Looking To Redeem Mutual Funds? Delay Expected Due To Long Weekends In March, April
This delay in payout is basically on account of Holi on Monday, 29 March, due to which 27, 28, and 29 March will be no-business days.
Here is an alert for investors those who intend to redeem mutual fund investment in the last week of March. It is important to note that the long weekend can delay your redemption. Mutual fund houses have send email communication to customers updating about the upcoming holidays in the last week of March and in the first week of April that can delay payout.
Hence, incase you have sent a redemption request to the fund house on Thursday after 3PM or 26 March before 3PM, the payout from debt funds will only take place on 30 March. In case of equity funds, the payout will happen on 5 April. Also Read: Tax-Free Investment Limit In PF Raised Up To Rs 5 lakh If Employers Don't Contribute, Know What It Means For You
This delay is basically on account of Holi on Monday, 29 March, as a result of which 27, 28, and 29 March will be no-business days.
Likewise, April 1-4 will remain no-business days, and the first day of April, which falls on Thursday, will remain closed for the financial year-end activities. On 2 April, it is again a non-business day due to Good Friday followed by the weekend.
It is to be noted because of the two long weekends, most equity payout will happen after 5 April. The payout for debt fund redemption that investors would apply after 30 March after 3PM will happen on 6 April or later.
Here are holidays as per one of the mutual fund house communication.
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