Yes, adding a nominee for your Mutual Funds is a regulatory requirement to complete your investment account setup. It is recommended that you add a nominee during the initial onboarding process. This is a crucial step because if you choose to opt out of adding a nominee at that time and proceed with your investments, you will not be able to go back and add a nominee later.You can add your nominee by following the steps below: Go to Profile in the app. Tap on My Account. Select Nominations. Enter your nominee details and Save.

You can easily track or import in your external Mutual Fund investments to millions. Go to the Portfolio tab on the home page. Select External Portfolio. Follow the on-screen steps to import your Mutual Fund holdings. This way, you can view and track all your investments in one place.

SOA (Statement of Account) Mode is a method of holding mutual fund units directly with the fund house (AMC) itself, rather than in a Demat account. This is in contrast to Demat mode, where your mutual fund units are held in your Demat account alongside your stocks and other securities. Both are valid methods of holding your investments.

No, millions does not support the conversion of Mutual Funds from SOA (Statement of Account) Mode to Demat Mode. However, holding your funds in SOA mode offers several benefits: No Extra Costs: You save on depository participant (DP) charges, which are fees associated with holding securities in a Demat account. Direct AMC Access: You can manage, redeem, and track your investments directly with the fund house, which can make the process more straightforward. Transaction Flexibility: Direct access to AMCs facilitates easy updates to your details without the restrictions sometimes associated with a Demat account.

No, millions does not support the conversion of Mutual Funds from Demat Mode to SOA (Statement of Account) Mode. However, holding your funds in Demat mode also provides several advantages: One Place for All Holdings: It allows you to view your stocks, ETFs, and mutual funds together in a single Demat account for a consolidated portfolio view. Seamless Management: You can manage and switch between mutual funds within the same platform easily. Consolidated Reports: You get a unified portfolio view and tax reports, simplifying your financial overview. Margin Benefits: You can get margin benefits for your Demat holdings, which can be useful for other trading activities.

Yes, you can link up to five bank accounts to your profile on Millions. Since Mutual Funds are held in SOA (Statement of Account) format, you can use any of your linked bank accounts to invest. This ensures flexibility while also keeping your investments safe.

Once you switch to Demat Mode for Mutual Funds on millions, this setting cannot be disabled or reversed. All future mutual fund transactions will continue to be processed in Demat Mode.

No additional paperwork or documents are required to activate Demat mode for your mutual funds. This process can be completed in a few taps, allowing your mutual fund units to be held in Demat form for seamless management alongside your other investments.