ICICIdirect launches e-ATM for Mutual Funds for instant liquidity on MF redemptions.
ICICIdirect, an online platform for investments, protection and loan products, today announced the launch of a revolutionary new offering, e-ATM for Mutual Funds, wherein customers will get instant payout on their MF redemption orders, against 2-4 working days in the normal cycle.
With e-ATM for MFs, ICICIdirect customers get payout within 30 min of redemption. Clients would get redemption of 50-70% of their MF redemption value within 30 minutes, and balance amount as per the payout cycle of the fund, which can be 2-4 working days. Maximum redemption is capped at INR 10 lakh per customer right now. If client redeems amount after 7:30 pm s/he will get the redemption at 10 am the next working day.
Mr. Kedar Deshpande, Head – Retail Distribution, ICICI Securities, said “After the success of our e-ATM for equities, which provided instant liquidity on sale of shares, our customers had been seeking a similar facility for mutual funds as well. 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. For retail investors, access to money is a very important consideration while making their investment decisions. Their ICICIdirect account is almost like an ATM, wherein they can withdraw money within 30 mins of their share and MF sale. This is a very strong value proposition we offer.”
e-ATM for MFs can be availed by resident individuals holding their equity, debt, and liquid schemes in demat units. It is also available for domestic schemes with international exposure. The facility comes at a nominal cost.