Integrated personal finance platform ETMoney has rolled out a new feature for mutual fund SIPs (systematic investment plan). Investors can use e-mandate to set up the payment for their mutual fund SIPs instantly in a completely paperless manner through the ETMoney app.
With the launch of e-mandate, the app has become the first comprehensive investment platform in the country to bring NPCIâs recurring payment solution to the world of mutual funds. This comes as a relief to investors who had to earlier submit a physical form and then wait for up to 28 days for auto payment to be authorised by the bank. Investors can now set up the payment through e-mandate in real time by just logging into their net banking account.
ETMoney has allowed investors with accounts with these 10 banks â ICICI Bank, Axis Bank, HDFC Bank, Yes Bank, IDFC Bank, Central Bank of India, Kotak, IndusInd, Punjab National Bank and Bank of Baroda â to use their net banking to confirm auto payment and see their SIP getting activated almost instantly. More banks will get added in the future.
Additionally, the advantage of this new feature launched by ETMoney is not just limited to SIPs as the app has extended the benefit of this innovation to investors doing one-time, lump sum investments as well. The mandate, once activated, allows investors to make instant payments and completely skip going to the net banking experience of typing in user ID and password.
Mukesh Kalra, CEO, ETMoney, said, âWe have been providing one tap, instant experiences around investing, and e-mandate is an outcome of that focus. ETMoneyâs new SIP setup through e-mandate can be completed within a minute with zero paperwork. This is the most seamless investing experience in the country today and empowers millions of Indian investors to start growing their savings with a tap on their phoneâ
ETMoney has also recently crossed Rs 2,000 crore of money invested in mutual funds through its platform. It is adding more than Rs150 crore in new investment transaction value every month from investors across 1,300 cities. The company is aiming to grow to Rs 5,000 crore in mutual fund transactions in the next 12-18 months.