MF Utility Operational: Online Platform for Direct Mutual Funds!

/ M. Pattabiraman / 104 Comments

Published: December 31, 2015 at 2:00 pm

Photo of M Pattabiraman, founder, editor and primary author of freefincal.com By M. Pattabiraman   

MF Utility, online transaction portal for investing in direct mutual fund plans from 25 AMCs (as of now), is operational!  Here are instructions to access the portal.

Steps necessary to use the online facility of MF Utility

  1. Obtain a Common Account Number (CAN) following the instructions in the investor page of MFU
  2. The CAN form with required documents to be submitted can be found here CANforms
  3. The completed CAN form has to submitted (in-person or couriered is my understanding) to one of the point of service locations: MFUPOS
  4. Once you receive the CAN number, send an email to clientservices [AT] mfuindia, quoting your CAN number and request for online access.
  5. You will receive your login details from them.
  6. Once you receive details, activate your account with your credentials and a one-time password (OTP) sent to your email and mobile number.
  7. The system will then allow you to create a login and password.

The following activities are possible via the MFU Online portal from 1st Jan 2016 (the year of the direct mutual fund!) (extract from email sent to CAN holder who requested online access)

  • Transact online under the CANs where you are the sole / primary holder.
  • You can transact on Purchase, Redemption, SIP, STP and SWP.
  • For purchases, you will have the option of making payment through Netbanking, NEFT, RTGS or a pre-registered PayEezz Mandate.
  • View your Account Profile.
  • View transactions in the CANs where you are the second or third holder.
  • View your holdings in the schemes of various participating Mutual Funds.
  • View your Normal and Systematic Order Books.
  • Log a complaint or Feedback online.
  • We will soon be enabling more features in the coming months.
  • At this time the online access is enabled only for individual CANs with mode of holding as ‘Single’ or ‘Anyone or Survivor’.

Should one use the MF Utility?

Considering that it (at least as of now), free, why not? It is a nice way to consolidate all direct mutual funds and transact. One cannot switch from one AMC to another though. I will now get my CAN no and give it a try.

Here is a screenshot of the participating AMCs.

MF-Utility

Credits: This post is written with extensive inputs from members of facebook group Asan Ideas for Wealth: Ravi Pathak, Vetri Vel, Dr. Dipak Kumar, and Saravana Jananarthanan.

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About the Author Pattabiraman editor freefincalM. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. since Aug 2006. Connect with him via Twitter or Linkedin Pattabiraman has co-authored two print-books, You can be rich too with goal-based investing (CNBC TV18) and Gamechanger and seven other free e-books on various topics of money management. He is a patron and co-founder of “Fee-only India” an organisation to promote unbiased, commission-free investment advice. He conducts free money management sessions for corporates and associations on the basis of money management. Previous engagements include World Bank, RBI, BHEL, Asian Paints, Cognizant, Madras Atomic Power Station, Honeywell, Tamil Nadu Investors Association. For speaking engagements write to pattu [at] freefincal [dot] com
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