Reliance Mutual Fund announced the launch of ‘instant redemption’ feature in its open-ended income fund called Reliance Money Manager Fund.
Using this feature, investors can redeem a maximum of Rs. 2 lakh of their investments from Reliance Money Manager Fund in a few minutes. The fund house claims that it will credit the money in investors’ bank account in a maximum of 30 minutes any time of the day, 365 days an year.
“Multiple studies have proven that investors feel liquidity is one of the key barriers faced by investors. Through this innovation, Reliance Mutual Fund has solved one of the key barriers faced by the mutual fund industry which is liquidity,” states a note send by RMF.
To use this facility, investor’s bank should be Immediate Payment Service (IMPS) enabled and their Complete CBS (Core Banking System) account number should be registered in the folio along with IFSC code.
“Suppose it is a Sunday and investor places instant redemption request on RMF website, we will provide investors with credit in their registered bank account on the same day within minutes; irrespective of it being a non-business day. So now your investors no longer need to wait for business day/working day to place online redemption and get access to their own money,” states the RMF note.
This facility is available for all resident individuals.
