CHANDIGARH: Giving retail consumers instant access to their mutual fund investments, Reliance Mutual Fund Wednesday launched the Reliance Any Time Money Card here.
"Reliance Mutual Fund is the first fund house in the country to launch this card that offers all the convenience of a debit card for investments made in Reliance mutual fund schemes," Reliance Capital Asset Management Ltd. deputy CEO Himanshu Vyapak told reporters here.
"For long, investors have been shying away from investing in MF schemes, especially liquid funds, primarily for lack of options that assure them access to their investments, as and when required, without restricting the growth potential of investments. We feel this card will fill this gap and provide them the necessary reassurance of instant access to their money, allowing them to access their investments just as they would a savings account," he said. The ATM card will be available to investors investing in RMF designated schemes through their online account with the asset management company.
He said that the card will be linked to investments made in the designated funds and can be used to withdraw cash from any VISA authorized ATM or payments at Point of Sale (PoS) outlets. The card has no annual fees or transaction charges within India, he added.
Punjab, Haryana, Jammu and Kashmir and Himachal Pradesh account for approximately 3.14 lakh investors with RMF.
Source : ET