In order to encourage distributors to opt for digital transactions, MF Utility has introduced a reward program for distributors titled ‘MFU Partner Program 2019’ through which distributors can earn reward points on execution of digital transactions through MFU platform.
The offer is currently valid on all digital transactions and will be open until Diwali 2019. Distributors who reach a certain number of transaction on a weekly basis would be eligible to earn points. One point is equivalent to the voucher of 50 paise. Simply put, if you earn 20000 points in a week, you will be eligible for a voucher of Rs.10,000.
You can redeem your reward points post Dussehra. Also, you will have to bear all taxes or government levies on the offer.
However, points will be calculated at scheme level and not at form or order level. For instance, even if you create two or more transactions in a scheme, it would be considered as just one transaction. De-duplication will be done based on CAN, folio, scheme and transaction type.
Also, while the first instalment of SIP would be considered as one transaction, subsequent transactions through the SIP will not be considered for reward points under this program.
MFU has clarified that the offer does not intend to solicit any transactions from distributors in a specific AMC, scheme, plan or option.
In an email sent to distributors, the company said, “As we know, MFU is a system that encourages paperless transactions. Furthermore, in line with the spirit of Digital India, the programme shall consider only digital transactions. A transaction involving any form of paper would not be considered in the programme.”
“Secondly, this year we have kept the programme very simple and easy to understand with minimal parameter, that is the commercial transaction count and count of approved electronic common account number (eCANs). Every Create and Schedule Transaction (CaST) instalment shall be treated as a commercial transaction for the purpose of this programme. Systematic registration would be considered as one transaction, however systematic instalments will not be considered,” clarified the company.
Distributors who crosses the relevant threshold in a week (Sat-Fri) will be eligible to earn points as follows:
- eCAN approved - Ten points per eCAN approved
- Commercial Transactions -
|
Transactions Per week |
Points Per transaction |
|
100 to 249 |
20 |
|
250 to 499 |
40 |
|
500 to 999 |
60 |
|
1000 to 1499 |
80 |
|
1500 & above |
100 |
Illustration:
|
Sr No. |
Partner |
Transactions Per Week |
Points Per transaction |
Total Points Earned Per Week |
|
1 |
ARN – 1**7 |
2,300 |
100 |
2,30,000 |
|
2 |
ARN – 1**9 |
1,220 |
80 |
97,600 |
|
3 |
ARN – 1*21 |
810 |
60 |
48,600 |
|
4 |
ARN – 1*20 |
390 |
40 |
15,600 |
|
5 |
ARN – 1*24 |
125 |
20 |
2,500 |
