IntroductionDebit cards are incredibly handy for daily expenses and general cash withdrawal needs. They provide the flexibility to withdraw cash from ATM or to make purchase at merchant establishments. Initially the use of debit cards was confined to bank accounts.
A traditional Debit Card can be linked to
Reliance Any Time Money CardReliance Mutual Fund (“RMF”) offers Reliance Any Time Money Card (“the card”), linked to mutual fund schemes offering you instant access to your investments. The card will allow you to withdraw / spend against your own mutual fund investments by providing you access in Visa-enabled ATMs and merchant outlets across the world.
Key Features of Reliance Any Time Money Card
Primary Scheme AccountPrimary scheme account on the card can only be either Reliance Liquid Fund – Treasury Plan or Reliance Money Manager Fund. It is mandatory to have one of these schemes as the primary scheme account in order to apply for the card.
Type of Transactions3 types of transactions are allowed through the card.
(Source www.visa.com)
Transactions at HDFC Bank ATMAt HDFC Bank ATMs, you get the flexibility to withdraw cash / do balance enquiry from any of the mutual fund scheme linked to the card.
a. Withdrawal:
If you have following three schemes in your portfolio of investment
b. Balance Enquiry:
Transactions at Non HDFC Bank ATMCash withdrawal / Balance enquiry at other Visa ATMs
You can access only primary scheme account through the other Visa ATMs. In case of balance enquiry only the details of the primary scheme account can be accessed. Similarly in case of cash withdrawal request, amount will be dispensed from the primary scheme account only.
Eligibility
General Guidelines
Card LimitsAt ATM: - In a day you can withdraw up to 50% of the balance in scheme account or Rs. 50,000 (whichever is lower) from an ATM or up to a permissible limit as fixed / determined by the Bank.
At POS: - In a day you can spend up to 50% of the balance in primary scheme account or Rs. 100,000 (whichever is lower) at merchant outlets.
Card Design
Current schedule of Charges
* Cash withdrawal at Visa ATM (other than HDFC) / PoS usage amount will be debited from the primary scheme.
Application for Reliance Any Time Money CardNew Investor
Fill up common application form to invest in Reliance Liquid - Treasury Plan / Money Manager Fund
Existing Investor (Investments in Reliance Liquid fund – Treasury Plan / Money Manager Fund)
Apply for the Card using specially designed ATM application form
Reliance Any Time Money Card is available only with the below Reliance Mutual Fund schemes:
Re - issuance of CardIn case of lost / damaged card you can apply for a new card by filling up the application form. At any time only one card can be active.
Card HotlistingIf your card ever gets lost or stolen, please immediately contact our 24 hour customer contact centre at 3030 1111 or toll free no. 1800 300 1111. We will hotlist your card (no transactions shall be possible thereafter through the hotlisted card).
The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the readers. Readers are advised to seek independent professional advice and arrive at an informed investment decision before making any investments. None of The Sponsor, The Investment Manager, The Trustee, their respective directors, employees, affiliates or representatives shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way from the information contained in this material.
Statutory Details: Reliance Mutual Fund has been constituted as a trust in accordance with the provisions of the Indian Trusts Act, 1882. Sponsor: Reliance Capital Limited.Trustee: Reliance Capital Trustee Company Limited. Investment Manager: Reliance Capital Asset Management Limited ("Registered Office of Trustee & Investment Manager: 'H' Block, 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400 710, Maharashtra). The Sponsor, the Trustee and the Investment Manager are incorporated under the Companies Act 1956. The Sponsor is not responsible or liable for any loss resulting from the operation of the Scheme beyond their initial contribution of Rs.1 lakh towards the setting up of the Mutual Fund and such other accretions and additions to the corpus.
Terms of issue: The NAV of the Scheme will be calculated and declared on every Working Day. The Scheme provides sale / switch – in & repurchase /switch - out facility on all Business Days at NAV based prices.
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A traditional Debit Card can be linked to
- Saving accounts
- Current account
On the other hand, Reliance Any Time Money Card linked to Mutual Fund Investment
Reliance Any Time Money CardReliance Mutual Fund (“RMF”) offers Reliance Any Time Money Card (“the card”), linked to mutual fund schemes offering you instant access to your investments. The card will allow you to withdraw / spend against your own mutual fund investments by providing you access in Visa-enabled ATMs and merchant outlets across the world.
Key Features of Reliance Any Time Money Card
- The card offers you the benefit of Mutual Fund Investments along with the convenience of debit cards
- Allows cash withdrawal and transaction in Point of Sales (PoS) terminals in Visa-powered ATM / PoS terminals
- Allows Balance Enquiry in Visa-enabled ATMs
- You have the choice to withdraw from any scheme linked to the card in HDFC Bank ATMs
- In non-HDFC Bank ATMs and PoS terminals, transaction will happen only through Primary Account only (i.e Reliance Liquid Fund – Treasury Plan or Reliance Money Manager Fund)
- The Card will offer instant liquidity up to a permissible limit as fixed / determined by the Bank for ATM cash withdrawals or 50% of the balance in scheme account or Rs. 50,000 (whichever is lower) as set by RMF, per day, from time-to-time
- You can spend up to 50% of the balance in the primary scheme account or Rs. 100,000 per day (whichever is lower) at PoS terminals
Primary Scheme AccountPrimary scheme account on the card can only be either Reliance Liquid Fund – Treasury Plan or Reliance Money Manager Fund. It is mandatory to have one of these schemes as the primary scheme account in order to apply for the card.
Type of Transactions3 types of transactions are allowed through the card.
- ATM Cash withdrawal
- ATM Balance enquiry
- Purchase at merchant establishments
(Source www.visa.com)
Transactions at HDFC Bank ATMAt HDFC Bank ATMs, you get the flexibility to withdraw cash / do balance enquiry from any of the mutual fund scheme linked to the card.
a. Withdrawal:
- Corresponding Scheme and plan associated with the card are displayed in case of cash withdrawal
- Post selecting the scheme and a plan, amount needs to be entered. If the withdrawal amount is within the limit, transaction is honored and processed
If you have following three schemes in your portfolio of investment
| Scheme Name | Balance in account(in Rs) | |
| Reliance Liquid Fund - Treasury Plan (primary scheme account) | 20,000 | |
| Reliance Dynamic Bond Fund | 20,000 | |
| Reliance Income Fund | 10,000 | |
- Suppose you do a transaction at Visa enabled ATM for Rs. 10,000. The transaction will go through as there is a balance of Rs. 20,000 in the primary scheme account (Reliance Liquid fund – Treasury Plan)
- At the same time once the above transaction has been completed, you will have exhausted the daily limit for the primary scheme account. Hence all other subsequent PoS transactions, if any, will be declined. (on that day)
- However, you have the choice to withdraw Rs. 10,000 or Rs. 5,000 (subject to the limits mentioned in the key features) from Reliance Dynamic Bond Fund or Reliance Income Fund respectively through HDFC Bank ATM
b. Balance Enquiry:
- HDFC Bank ATM displays all the schemes and plan associated with this card
- Post selecting the scheme and a plan, the corresponding balance is displayed
Transactions at Non HDFC Bank ATMCash withdrawal / Balance enquiry at other Visa ATMs
You can access only primary scheme account through the other Visa ATMs. In case of balance enquiry only the details of the primary scheme account can be accessed. Similarly in case of cash withdrawal request, amount will be dispensed from the primary scheme account only.
Eligibility
- Primary scheme account on the card can only be either Reliance Liquid Fund – Treasury Plan or Reliance Money Manager Fund. It is mandatory to have one of these schemes as the primary scheme account in order to apply for the card
- It is mandatory for investor to provide mobile number and email id to the RMF in order to avail the card
- The card shall be issued only to individual Resident Indian investors, who are aged 18 years and above
- The card shall not be issued to HUF, NRI, Private / Public Ltd Companies, Partnership Firms, Proprietorship Firms, Trusts and any other category of investors as defined in the offer document
- Further, the card shall be issued only in respect of folios where holding basis is 'Either or Survivor / Anyone or Survivor' or Single. No card shall be issued where mode of operation is JOINT
- The card will be issued only after realization of cheque
- Currently only one card can be issued per folio / master account. In case of multiple holders the card shall be issued only to the 1st holder
General Guidelines
- The facility will be in addition to the conventional method of redemption i.e., physical redemption request through the Designated Investor Service Centers of the Reliance Mutual Fund. In other words, investors can opt for any of the redemption facility as per their choice and convenience
- No card shall be issued for subscriptions through DDs / third party cheques
- Withdrawals through this alternative mode of redemption can be stopped temporarily or permanently for the want of any statutory compliance, at the directives of RBI and / or SEBI or any competent statutory regulatory authority
- The Trustees reserves the right to discontinue / modify / alter the said facility on a prospective basis subject to compliance with the prevailing SEBI guidelines and Regulations
- The card is valid in India and abroad. Card is not valid for payment in foreign currency in Nepal and Bhutan
- Investors should ensure that while using the card outside India, they are doing so strictly in accordance with RBI's Exchange Control Regulations, as prevailing from time to time. The onus of ensuring compliance with the regulations is on the holder of the card
- SEBI guidelines on uniform cut off timings for redemption shall also be applicable to the aforesaid facility of alternative means of redemption
Card LimitsAt ATM: - In a day you can withdraw up to 50% of the balance in scheme account or Rs. 50,000 (whichever is lower) from an ATM or up to a permissible limit as fixed / determined by the Bank.
At POS: - In a day you can spend up to 50% of the balance in primary scheme account or Rs. 100,000 (whichever is lower) at merchant outlets.
Card Design
Current schedule of Charges
| Particulars | Limit | Charges |
| Cash Withdrawal | Upto 50% of the scheme balance* or Rs 50,000, whichever is lower | Nil |
| Spending in PoS Terminals | Upto 50% of the scheme balance* or Rs. 100,000 | Nil |
| Balance Enquiry | Nil | |
| Card Issuance Fee | Nil | |
| Annual Fee | Nil | |
| Re-issuance of Lost Card | Nil | |
| Re-issuance of Lost PIN | Nil | |
| Hotlisting of Card | Nil | |
| International Cash Withdrawal | Rs. 69 + ST# | |
| International Balance Enquiry | Rs. 21 + ST# | |
* Cash withdrawal at Visa ATM (other than HDFC) / PoS usage amount will be debited from the primary scheme.
- At HDFC Bank ATM customer can withdraw 50% of the balance in the scheme account or Rs. 50,000 (whichever is lower) from the eligible schemes linked to card
- Customer can withdraw cash in multiple transactions at different ATMs till the daily limit of 50% of the balance in scheme account or Rs. 50,000 (whichever is lower) is reached
- Similarly at POS customer can purchase up to 50% of the balance in the primary scheme account or Rs. 100,000 whichever is lower - Above charges are subject to revision with / without a prior intimation
# Service tax is currently charged at 10.3% and it is subject to change
Application for Reliance Any Time Money CardNew Investor
Fill up common application form to invest in Reliance Liquid - Treasury Plan / Money Manager Fund
- Apply for the Card
- KYC Form (if investor is not KYC Compliant)
Existing Investor (Investments in Reliance Liquid fund – Treasury Plan / Money Manager Fund)
Apply for the Card using specially designed ATM application form
Reliance Any Time Money Card is available only with the below Reliance Mutual Fund schemes:
| Primary Scheme Account | ||
| Reliance Liquid Fund - Treasury Plan | ||
| Reliance Money Manager Fund | ||
| Other eligible Schemes linked to Card | ||
| Scheme Name | Scheme Name | |
| Reliance Liquid Fund- Cash Plan | Reliance Equity Fund | |
| Reliance Short Term Fund | Reliance Top 200 Fund | |
| Reliance Floating Rate Fund - Short Term Plan | Reliance Equity Opportunities Fund | |
| Reliance Income Fund | Reliance Growth Fund | |
| Reliance Medium Term Fund | Reliance Index Fund - Sensex Plan | |
| Reliance Regular Savings Fund - Debt Option | Reliance Index Fund - Nifty Plan | |
| Reliance Money Manager Fund | Reliance Infrastructure Fund | |
| Reliance Dynamic Bond Fund | Reliance Natural Resources Fund | |
| Reliance Gilt Securities Fund | Reliance Regular Savings Fund - Balanced Option | |
| Reliance Monthly Income Fund | Reliance Regular Savings Fund - Equity Option | |
| Reliance Gold Savings Fund | Reliance Small Cap Fund | |
| Reliance Arbitrage Advantage Fund | Reliance Vision Fund | |
| Reliance Pharma Fund | Reliance Banking Fund | |
| Reliance Quant Plus Fund | Reliance Diversified Power Sector Fund | |
| Reliance Long Term Equity Fund | Reliance Media & Entertainment Fund | |
| Reliance Liquidity Fund | ||
Re - issuance of CardIn case of lost / damaged card you can apply for a new card by filling up the application form. At any time only one card can be active.
Card HotlistingIf your card ever gets lost or stolen, please immediately contact our 24 hour customer contact centre at 3030 1111 or toll free no. 1800 300 1111. We will hotlist your card (no transactions shall be possible thereafter through the hotlisted card).
The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the readers. Readers are advised to seek independent professional advice and arrive at an informed investment decision before making any investments. None of The Sponsor, The Investment Manager, The Trustee, their respective directors, employees, affiliates or representatives shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way from the information contained in this material.
Statutory Details: Reliance Mutual Fund has been constituted as a trust in accordance with the provisions of the Indian Trusts Act, 1882. Sponsor: Reliance Capital Limited.Trustee: Reliance Capital Trustee Company Limited. Investment Manager: Reliance Capital Asset Management Limited ("Registered Office of Trustee & Investment Manager: 'H' Block, 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400 710, Maharashtra). The Sponsor, the Trustee and the Investment Manager are incorporated under the Companies Act 1956. The Sponsor is not responsible or liable for any loss resulting from the operation of the Scheme beyond their initial contribution of Rs.1 lakh towards the setting up of the Mutual Fund and such other accretions and additions to the corpus.
Terms of issue: The NAV of the Scheme will be calculated and declared on every Working Day. The Scheme provides sale / switch – in & repurchase /switch - out facility on all Business Days at NAV based prices.
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1 comment:
What a great post. I’m emailing this to my friends.
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