Now investors interested investing under IDFC mutual funds can make their purchase by sending a text (SMS) using their mobile phone.
This facility has been activated for IDFC Money Manager Fund (Treasury Plan) which let its investors to make their purchase of Mutual funds by just sending a SMS. Under this plan IDFC mutual fund has allowed investors to invest and redeem upto 1 crore. This facility will soon be available on other plans too.
So now you can enjoy your purchase of mutual fund on the same day NAV by just sending an SMS.
Currently this facility is available to sole proprietors, resident individuals (including guardians on behalf of minor). The AMC has tied up with some banks like State bank of India (SBI), Standard Chartered, Kotak Mahindra, HSBC, Axis Bank, ING Vysya Bank, Citibank and have plan to extend the same to more banks in near future.
How Does It Work?
The investor needs to sign a onetime debit mandate form & submit at any of the CAMS office or IDFC AMC branches. It will take 15 days for the activation of this facility. The mobile number entered in the form will receive a confirmation for the activation of the facility after which investor can start transacting.
How To Purchase Mutual Fund Using This Facility?
To make a purchase, investor needs to send an SMS – Type
Inv <space> Amount (send it to 56767267)
For Example :- Inv 90,000 (Send it to 56767267)
How To Redeem Mutual Fund Using This Facility?
To redeem your purchase, investor needs to send an SMS – Type
Red <space> amount (Send it to 56767267)
After sending SMS, investor will receive a SMS from CAMS for the confirmation of receipt of request which will include the details like date, transaction amount & time of receipt. One can also open a zero balance account. [CafeMutual]
Visit Official Website For the Purchase Of IDFC Mutual funds Click Here