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
- Obtain a Common Account Number (CAN) following the instructions in the investor page of MFU
- The CAN form with required documents to be submitted can be found here CANforms
- The completed CAN form has to submitted (in-person or couriered is my understanding) to one of the point of service locations: MFUPOS
- Once you receive the CAN number, send an email to clientservices [AT] mfuindia, quoting your CAN number and request for online access.
- You will receive your login details from them.
- Once you receive details, activate your account with your credentials and a one-time password (OTP) sent to your email and mobile number.
- 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.
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.
Connect with us on social media
- Twitter @freefincal
- Subscribe to our Youtube Videos
- Posts feed via: Feedburner
- We are also on Google PlusandPinterest
Do check out my books
Get it now. It is also available in Kindle format.
Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You WantMy second book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at low cost! Get it or gift it to a youngearner
The ultimate guide to travel by Pranav SuryaThis is a deep dive analysis into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, how travelling slowly is better financially and psychologically with links to the web pages and hand-holding at every step. Get the pdf for ₹199 (instant download)
Free Apps for your Android PhoneAll calculators from our book, “You can be Rich Too” are now available on Google Play!
Install Financial Freedom App! (Google Play Store)
Install Freefincal Retirement Planner App! (Google Play Store)
Find out if you have enough to say "FU" to your employer (Google Play Store)