In a move that will simplify the mutual fund investment process, the broking arm of India Infoline IIFL has introduced an Aadhaar based e-mandate facility through which their clients can register their bank mandate for SIP online. This is claimed to be completely paperless and online.
The company says that the turnaround time to start an SIP will reduce to 5 days through Aadhaar based e-mandate facility. Currently, registering a SIP through NACH mandate takes close to 10 days.
In addition, the clients will no longer be required to send physical form along with the cancelled cheque to initiate SIP. The entire process to register this mandate does not take more than a minute, said Harit Gautam, Vice President, Digital Strategy at India Infoline.
India Infoline manages assets under advisory of over Rs.1540 crore as on March 2017.
