Josephine Norton
Mirae Asset Financial Group is a South Korean company that has become one of the key players in the Asian financial market. Its asset management wing, Mirae Asset Global Investments, was founded in 1997 and has since expanded its business globally. Mirae Asset Mutual Fund has a presence in 14 countries across 5 continents, including India. The Indian wing of the AMC, Mirae Asset Global Investments (India) Pvt. Ltd., was launched in November 2007 and currently handles assets worth over Rs. 161,740.88 crore across 38 schemes in India. The company offers a range of mutual fund schemes, including equity, debt, and hybrid funds, with different investment objectives, risk profiles, and investment tenures. The investment procedure at Mirae Asset Mutual Funds is entirely online, and investors can choose from various funds according to their convenience and preferences.
| Characteristics | Values |
|---|---|
| Investment Procedure | Entirely online |
| Investment Options | One-time substantial investment or SIP |
| Minimum SIP Installment Amount | Rs. 99 |
| Minimum Additional Application Amount | ₹ 1,000 |
| Investment Horizon | 3+ years |
| Nature of Investment | Predominantly in large-cap stocks |
| Investment Objective | To generate long-term capital appreciation |
| Investment Tenure | 3-5 years |
| Risk Profile | Very High |
| Total Expense Ratio | 2.25% for the first Rs.500 Crores |
| Taxation | Short-term capital gains taxed as per investor's income tax slab rate; long-term capital gains over Rs. 1 Lakh taxed at 10% |
What You'll Learn
The minimum investment amount for Mirae Asset Mutual Funds
The Mirae Asset Emerging Bluechip Fund is an exception, with a minimum lump sum investment of ₹1 and a minimum SIP investment of ₹1,000. The Mirae Asset Tax Saver Fund has a minimum lump sum investment of ₹500 and a minimum SIP investment of ₹500.
It is important to note that these minimum investment amounts are specific to the funds mentioned and may not be indicative of all Mirae Asset Mutual Funds. Additionally, the investment procedure for Mirae Asset Mutual Funds is entirely online and can be done through platforms like Groww, which offer a simple and transparent investment process.
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How to invest in Mirae Asset Mutual Funds online
Investing in Mirae Asset Mutual Funds online is a simple and transparent process. Here is a step-by-step guide on how to get started:
Step 1: Choose a Platform
You can choose to invest through the official Mirae Asset Mutual Fund website or a third-party platform such as Groww or ET Money. Using a third-party platform can offer benefits such as lower expense ratios and the ability to manage multiple mutual funds from different fund houses in one place.
Step 2: Sign Up and Register
If you choose to invest through a third-party platform, you will need to sign up and create an account. This typically involves providing your email address and creating a password. You may also need to provide your PAN (Permanent Account Number) and complete a Know Your Customer (KYC) process.
Step 3: Provide Documentation
To complete the KYC process, you will need to provide proof of identity and address. Acceptable documents for proof of identity include a Voter ID, PAN card, Aadhaar card, driving license, or passport. For proof of address, you can use your ration card, utility bills (electric, water, house rent documents), or bank account statement.
Step 4: Choose Investment Type and Risk Level
Decide whether you want to make a one-time lump-sum investment or opt for a Systematic Investment Plan (SIP). Also, consider your risk appetite and choose between low, medium, or high-risk investment options.
Step 5: Select a Mutual Fund Scheme
Mirae Asset Mutual Fund offers a range of schemes, including equity funds, debt funds, hybrid funds, and more. Choose a scheme that aligns with your investment goals and risk tolerance. Some popular schemes include the Mirae Asset Large Cap Fund, Mirae Asset Midcap Fund, and Mirae Asset Tax Saver Fund.
Step 6: Invest
Once you have completed the above steps, you can proceed with your investment. Follow the platform's instructions to invest the desired amount in your chosen scheme. Your investment should be processed once your KYC documents have been verified.
By following these steps, you can easily invest in Mirae Asset Mutual Funds online and take advantage of their diverse range of investment options. Remember to consider your financial goals and risk tolerance when making investment decisions.
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The documents required to invest in Mirae Asset Mutual Funds
To invest in Mirae Asset Mutual Funds, you will need to submit documents for KYC (Know Your Client). These include proof of address and proof of identity. Here is a list of officially valid documents (OVD) that are admissible:
- PAN Card (Mandatory)
- Any other valid identity card issued by the Central or State Government (Voter ID, Aadhaar, Driving License, Passport, etc.)
- Bank account statement or bank passbook
- Utility bills (electricity or gas bills)
The investment procedure at Mirae Asset Mutual Funds is entirely online. You can invest in one or more of their schemes at any time and place of your convenience. The online process also makes it completely transparent, a business principle that Mirae Asset strictly adheres to. Here is a step-by-step guide on how to invest in Mirae Asset Mutual Funds online:
- Visit the Groww website and log in to your account. If you are a new user, you need to register first.
- Upload your KYC documents to act as proof of identity. Any government-issued identity card such as Voter ID, PAN, Aadhaar, Driving License, Passport, etc., shall suffice.
- Upload documents supporting your proof of address. Along with the documents mentioned above (except PAN), you can also use your Ration card or utility bills (electric bill, water bill, house rent documents, etc.) for this purpose.
- Choose a period you would be willing to invest for. It can be short-term, mid-term, or long-term investment.
- Choose a level of risk you are willing to take on your investment. The available options are low, medium, and high risk.
- From a list of available funds that match your intent, choose the Mirae Asset Mutual Fund you'd like to invest in.
- You can either choose 'Invest One Time' for a substantial one-time investment or 'Start SIP' for SIP investment.
By following these simple steps, you can easily invest in Mirae Asset Mutual Funds online from the convenience of your home. The entire process shouldn't take more than a few minutes. Once you are through with all the steps, your investment is registered. It will reflect shortly on your Groww account.
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The best Mirae Asset Mutual Funds for short-term investments
Mirae Asset Mutual Funds offers a range of investment options, including equity funds, hybrid funds, and debt-oriented funds, catering to various investor needs. Here are some of the best Mirae Asset Mutual Funds for short-term investments:
Mirae Asset Ultra Short Duration Fund
The Mirae Asset Ultra Short Duration Fund is a debt-oriented fund with a minimum investment amount of ₹5,000 for lump-sum investment and ₹99 for SIP. This fund has provided annualised returns of around 6.23% and 5.35% over the past three and five years, respectively.
Mirae Asset Liquid Fund
The Mirae Asset Liquid Fund is another debt-oriented fund with a minimum lump-sum investment of ₹5,000 and a minimum SIP amount of ₹99. The fund has generated annualised returns of approximately 6.23% and 5.35% in the last three and five years.
Mirae Asset Cash Management Fund
With a minimum lump-sum investment of ₹5,000 and a minimum SIP amount of ₹1,000, the Mirae Asset Cash Management Fund is a debt-oriented fund that has delivered annualised returns of about 5.2% and 5.27% over the last three and five years.
Mirae Asset Low Duration Fund
The Mirae Asset Low Duration Fund is a debt fund with a minimum lump-sum investment of ₹5,000 and a minimum SIP amount of ₹1,000. This fund has produced annualised returns of around 6.26% and 6.04% over the past three and five years, respectively.
Mirae Asset Short Duration Fund
While specific performance details are unavailable, the Mirae Asset Short Duration Fund is another debt fund suitable for short-term investments. It has been recognised as a "Genius" fund by ETM, indicating its strong performance.
When considering short-term investments in Mirae Asset Mutual Funds, it is important to evaluate your investment horizon and choose funds that align with your risk appetite and financial objectives. Additionally, remember that debt funds are generally recommended for short-term investment goals.
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The tax treatment of Mirae Asset Mutual Funds
The tax treatment also depends on whether the fund is equity-oriented or not. Short-term capital gains on equity-oriented funds are taxed at a rate of over 36 months, and long-term capital gains on these funds are taxed at a rate of over 12 months. For non-equity-oriented funds, short-term capital gains are taxed according to the investor's income tax slab rate.
It is important to note that the returns of all mutual fund schemes, including those of Mirae Asset Mutual Funds, are taxed. The specific tax treatment will depend on the prevailing tax laws at the time of redemption and the type of fund invested in.
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Frequently asked questions
All mutual fund schemes contain some amount of risk as they invest in market-linked instruments. Hence, no fund house can guarantee the safety of capital. However, the mutual fund industry is tightly regulated by SEBI, and Mirae Asset Mutual Fund had Rs. 155,042.81 crores in assets under management (AUM) as of 31 December 2023, which can be viewed as respectable numbers. You can consider investing in their schemes if you find suitable options that align with your risk appetite and goals.
Debt funds are suitable for short-term goals. Mirae Asset Mutual Fund offers 11 debt mutual fund schemes that can be considered for short-term needs. Remember to evaluate your investment horizon with the average portfolio maturity of the fund. For instance, choose overnight funds if you want to invest for a few days or liquid funds for up to three months.
Yes, the returns of all mutual fund schemes, including Mirae Asset Mutual Fund's schemes, are taxed. The tax treatment depends on the prevailing tax laws at the time of redemption and the type of fund. For instance, short-term capital gains are taxed according to the investor's income tax slab rate, while long-term capital gains above a certain threshold are taxed at 10%.
To cancel an ongoing SIP, visit the mutual fund's official website or the online investing portal you used to create the SIP mandate. Log in to your account, select the investment you wish to cancel, and follow the instructions. Alternatively, you can visit the AMC branch and submit a request to discontinue the SIP.
You can log in to Mirae Asset Mutual Fund's website and request a statement, or you can go to CAMS Online or Kfintech and request a consolidated statement by email. Another option is to use the ET Money platform, which offers a customised dashboard to track your entire portfolio.
