Online investment platform ICICIdirect has started offering instant withdrawal facility called ‘e-ATM’ on mutual fund units irrespective of scheme type. With this, investors will be able to receive up to 70% of the redeemed amount within 30 minutes of giving redemption request.
The remaining corpus will get credited based on regular payout cycle of 2-4 working days.
"We are happy to introduce ICICIdirect e-ATM for MFs which is available even post market and normal banking hours and hence will be of great use in meeting urgent and last minute liquidity requirements," said Kedar Deshpande, Head - Retail Distribution, ICICI Securities.
The company said that the facility comes at a nominal charge. The platform charges Rs.35 if the instant payout is up to Rs.25,000. The rates go up as the amount increases. For the highest slab (above Rs 1 lakh), the company would charge fee of Rs.125 plus 0.2% of the amount exceeding Rs.1 lakh.
Investors having MF units in demat holding can avail the benefits of this facility.
