Continuing its streak of adding industry-first innovations on its platform to simplify the financial journey of Indian investors, the country's largest integrated personal finance platform, ETMONEY, has taken a big step by rolling out a new feature that can forever change the way mutual fund SIPs are set-up in the country.
Beginning today, 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 NPCI's 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 authorized 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 - ICICI Bank, Axis Bank, HDFC Bank, Yes Bank, IDFC Bank, Central Bank of India, Kotak, IndusInd, Punjab National Bank and Bank of Baroda 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 & completely skip going to the netbanking experience of typing in user ID and password.
ETMONEY CEO Mukesh Kalra said, "We have been providing one tap, instant experiences around investing, and e-mandate is an outcome of that focus. ETMONEY's 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 phone".
ETMONEY has also recently emerged as one among the few online platforms in India to have crossed the landmark of Rs.2,000 crores of money invested in Mutual Funds through its platform. It is also adding more than Rs.150 Crores in new investment transaction value every month from investors across 1,300 cities. The company is aiming to grow to Rs.5,000 Crores in mutual fund transactions in the next 12-18 months, reaffirming its position as India's largest digital-first financial services platform.