Do you feel it hard to manage your funds through agents, offline, or visiting individual mutual fund companies physically? Solution for all ONLINE savvy mutual fund investors is MF UTILITIES.
MF Utility actually integrates all stakeholders of the industry like investors, mutual fund companies, and service providers on one online platform. This is an initiative by AMFI (Association of Mutual Funds in India) under the approval of SEBI. The beauty of this platform is, you can do all mutual fund transactions under one roof, irrespective of a Mutual Fund Company or funds. Hence, this platform acts like “Transaction Aggregation Portal”.
This platform provides online access to investors to connect with service providers (like karvy or CAMS), Banks, Mutual Fund companies, Payment Gateways, and KYC registration agencies (CVL KRA). Therefore, you may say a one-stop solution for investors. This facility will available for 24×7 for access.
This is owned by all mutual fund companies and operated by MF Utilities India Pvt Ltd (MFUI). Below are the few features, which makes you to opt this service.
- You will get Common Account Number (CAN) facility. It is unique number exactly like PAN number allotted to investors. Using this CAN you can submit the new applications, withdraw or transact online. You can do all transactions quoting this CAN (irrespective of a Mutual Fund Company and type of transactions). You can download the form HERE for registration.
- Once you do the KYC process at MF Utility then no need to do it again in KRA.
- You will have standardized format of forms for all transactions irrespective of a Mutual Fund Company.
- You have access to do all sorts of mutual fund transactions online.
- You can enable single payment for all mutual funds you hold. This means a single cheque like Rs.10,000 is enough to invest in two mutual funds (same or different mutual fund companies) of each Rs.5,000. You no need to write separate cheques. In addition, you can choose your choice of payment.
- You can view all your investments in one roof. Your investment will be tracked by CAN. So one roof for all your investment tracking.
- You will receive the normal alerts, messages, or triggers as you used to receive from mutual fund companies.
- They developed the centralized complaint management and tracking system.
- You can do financial transactions like KYC, CAN creation, purchase, redemption, switches, SIP, SWP or STP registration.
- Along with that, you can also do non-financial transactions like change of bank or address change requests.
How can you connect with this platform?
Through the designated POS (Point of Service), you can start your journey, who acts as front office facilitator for this platform. An MFUI POS will accept transactions across Mutual Funds participating in MFU. You can check your nearby POS by clicking HERE.
Whether all Mutual Fund companies available on this platform?
Currently top mutual fund companies already tied up with this platform. You can view the list of associated mutual fund companies HERE.
What will be charged to use this platform?
It is a free online platform. Therefore, they will not levy any charges for you.
What type of funds allowed to invest, like regular and direct?
You can invest in regular funds or direct funds also. This is just an online platform. Therefore, you have both the options to invest.
Whether it is better to opt MF UTILITIES?
I feel it as a game changer in the mutual fund industry. Because nowadays all feel it convenient to do it online. Hence, MF UTILITY facilities this with integration of all funds and companies. This facility is at free of cost. Therefore, the added advantage is to opt for DIRECT Funds.