial transactions related to mutual funds

  • Mutual fund switching details

  • Merger

  • Dividend payouts

  • Redemption credit details with maturity

  • Systematic Investment Plan (SIP) transaction detail

  • Bonus transactions

  • Opening & closing of share unit

  • ISIN & UCC for all the schemes as well the portfolios

  • Status of nominee registration

  • Registered e-mail id of the Investor's and KYC details

Note that CAS statement does not include your confidential details such as your PAN card, bank details and contact number.

Importance of Consolidated Account Statement

To reduce overlapping funds, an investor needs to know the different types of mutual funds such as-

  • The CAS allows you to know the performance of a mutual fund scheme. Also, you can see when these funds transform into the long-term plan to keep track of your capital gains tax.

  • The statement also allows you to know your redemptions and how much dividends you have obtained.

  • You can check your tax liability by submitting the consolidated mutual fund statement to your employer to avail maximum tax deduction.

Steps to Register Online Consolidated Account Statement

You can get the statement through email by registering your PAN to mutual fund services agencies like CAMS, Franklin Templeton or Karvy. Before this, you must ensure that you have registered your email ID with the mutual fund scheme. Follow the below steps to register online:

  • Step 1: Visit "Camsonline.com"

  • Step 2: Click on "Investor Services"

  • Step 3: You can request for CAS by clicking on the "CAS" option

  • Step 4: Fill the details like PAN, Folio listing, Email ID and choose Summary

  • Step 5: Fill the Word Verification, and click on "Submit" option

  • Step 6: Soon, you will receive a mail from Camsonline.com in PDF format

If you're looking to generate consolidated mutual fund statement online, now you know how to do it. Simply follow the process and get updated on your mutual fund schemes in a single statement without any hassle.