Friday, May 25, 2012

Investing in Mutual Funds by SMS its that simple. IDFC starts SMS transact facility

I have seen so many people having spare cash in there savings account or in there current account fetching very less interest. Many of this people know that if they invest in liquid fund they can fetch much higher returns but just dont like the hastle of writing a cheque and going all the way to the amc office to submit the form. well well here is a solution.

you can just send an SMS and your investment is done from your bank account to the debt fund and even for redemption you can just send an SMS and your units are redeemed and amount directly credited to your bank account within 24 hours. so now if you are going out on vaction even for few days and want to park your fund for couple of days you can just send an sms and the money is invested and while coming back from vacation you can just send an sms and your money is back to your bank account with little more interest.  (YOUR MONEY is WORKING even when you are on VACATION )

IDFC mutual fund offers this kind of facility called SMS Transact facility.

The investor needs to sign a onetime debit mandate form & submit at any of the CAMS office or IDFC AMC branches. Investor will recieve a confirmation within two weeks after which they can start transacting.
For Investing send an SMS as INV AMOUNT to 56767267
For Redemptions send an SMS as RED AMOUNT to 56767267
(e.g for withdrawing Rs. 5000 send sms as RED 5000 to 56767267)
Investor will receive a return SMS from CAMS confirming receipt of request for transaction mentioning the date, transaction amount & time of receipt. One can also open a zero balance account.

Currently this facility works with the following banks such as Kotak, Axis, City, ING Vysya, Standard Chartered, SBI, HSBC,ICICI.

by default the money will be invested in IDFC Money Manager Treasury Plan.

for more details