BankBazaar launches paperless mutual funds platform

Financial marketplace BankBazaar.com has launched paperless and presence-less mutual fund platform through OTP-based eKYC process to enable investors to evaluate, select and purchase products instantly.

Capital market regulator Securities and Exchange Board of India (SEBI) currently permits investment of Rs 50,000 in a financial year per asset management company for investors using Aadhaar based eKYC using OTP based authentication.

“With interest rates trending down and demonetisation, investment avenues such as fixed deposits are also delivering lower returns,” said Ajit Narasimhan, head of savings and investment at BankBazaar.com. “Our instant MF product with a simplified application process and portfolios for everyone is the product that will fill the gap created.”


Based on advanced technology, the platform provides real-time portfolio options to customers based on their current financial profile.

While presently the platform offers mutual fund products on one-time investment model, the company also plans to make available mutual fund products of major fund houses and include monthly investment SIP (Systematic Investment Plan) option by the end of first quarter. Additionally, it will offer a personalized dashboard that will allow customers to track all their investments at one place.

BankBazaar.com has over 85 financial products with an average of 10 million visitors per month. The company has raised $80 million from investors like Amazon, Fidelity Growth Partners and Sequoia India, among others.