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Reliance MF targets 5 lakh customer for 'Any Time Money Card'

 

AGENCIES | Chandigarh, December 14, 2011 20:15
Tags : Reliance Mutual Fund (RMF) | Reliance MF targets 5 lakh customer | Any Time Money Card | Deputy CEO Himanshu Vyapak |
 

Reliance Mutual Fund (RMF) on Wednesday said it targets to achieve a customer base of about 5 lakh for its 'Any Time Money Card' services in one year.

"In next one year, we are targeting half a million investors for offering our services through our Money Card," Reliance Capital Asset Management Ltd Deputy CEO Himanshu Vyapak told reporters here.

Reliance Mutual Fund today announced to launch this card that offers all the  convenience of a debit card for investments made in Reliance Mutual Fund schemes.

"For long, investors have been shying away from investing in MF schemes, especially liquid funds, primarily for lack of options that assure them access to their investments, as and when required, without restricting the growth potential of investments.

"We feel this card will fill this gap and provide them the necessary reassurance of instant access to their money, allowing them to access their investments just, as they would a savings account," said Vyapak.

The ATM card will be available to investors investing in RMF designated schemes through their online account with the AMC or the physical mode. The primary mutual fund scheme account that will be mandatorily linked to the card will be Reliance Liquid Fund - Treasury Plan or Reliance Money Manager Fund.

The card will be linked to investments made in the designated funds and can be used to withdraw cash from any VISA authorised ATM or payment at Point of Sale (PoS) outlets, he said.

"As per industry data (as on September 30, 2011), only approximately Rs 1.75 lakh crore, of the total industry assets of Rs 7.12 lakh crore, is invested in Liquid/Money Market funds and that too largely by corporate and institutional investors. This presents a significant opportunity for retail inflows into the MF industry," said Vyapak.

RMF has assets under management of Rs 90,000 crore.

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Issue Dated: Feb 5, 2017