Peerless MF introduces
cash investments facility in partnership with Allahabad Bank
Peerless Mutual Fund has introduced cash investments in its retail schemes by
partnering with select Allahabad Bank branches. Peerless is the first AMC to
launch cash investments after SEBI allowed mutual funds to accept up to
Rs.20000 per investor, per mutual fund, per financial year.
“Peerless Mutual Fund aims to cater to un-banked customers in tier III and tier
IV locations through this facility. Allahabad Bank has a strong presence in
these markets and synergy of both organizations will help customers, who wish
to take advantage of the growing capital markets through our well performing
schemes. The cash purchase facility is available immediately at select Allahabad
Bank branches and will be further extended gradually to 2500 branches across
India,” said Akshay Gupta, MD and CEO, Peerless Mutual Fund.
The fund house will accept cash through 38 Allahabad Bank branches to begin
with and plans to extend it across India after the initial test run. Peerless
AMC too has branches in these 38 locations. Investors have to open a folio with
the fund house and subsequently they can deposit cash at the bank. The
redemption proceeds will be credited directly to the investor’s bank account.
The bank can also offer redemption proceeds through demand draft.
The fund house is in the process of tying up with two non-banking agencies to facilitate cash transactions.
The fund house has shortlisted Peerless Income Plus Fund, Peerless Child Plan, Peerless Equity Fund and Peerless Short Term Fund for allowing cash transactions.
Peerless AMC manages close to Rs 5000 crore.
