Fund house claims that the end-to-end transaction can be done within seven minutes through Distributor Initiated Transaction Facility (DIFT).
Reliance Mutual Fund has launched a Distributor Initiated Transaction Facility (DITF) through which distributors can initiate transactions on behalf of their clients. The facility is available on both lump sum and SIP transactions.
Distributors need to call a toll free number 1800-300-1111 and select distributor option on Interactive Voice Response (IVR) to avail this service. A Reliance representative will connect with distributors to get transaction details like folio number, amount, scheme etc. The fund house will intimate clients through SMS or email and the transaction would be executed after client’s approval. The transaction will expire automatically if the fund house is unable to get client approval within 24 hours.
Reliance claims that the end-to-end transaction can be done within seven minutes through this facility.
Only empanelled distributors of Reliance MF can initiate such transactions for their clients having a folio with the fund house. To avail the facility, the customers must have an active Invest Easy Debit Mandate registered in their folio. Currently, the fund house has 20,000 folios having such mandates. ARN code captured in the Invest Easy mandate form will be the default ARN code for the transaction.
Sharing the rationale behind the DITF, Himanshu Vyapak, Deputy CEO, Reliance Mutual Fund said, “This facility is designed to help distributors increase business volumes, reduce operating costs and at the same time help them to offer more convenience to customers. It is estimated that the average per transaction cost of partners is approximately 80 bps, which is largely associated to logistics cost per transaction incurred by partners to service customers. This cost can be easily controlled and brought down less than 20 bps with use of technology.”
“Partners can now build a viable business model to better service every customer by offering all asset classes be it liquid funds for managing daily savings/ surplus, debt funds/ FMPs/ gold for portfolio stability to equity funds for higher risk return investments. Thus, they get to maximize the business potential by broadening the offering basket, while minimizing the operational cost at higher convenience to customers and self,” he added.
Advisor will receive the status of transactions from the fund house on daily basis.
