Your clients will no longer be required to send physical form along with the canceled cheque to initiate SIP.
In a move that will further simplify the mutual fund investment process, Reliance Mutual Fund has introduced a facility called e-OTBM (One Time Bank Mandate) through which your clients can register their bank mandate online. This is another industry first initiative made available for new and existing individual investors and is completely paperless and online.
With this facility, investors just need to log in to any of the digital assets of Reliance Mutual Fund and select e-OTBM registration option.
As of now, investors can register bank mandate through offline mode by filling the physical form. This process is time consuming, involves OTBM physical form filling, and form submission along with necessary documentation at the respective offices.
Now, the fund house has made this process simple and hassle free. Here are some key features of the newly launched facility.
Few highlights:
- This registration can be done by all individual investors via Aadhaar based authentication through One Time Password (OTP) triggered to their mobile number registered with UIDAI
- This is an online and paperless process of registering e-OTBM
- e-OTBM will obviate the need for cheque
- Almost 99 % of the online investor details field will be pre-filled and the investor just has to enter the amount and modify the mandate expiry date if necessary thus enabling hassle free and quick registration
- There are approximately 17 banks that are currently available for e-OTBM registration for all our investors
- The investor’s signature will also be captured digitally
Post this quick and hassle free online e-OTBM registration, investors can make purchase and do any day SIP (another initiative launched by Reliance MF recently) transacting seamlessly. This e-OTBM registration process will be completed within 3 working days only.
Sundeep Sikka, ED and CEO of Reliance Nippon Life Asset Management Limited (RNAM) believes in getting every Indian household to invest in mutual funds and drive ‘Mission Prosperity’ for the investors. To achieve this, he believes in enabling investors to transact in a hasselfree and paperless environment. e-OTBM ensures that the mandate registration is processed electronically thereby making it paperless and quick.
Himanshu Vyapak, Deputy CEO of Reliance Nippon Life Asset Management Limited (RNAM), strongly believes in leveraging technology to provide solutions to investors that are hassle free and easy. He believes digital platforms will re-define the way customer on-boarding and financial transactions are happening in India. “Given the several benefits of mutual funds, the impeccable track record, the potential and the several initiatives taken by the regulator and the industry, including digital initiatives, to expand the markets, we are only likely to see more investors participating in the future which will give a positive thrust to expansion of MF industry. One of the most encouraging trends is investors participating through the SIP. e-OTBM is one such platform by which investors will be able to register their mandate online and transact any time they wish,” adds Vyapak.
Reliance Mutual Fund has been relentlessly working towards providing partner centric and investor centric industry first innovations such as Instant Redemption, Any Day SIP, SIMPLY SAVE in the recent past and now e-OTBM registration.
