LIC Mutual Fund has today introduced an instant redemption facility in its liquid fund – growth option.
Currently, this facility is available only to individual investors for transactions through the online transaction portal of LIC MF i.e. https://online.licmf.com.
The fund house said that investors can redeem 90% of their investments or up to Rs.50,000 through this facility. LIC MF has tied up with RBL Bank for using their payment platform for instant redemption facility.
Raj Kumar, Chief Executive Officer, LIC Mutual Fund said, “This feature facilitates an added instant liquidity and convenience to the investors. With this change, it makes sense for investors to shift money from savings account to liquid funds as most savings accounts offer less than 4% rate of interest whereas liquid funds yield higher returns.”