Reliance MF launches SIP facility through mobile

MUMBAI: Reliance Capital Asset Management (RCAM) has launched the facility of Systematic Investment Plan ( SIP) in mutual funds through SMS.

"Through this facility a customer can initiate an SIP in mutual fund schemes just by sending an SMS through their registered mobile phones," said Sundeep Sikka, CEO, Reliance Capital Asset Management.

RCAM has launched its facility under its Invest Easy initiative, a transaction platform that aims to use technology, making it convenient for investors to invest in Mutual funds.

"We already have over 2.5 lakh customers under the Invest Easy initiative that allows investors to transact online on the net, on their mobiles, through call center and now using SMS, he added.

To invest in Reliance Mutual Fund schemes through SMS, a customer has to fill in a one-time Invest Easy registration form with their details. This registration form would also include a debit bank mandate that will facilitate transferring of funds from the investor's bank while purchasing the scheme.

Registered investors can then make a Purchase, start an SIP, or redeem their units using their registered mobile phones through this facility.
The SIP would be open-ended and can be discontinued by the investor at any time, just like the physical SIP. The default date for SIP installment would be 10th of every month.

The minimum SIP for most funds is Rs 100 the company said in a statement and can be initiated with registered mobile phone.