If you read any MF magazine on MF industry you will see that this fund house has lot of good funds to invest in. They have excellent funds with long track records however when it comes to service they are at the bottom end of the ladder!
Those who are keen to invest in this fund house should wait till all the issues settle down. Here are some funny situations: One can not transfer money from one’s liquid fund account to any other folio.everytime you wish to do that they create a new folio and then ask you to send a letter asking for consolidation of folios. You can open a liquid fund account to park your surplus cash BUT minium extra amount is 1lakh which means if you want to shift your gains from one scheme to this liquid scheme you cannot! They have all the forms on the web site and if you download and send them they will return the application with a new form requesting to fill in this form and they can not answer why the latest forms are not uploaded on the web site!
Overall they have great performing funds but because they do not have their own managers they have funny and illlogical rules.
Servicewise Templeton and HSBC are the best because they have their own registrars. Templton also incidentally has more top rated funds than HDFC.
I have hopes that HDFC will improve and one can then invest as of now AVOID simply because the service has very funny and customer un-friendly rules!