Reliance – Invest by sending a SMS.
By Parvina Purkayastha - Thu Aug 30, 5:38 pm
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Reliance Capital Asset Management has announced the launch of Systematic Investment Plan in mutual funds through SMS.
A part of Reliance Capital called Reliance Capital Asset Management (RCAM) has announced the launch of Systematic Investment Plan (SIP) in mutual funds (MFs) through SMS. All that one needs to do is fill in a one-time ‘Invest Easy‘ registration form with their details to invest in Reliance mutual fund schemes through SMS.
A debit bank is a must for the registration that would facilitate transferring of funds from the investor’s bank while purchasing the scheme. Using the registered mobile phones one can then make a purchase, start an SIP, or redeem their units.
To start a SIP, the investors need to SMS SIP amt scheme code to 9664001111 from their registered mobile numbers. The SIP would be open-ended and can be discontinued by the investor at any time. The default date for SIP installment would be 10th of every month.
In case no scheme code is mentioned, the default SIP would be started for Reliance Equity Opportunities Fund. The minimum SIP for most funds can be as low as Rs. 100 and can be initiated with the registered mobile phone.
For purchasing units of a fund, investors need to SMS PUR amount scheme code to 9664001111. In case no scheme code is mentioned the default fund for investment would be the Reliance Money Manager Fund.
Sundeep Sikka, CEO, RCAM said, “We have around 2 million SIPs with over 40 per cent of these coming from non-metros. A huge challenge for the industry has been to reach out to small ticket investors and help them invest in the MF sector.”
He adde , “This initiative will help us strengthen our reach and enable an investor to directly invest in the schemes using their phones.”
For redemption, investors need to SMS RED amount scheme code to 966400111 and the units would be redeemed in their bank accounts linked to their units. The scheme codes are available on RCAM website.
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