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How to invest in Mutual Funds?

Investors have to provide documentation mandated by SEBI to get Know Your Client (KYC) registration.This KYC registration can be done Online and Offline.Once the KYC is registered with the SEBI registered entities, investors can start investing in Mutual Funds.This is a one-time activity.Once KYC is registered, Investors can start investing in Mutual Funds through any of the intermediaries.

How do I know if my KYC registration is done?

Investors can check this on our platform. Just initiate your registration process, and we would monitor the same at our end and inform you. If your KYC registration is done, you need not do KYC registration again, and you are ready for investments. If your KYC is not done, then you can complete the KYC registration on our platform. It is an entirely paperless process and can be done from the comfort of your home/office.

How can I invest in Mutual Funds through upwardly?

Once your KYC is done, and you have registered on our platform, you can either invest in Mutual Funds either through a Lump Sum (One Time) or Systematic Investment Plan (SIP). For Lump Sum investments, you would need to transfer money from your Bank account through the Bombay Stock Exchange (BSE) Payment gateway integrated with our platform. For SIP (Systematic Investment Plan) investments, once you have placed the order through our platform, we would be sending you a NACH mandate form. You would need to take a print out of the NACH mandate form and sign it. This allows BSE to deduct money from your bank account automatically. Our logistics partners would collect the form from your home/office and send it to your bank for registration. Once the mandate is registered (it typically takes 2-3 weeks for the Bank to register the mandate), on a specific date (you can choose the week of the month through our platform), funds would be auto debited from your account and the investment done in the mutual fund scheme of your choice.

What happens if I am not satisfied with Upwardly service or Upwardly shuts down?

All your investments are routed to Asset Management Companies (AMCs). Once your investment is registered, the AMC will create your account, and a folio number is generated and an account statement sent to you on your email ID. You would also be receiving a confirmation on the Mobile number provided. This folio number is like an account number with your Bank. All your investments are tracked and maintained in this account by the AMC. In the event of you wanting to redeem your investment, you can contact any other Mutual Fund intermediary or the AMC directly. In the event of Upwardly shutting shop, your investments will remain intact, the way they are, with the AMC and you can continue or redeem your investment as per your liking.

When I invest in Mutual funds through Upwardly, would my mutual fund units be credited to my Demat account?

AMC and upwardly maintain all investments done through upwardly. But they are not in a Demat account. Maintaining mutual fund units is a costly affair as you would be required to pay annual charges for the maintenance of the Demat account. In addition to the annual maintenance fees, you are also obliged to pay transaction costs for mutual fund debits and credits in the Demat account. Maintaining Mutual fund units with AMC without holding them in the demat account is an equally safe process, and we recommend the same to our customers.

Can I invest in direct funds through upwardly? Why should I invest through upwardly?

Upwardly does not distribute direct funds through its platform. Upwardly has tailored Nobel Prize-winning portfolio strategies, especially for the Indian Market.We create balanced and personalised portfolios for you based on your Investment Horizon and Risk Profiles while accounting for the prevailing Market Conditions like Stock Markets performance(Price to Earning, Price to Book, Dividend Yield), Interest Rates, GDP growth Rates and other important macroeconomic factors.

We use a proprietary investing model which is based on Dynamic Asset Allocation that has given substantially higher returns than the Markets over a period of two decades. We optimise your portfolio to offer maximum possible expected return for a given level of risk through careful selection of asset classes and mutual funds using our proprietary ranking frameworks.

We constantly monitor your portfolio and recommend periodic rebalancing to maximise returns for you while taking into account prevailing market conditions, tax implications, switching and exit costs to meet your goals and aspirations. We offer you a flexible and convenient platform to track/switch/Redeem/Top Up your investments at a click of a button from the comfort of your home/office.

We have the best interests of our client in our heart, and we believe that nobody does it better than us.

What documents are required to register with Upwardly and start investing?

If your KYC is registered, you are only required to provide some basic details about yourself along with a copy of the Bank Cheque Leaf / Bank Statement or Cancelled Cheque and /Initials to start investing through Upwardly.

If your KYC is not registered then apart from the other details you are required to provide a copy of PAN card, copy of address proof and a Selfie video(eIPV video) to register your KYC and start investing through Upwardly.

Why do I have to give my PAN number? Is it safe?

As per regulatory requirements, KYC (Know Your Customer) registration is a must before any investment can be made in Mutual Funds or Stock markets.

As PAN is mandatory to make investments in Mutual Funds and Stock Markets we need your PAN details to check if your KYC registration is complete.

If your KYC registration is done, then you can immediately transact through the Upwardly platform.

If not, then Upwardly gets your KYC registration done online through an entirely paperless process. Our process is secure, and your PAN, as well as other details, are kept secure with us. Most importantly, we are a SEBI Registered Investment Advisor (RIA) and are authorised to undertake your KYC verification.

What type of accounts does Upwardly support?

Currently, the Upwardly platform only allows Individual Accounts (personal accounts) to register and transact on our platform. However, if you want to invest through a Company/HUF/Partnership/NRI (NRE/NRO) account, then please get in touch with our helpdesk at hello@upwardly.in

We would help you with the KYC registration as well as set up your account on our platform, and you would be able to invest online through our platform.

I am an NRI. Can I open an account and invest with Upwardly?

Yes, you can open an account with Upwardly and transact through your NRE or NRO bank account, provided you have a PAN number. We would also help you with your KYC registration, which is mandatory to start investing in India.

Please get in touch with us at hello@upwardly.in for the same, and we will also have our senior advisors call you or WhatsApp you.You might have an issue with verifying your international mobile number and hence would request you to write to us at hello@upwardly.in

Can I open multiple accounts? I manage my wife's investment as well.Can I do it in a single account ?

As per Regulatory requirements, each investor needs to invest in Mutual Funds through their own bank accounts. For example, if you want to invest for your wife as well, we would suggest opening a separate account for your wife. All investments and money transfers have to happen from your respective accounts.

We will build a feature to help you view, only, all family investments in one account, but that is work in progress. :)

What is the minimum amount to invest with Upwardly?

Upwardly does not impose any restrictions on the minimum investible amounts on its customers.

However, each Mutual Fund Scheme has mandated a minimum amount for One time and SIP investments.Many of the funds have minimum investible amounts as low as Rs 500 / Rs 1000 for both One time as well as SIP payments.For some funds, this amount could be Rs 5, 000/ Rs 10,000.

Upwardly mentions the Minimum Amount for One time and SIP investments on the Mutual Fund Pages or you can see the same when you click on 'Invest' or 'Add to cart' on the fund page.

Minimum Investment Screenshot

Can I change the nominee at a later stage?

Yes, the nominee can be changed at a later stage by you for all funds purchased by you.

Since this is an important process and the Mutual Fund Companies want to ensure that there are no frauds, this is an offline process at the moment.You would need to sign a form and present it to the Mutual Fund house to change the Nominee.

Please email us at hello@upwardly.in for any queries on this. We will send you the form required for the same and the necessary details that need to be filled out for the same.

What happens if I change my address later or relocate to a new city?

In this digital age, this is not as important as it used to be as most of the information sent by Mutual Fund Companies and Upwardly is on your registered email. All transaction alerts and the monthly/quarterly statements are sent to the email ID provided by you during registration.

However, if you wish to change your address, the same can be done by submitting a request form and the proper address proof.

Write to us at hello@upwardly.in with the new address and the address proof.

We change your address based on details provided by you and update your KYC records. All future communication (physical) will be sent to this address.

What is unique about Upwardly? Why should I use your service?

Before we tell you what Upwardly does, let us tell you what Upwardly doesn’t do: we don’t simplify investments. That is too easy. We’re a tech-based investment platform and we’re expected to be easy. That is a given.

But what we actually do is simplify dreams.The purpose of our easy - to - use, robust, tech-driven investment platform is to allow you to fulfill your desires, aspirations and dreams.No matter how big or how crazy or how distant they are.

Because no dream is too big.

In simpler words--you tell us your goal and we’ll give you an investment portfolio to achieve that goal.

Let’s understand how this works.

First, the problem.

You have a dream. It might be anything--a month backpacking across Europe, a destination wedding in Goa, a 3BHK in your favourite locality, a BMW as your second car, a business of your own, a foreign university education for your daughter, a grand wedding for your son or a comfortable retirement in Dharamshala. No matter what is your dream, the problem that stops you from fulfilling that dream is belief. The dream seems far-fetched or unrealistic and you don’t know how to fulfill it.

Which brings us to the solution.

We’re here to tell you that no money-related dream is too big. All you need to do to fulfill it is investment systematically in the right manner. It is not as easy as it sounds, but we’re here to do the hard work for you. We’ll build a personalised portfolio for you, monitor it periodically, suggest changes as required and hold your hand till you reach your goal. All of this is based on data, years of research and there is no room for emotion or gut in this.

Why is Upwardly better than a Demat Account?

Investments in Mutual Funds can be done through Demat or without Demat Accounts (Upwardly). In both scenarios, the Asset Management Companies (AMCs or Mutual Fund Companies) keep a record of your investments. Both modes are completely safe, and for both, investment and redemption (withdrawal) happen from your bank account. In our case, the payment gateway is BSE.

Upwardly is better on two fronts.

One, there are no transaction or annual maintenance charges with your upwardly account. Most Demat account service providers levy these charges, and over the long-run, these costs would result in substantial reduction in your net-worth.

Second, investing through Upwardly is not just about buying Mutual funds. That is just the start. Our ongoing portfolio management service ensures that you know when to sell, switch or rebalance your portfolio.

In short, based on the goal that you've set, a portfolio of funds are created. These funds and the allocation of money within these funds hange based on market conditions. Hence, what you are tied to is the monthly investment amount, not the fund.

This is the biggest advantage of using our robo-advisory platform.

Who should I contact if I am having trouble investing?

Who should I contact if I am having trouble investing?

Can I transfer my existing portfolio into Upwardly?

Can I transfer my existing portfolio into Upwardly?

Does Upwardly take my money? What role does BSE have here?

Does Upwardly take my money? What role does BSE have here?

Does Upwardly charge any fees when I close my account?

No, no fees or charges are levied when you close your account.

Where do I track the funds I have invested in?

Once units of a Mutual Funds are allocated to you (T+1 for debt funds, T+2, T+3 for equity funds), the same can be tracked on your Dashboard on Upwardly.

Go to Dashboard

What is an eIPV video and why is it required?

eIPV means ‘electronic In-Person Verification’. Securities and Exchange Board of India (SEBI) mandates that every investor wanting to do KYC Registration (PAN, photograph, address proof) must also be verified in person by the intermediary. As per the mandate, this can also be done online, and it is called eIPV. You can record a short video on our platform clearly showing PAN and address proof document while stating your name in full.

How can I close my account with Upwardly?

You can close your account with us anytime. At the time of closing your account, you can redeem your investments. If you do not wish to redeem your investments, then you can manage them through the AMC or transfer your investments to any other intermediary. Your investments will always be under your direct control.

Transactions

Which Mutual Fund schemes should I Invest in?

You have two choices here. One, you can choose the fund of your choice (Equity/Debt/Balanced/Arbitrage/Liquid/Tax Saving Funds) and do a Lump Sum or SIP investment. We have a proprietary model (secret recipe) of Fund Ranking which takes 12000+ funds and ranks the funds to surface the best funds for you. Our ranking algorithm ranks funds basis their Performance (returns), Risk (Volatility), Costs (Fund Management Charges, low-cost funds are ranked above), Exit Loads (Funds which charge on pre-mature withdrawals are ranked lower) and size of the funds (funds with optimal size are ranked higher). So if you know what is best for you, then you can simply choose the fund with the help of our ranking and invest. Second, You can choose a goal on our platform of your liking (Children education, vacation, Retirement, Dream Car, etc.) and we create a portfolio of funds for you. We have tailored Nobel Prize-winning portfolio strategies, especially for the Indian Market. We create Balanced and personalised portfolios for you based on your Investment Horizon and Risk Profile while accounting for the prevailing Market Conditions like Stock Market performance ( Price to Earning, Price to Book, Dividend Yield), Current Interest Rate and future outlook, GDP growth Rate and other important macroeconomic factors. You can simply invest in these goals systematically (Monthly or quarterly SIP), one-time (Lump Sum) or a mixture of these two strategies.

Is there any tax on Mutual Funds?

Long term Capital gains tax (if held for more than a year) for equity mutual funds are taxed at 10% for gains withdrawn exceeding ₹1 lakh in a financial year.

Gains withdrawn up to ₹1 lakh in a financial year are exempt from Tax.

Short Term Capital gains tax (if held for less than a year) on equity mutual funds investments is 15%.

Upwardly would provide you Capital gains statement to assist you in your tax computation.

How safe is my investment with Upwardly?

Our platform and transactions framework is secure. All investments can come in only from the investors own bank account and on redemption will only be credited to their Bank account. Moreover, we have integrated with the Bombay Stock Exchange Mutual Fund platform, and all investment are routed through their payment gateway to the Asset Management Companies (Mutual Fund Houses). No money ever comes to Upwardly bank account or any other intermediary’s account. Our platform security follows world standards on client data and transaction protection and privacy. We take this very seriously.

What happens once I have opted for a Systematic Investment Plan (SIP) investment with Upwardly?

Once you have opted for a SIP through our platform, upwardly would send you an email with procedure to add Bombay Stock exchange (BSE) as a biller on your bank website. This is just like adding utilities payments like Electricity/Water/Phone on your banking website. Please remember to add BSE as the biller and not the Mutual Fund that you have invested in. It’s a 2 minute process at your end and you can easily do that on your own. Typically it takes 3-5 business days for the SIP mandate to be approved by the bank. Once that is approved, your monthly investments would start. This is a completely paperless process.

Just in case your Bank or the Mutual Fund(that you have opted for) do not have this allow addition of Billers, we would be sending you a NACH mandate form through email.This NACH mandate form needs to be signed by you.Please ensure that you do not make any other modifications on the NACH mandate else your Bank would reject your NACH mandate.Once you have signed the NACH mandate, our logistics partner would contact you and pick up the NACH mandate, and that would be sent to your Bank for registration.Once your Bank has registered this NACH mandate, the amount of your investment would be debited every month from your account and sent to the AMC for investment.Typically, the banks take 15 - 20 business days to approve this mandate.You would have the option of stopping or pausing this SIP through Upwardly platform as per your choice.You can also directly stop this SIP with the AMC.

How would I know that my investment has been done once I have transferred the funds or my bank account has been debited through a SIP Mandate?

Once your investment is made, you would be receiving a confirmation from both upwardly as well the AMC through email and SMS. You can track your investments on the upwardly dashboard. Additionally, the AMC would also be sending your account statement at the email ID provided by you. You can view your account on the AMC website. You can note your folio number on both these platforms. The AMC generates your folio number, and it is your account number with the AMC (just like your bank account number with your bank). If you face any issues, then please do email us at hello@upwardly.in

When are the Mutual Fund units allocated to me?

Once you have placed your orders at our platform and transferred funds through lump sum / SIP investment, the same are sent to the Asset Management company. The AMC does the fund units allocation. Allocation of units by AMC is subject to realisation of funds at their end. There is also daily deadline given by Asset Management company for placement of these orders and funds. These deadlines and turnaround times (TAT) are different for different for different kind of funds (Equity, Liquid, Debt, etc.). Typically, the fund units can be allocated to you between Tth day (same day as the day of the transaction) to T+2 day ( 2 business days plus the day of the transaction).

I have redeemed/sold my mutual fund, when can I expect my money to come to my bank?

There are deadlines imposed by AMCs for redemption orders depending on the type of fund. Upwardly processes your redemption requests and send them to the AMC based on those deadlines. Depending on the type of fund and the timing of your placement of the order, the credit to your bank account would be done by the AMC between T+1 (one day after placement of redemption request) to T+3 days (three days after the placement of the redemption request). However, some mutual fund schemes invest in international markets than can take up to T+8 days to credit funds in your bank account.

How can I make another investment in the same fund that I am already invested in?

All your currently invested funds are visible in your upwardly dashboard. You can click on the INVEST tab on the fund visible in your dashboard and make more investments. You can transfer funds through the payment gateway using Net banking.

I need to cash out. How can I redeem my current investment? Can I also do a partial redemption?

All your currently invested funds are visible in your upwardly dashboard. You can click on the REDEEM tab on the fund visible in your dashboard and redeem your investment in partial or full. For partial redemptions, you can specify the amount or the number of units you want to redeem. The money would be credited to your bank account as per the scheduled time by the AMC.

What is the minimum or the maximum amount that I can invest in a fund for a Lump sum or SIP investments? Are there any limits to the payment gateway transfer?

Each and every mutual fund scheme has a minimum and maximum amount stipulated by the AMC for both Minimum and Maximum investments. These minimum and maximum limits are specified on the mutual fund scheme page as well as the investment page by upwardly. These limits can be as low as Rs 100 for SIP investments and Rs 500 for lump sum investments. The maximum limits are typically in crores. At times, fund houses can also put restrictions on the maximum amount of the lump sum or SIP investments. The same would be updated by upwardly on our website on the best effort basis. In addition to these limits, your bank could also have a maximum limit on the payment gateway transfers. You can easily increase these limits online on your net banking website by logging into your bank internet account. For some banks, you may be required to visit your bank branch or call on the phone banking numbers to increase these limits.

When I invest in Mutual funds through Upwardly, would my mutual fund units be credited to my Demat account?

AMC and upwardly maintain all investments done through upwardly. But they are not in a Demat account. Maintaining mutual fund units is a costly affair as you would be required to pay annual charges for the maintenance of the Demat account. In addition to the annual maintenance fees, you are also obliged to pay transaction costs for mutual fund debits and credits in the Demat account. Maintaining Mutual fund units with AMC without holding them in the demat account is an equally safe process, and we recommend the same to our customers.

Can I invest in direct funds through upwardly? Why should I invest through upwardly?

Upwardly does not distribute direct funds through its platform. Upwardly has tailored Nobel Prize-winning portfolio strategies, especially for the Indian Market.We create balanced and personalised portfolios for you based on your Investment Horizon and Risk Profiles while accounting for the prevailing Market Conditions like Stock Markets performance(Price to Earning, Price to Book, Dividend Yield), Interest Rates, GDP growth Rates and other important macroeconomic factors.

We use a proprietary investing model which is based on Dynamic Asset Allocation that has given substantially higher returns than the Markets over a period of two decades. We optimise your portfolio to offer maximum possible expected return for a given level of risk through careful selection of asset classes and mutual funds using our proprietary ranking frameworks.

We constantly monitor your portfolio and recommend periodic rebalancing to maximise returns for you while taking into account prevailing market conditions, tax implications, switching and exit costs to meet your goals and aspirations. We offer you a flexible and convenient platform to track/switch/Redeem/Top Up your investments at a click of a button from the comfort of your home/office.

We have the best interests of our client in our heart, and we believe that nobody does it better than us.

Can upwardly transact on my behalf and invest or redeem without my consent?

Each and every transaction in your account (purchase/redemption/switch etc.) can and will only be done at your explicit order either online or offline. We do not execute any order without client’s consent.

Fees

Is there any tax on Mutual Funds?

Long term Capital gains tax (if held for more than a year) for equity mutual funds are taxed at 10% for gains withdrawn exceeding ₹1 lakh in a financial year.

Gains withdrawn up to ₹1 lakh in a financial year are exempt from Tax.

Short Term Capital gains tax (if held for less than a year) on equity mutual funds investments is 15%.

Upwardly would provide you Capital gains statement to assist you in your tax computation.

Does upwardly charge me any fees or charges?

Upwardly has a promotional offer for its first few customers of a lifetime free account. They would not be charged any fees or transaction charges.

How does Upwardly make money?

Asset Management Companies (AMC) charge a fixed fees for funds management. This fee is typically between 0.1% to 2.5%. The AMCs share a part of this fee with Upwardly. This fee sharing is usually between 0.025% to 1.5%. Upwardly does not charge anything from its clients.