Reliance Any Time Money Card collects Rs. 1,500 crore

The fund house has issued over 3 lakh ATM cards to investors so far.

Reliance Mutual Fund has mopped up Rs. 1,500 crore by issuing more than 3 lakh ATM money cards to investors.

The facility is a first of its kind initiative from Reliance which competes directly with debit cards which are widely used for cash withdrawals. The main advantage of this card is that it offers higher interest rates compared to saving bank account combined with the flexibility to invest in other Reliance MF schemes. Further, it allows investors to withdraw and spend at visa-enabled ATMs and merchant outlets across the world. Investors can withdraw as per the limit set by bank or 50% of the balance in scheme account or Rs. 50,000 (whichever is lower). They can spend up to 50% of the balance in the primary scheme account or Rs. 1 lakh per day (whichever is lower) at PoS terminals.

The facility is available for all Reliance MF investors. New investors need to invest in Reliance Liquid Fund - Treasury Plan or Reliance Money Manager Fund which acts as primary scheme account and can be accessed at all visa ATM and merchant establishments across the world. Once investors open a folio in either of the two schemes, they can transfer investments into debt, equity and gold funds. Other schemes act as secondary scheme account and can be accessed at HDFC Bank ATMs for cash withdrawal or balance enquiry.

There are no charges for using this facility except for international cash withdrawals and international balance inquiry which is Rs. 69 (plus service tax of 10.30%) and Rs. 21 (plus service tax), respectively.

"We are providing a whole lot of marketing collaterals such as product presentations, product notes, one-pagers, FAQs, calculators to demonstrate the benefits of saving smart to our distributors to enable them to make effective sales pitch around the card. In addition to these, we encourage our distributors to conduct, facilitate and participate in investor campaigns across the country. Targeted sales campaigns like approaching large corporate houses for offering this solution to their employees, are also taken up with distributors,” says Himanshu Vyapak, Deputy CEO, Reliance Mutual Fund, who has conceived Reliance ATM Money Card.

Reliance ATM Money Card was launched in 2006.

Reliance ATM card is available only with the below Reliance Mutual Fund schemes: