e-ATM for Mutual Funds: ICICI Direct launches facility for instant payout on redemptions

New Delhi: ICICI Direct has launched a brand new facility, e-ATM for Mutual Funds, utilizing which traders can get an immediate payout on their mutual fund redemption orders. So, which means if a mutual fund investor wants funds in an emergency, then she or he can get immediate cash of their financial institution accounts by redeeming their mutual funds. 

Previously, clients needed to wait for 2 to 4 working days to obtain their funds towards their mutual fund redemptions. ICICI Direct stated that its clients can get a payout inside 30 min of redemption with e-ATM for MFs. 

However, purchasers would solely get a 50-70% of their MF redemption worth inside half-hour on MF redemptions. The remaining stability will likely be paid as per the payout cycle of the fund, which might be 2-4 working days. 

As of now, ICICI Direct has capped the utmost redemption at Rs 10 lakh per buyer proper now. If the consumer redeems the quantity after 7:30 pm, the s/he’ll get the redemption at 10 am the subsequent working day, ICICI Direct stated. 

Kedar Deshpande, Head – Retail Distribution, ICICI Securities, stated “After the success of our e-ATM for equities, which provided instant liquidity on sale of shares, our customers had been seeking a similar facility for mutual funds as well. We are happy to introduce ICICIdirect e-ATM for MFs which is available even post-market and normal banking hours, and hence will be of great use in meeting urgent and last-minute liquidity requirements. For retail investors, access to money is a very important consideration while making their investment decisions. Their ICICIdirect account is almost like an ATM, wherein they can withdraw money within 30 mins of their share and MF sale. This is a very strong value proposition we offer.” Also Read: TCS Recruitment 2021: IT main invitations purposes from freshers, Check final date, eligibility

ICICI Direct stated in a press release, e-ATM for MFs might be availed by resident people holding their fairness, debt, and liquid schemes in Demat items. “It is also available for domestic schemes with international exposure. The facility comes at a nominal cost,” the corporate added. Also Read: Epic vs Apple battle: Xsolla comes out with Web Shop, let recreation builders to develop their income by 40%

Source hyperlink

Leave a Comment