ICICI Prudential and Fidelity mutual fund has launched Visa debit card transactions facility for its investors.
You will now be able to buy mutual funds schemes from these fund houses by swiping your Visa debit cards.
Currently Lump sum investment option is available but very soon they are planning to introduce Visa point-of-sales terminals in seven cities – Mumbai, Delhi, Chennai, Kolkata, Bangalore, Pune and Ahmedabad where you can similarly swipe to buy schemes managed by the AMC.
This feature will provide easy accessibility to investors by facilitating mutual fund purchase on their website through Visa debit cards.
Other Amc's which offer such kind of service are SBI Mutual Fund & DSP Black Rock Mutual Fund.
DSP Black Rock Mutual Fund provides two convenient payment options through which you can invest online and anytime.that is with debits cards and net banking facilities for online transaction.You can invest online using your debit card if you have any of the following debit cards and also have an internet password for your debit card:
- Visa verified Debit Card: If you have a “Visa” debit card issued by your bank.
- Citibank Debit Card
- State Bank of India – ATM cum Debit Card
SBI Mutual Fund started this facility from March 2010, you can invest in mutual fund (MF) schemes of SBI MF through your State Bank of India’s (SBI) ATM-cum-debit card using the MF’s Internet transaction facility. If you already have a bank account with SBI and an ATM-cum-debit card of your account, you can buy SBI MF schemes directly through it. Once you select your scheme, you will be asked to validate your debit card, its permanent identification number and your bank account number. You need to do this each time you invest using your debit card. Once the transaction is processed, you get an intimation of your investment on the screen and an account statement in a couple of days. You could buy equity and debt schemes. In a single day, you can buy units worth only up to Rs50,000 on your regular card and up to Rs1 lakh on your gold card.