00:00Do you also have a minor SIP in your child's name?
00:03If it is, you will have to be able to find it.
00:06Do you have all the terms and conditions with your child's name?
00:10You know that when the child's 18th birthday,
00:15or when the child's 18th birthday,
00:18this SIP can freeze.
00:21Either you can remove any amount from this SIP,
00:24or you can continue this SIP.
00:27No, we don't be afraid of you.
00:28But if you want to understand this,
00:31if you have any SIP in your child's name,
00:35then remember that after the 18th birthday,
00:38this SIP will not be able to go to you.
00:41Folio can freeze.
00:43SIP can stop.
00:44And withdrawal can also be blocked.
00:47In this video, we will tell you why this is the end.
00:51And before the child's 18th birthday,
00:54you want to take any steps to the SIP.
00:59First of all, understand the basics.
01:01In India, you can open mutual folios from 18 years from 18 years.
01:05But they can't operate themselves.
01:08The account of guardian,
01:09which is also,
01:10which is the most important part of the child's name.
01:12The documents of the child's birth certificate,
01:15like birth certificate,
01:17or passport are given to you.
01:19The KYC is complete.
01:21And the potential of the child's bank,
01:23guardian's bank,
01:23or joint account can be done.
01:25The result is that the bank and KYC details are correct.
01:29Now, let's go to the biggest change.
01:31As your child is 18 years old,
01:34the folios will not convert to your major.
01:37So, the folios will not be made to your major.
01:39That day, guardian's right will be finished.
01:44New SIP, SWP, STP, Redemption, Switch,
01:48everything will be removed.
01:49Until the status of the minor,
01:51there will be major updates.
01:53So, if you have given the SIP mandate for 20 years,
01:57then, after 18 years,
01:59the SIP will also be suspended.
02:01Now, for SEBI and AMFI,
02:04Standing Instructions,
02:05or SIP, SWP, STP,
02:08is executed only by the majority of the minor.
02:11After 18 years,
02:13the folios will be frozen.
02:14No financial or non-financial transactions,
02:17until the new KYC and status change will be completed.
02:21Some asset management companies
02:22send notice first,
02:24that the child is going to be 18 years old,
02:26so that the guardian and child can have a form for the status change.
02:30Now, let's understand,
02:31what is the process of minor and major status change?
02:34The CAMs and CAFIN,
02:35such as RTA,
02:36is a minor attaining majority,
02:38or MAM,
02:40is formed.
02:41In this form,
02:42the folios number,
02:42date of birth,
02:43PAN,
02:44KYC,
02:45CAC KYC number,
03:09Convert to the major status.
03:13Now,
03:14the most important part,
03:16is something that you have to do with the child's death.
03:17from 17 years old,
03:18which should be 17 years old,
03:18since 17 years old,
03:20that the child will not stop the age of 18 years old.
03:25First,
03:26the PAN is made of 17-17,
03:29or 17-5 months,
03:32which is made of 17-5 months.
03:33Secondly,
03:34the child is prepared to link the link to a bank account.
03:37Then,
03:38the SIP mandate will be the Debit to their account.
03:41The third step that you have to take is that 18 years after the child will be able to make
03:46a YC.
03:47The YC acknowledgement is letter ready.
03:504. AMC or RTA Portal or Form
03:53Miner and Major status update
03:57Signature and new bank details
03:595. Status update
04:01After the new SIP, SWP, STP mandate register
04:05Then the transaction will restart.
04:08Tax Planning
04:10Income Tax Act section 64
04:13Subsection 1A
04:14Miner's income
04:16Whether it be FDB, Dividend
04:18or Mutual Fund
04:19capital gains
04:20That parent's income
04:21which has total income
04:24every child
04:25per year 1500
04:26Exemption
04:28Clubbing
04:29after 18 years
04:30After that
04:33the income
04:33children
04:34tax
04:35tax
04:35tax
04:36which is less than a student
04:40If you talk about the new strategy
04:42then for children's education
04:44or long-term goals
04:46equity oriented fund
04:48or children benefit fund
04:49are good for them.
04:51Some AMCs
04:52children fund
04:52are in hybrid category
04:53which are mixed
04:54equity and debt
04:56Ticket
04:57Angel One
04:58End Money
04:58will get a list of
05:002026
05:01top children funds
05:02which is
05:043 years
05:04annualized return
05:06is
05:0618-20%
05:07but
05:09the fund
05:09is
05:09Aum
05:11expense
05:12ratio
05:13portfolio
05:13and risk profile
05:15check
05:16Now
05:16one point
05:17for NRI
05:19parents
05:20If you are NRI
05:21and
05:21the name of the child
05:24NRI
05:24or NRO
05:25account
05:25can be opened
05:26guardian operated
05:27minor
05:28folio
05:28can be opened
05:28tax clubbing
05:30will be
05:3118-18
05:33after the child
05:34can be
05:34account
05:35operate
05:35in the end
05:38action
05:39checklist
05:3917-17
05:42to 17-17
05:435 months
05:43the child's
05:44bank account
05:45or KYC
05:46docs
05:46will be ready
05:47after 17-17
05:49after 18-18
05:52AMC
05:52folio
05:53minor
05:53major
05:54is very important
05:55Signature
05:56bank
05:57KYC
05:58is very important
06:00after 18-18
06:01mandate
06:02will be
06:03done
06:03proof
06:07of edge
06:08and relationship
06:09documents
06:09birth certificate
06:10or passport
06:11always updated
06:12If you have
06:13this
06:14knowledge
06:14you will save
06:17and share
06:18with them
06:19who have
06:20started
06:20the child's name
06:22because
06:22they don't know
06:23the terms
06:24and conditions
06:25and they don't know
06:27about this rule
06:28and they don't know
06:28later
06:29they have to
06:30or
06:31stop
06:32and
06:32also
06:34tell you
06:34comment
06:34will
06:35tell you
06:35what
06:36you have
06:37done
06:38any planning
06:40model
06:40if
06:41yes
06:42then
06:42who
06:42is it
06:43you
06:47will
06:48have to
