MF Utility Operational: Online Platform for Direct Mutual Funds!

Published: December 31, 2015 at 2:00 pm

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.

Do share if you found this useful
Share your thoughts on this topic at the  Reddit freefincal_user_forum

Reach your financial goals like a pro! Join our 1600+ Facebook Group on Portfolio Management! You can now reduce fear, doubt and uncertainty while investing for your financial goals! Sign up for our lectures on goal-based portfolio management and join our exclusive Facebook Community. The 1st lecture is free!
Want to check if the market is overvalued or undervalued? Use our market valuation tool (will work with any index!) or you buy the new Tactical Buy/Sell timing tool!
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
About freefincal & its content policy Freefincal is a News Media Organization dedicated to providing original analysis, reports, reviews and insights on developments in mutual funds, stocks, investing, retirement and personal finance. We do so without conflict of interest and bias. Follow us on Google News Freefincal serves more than one million readers a year (2.5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified from credible and knowledgeable sources before publication. Freefincal does not publish any kind of paid articles, promotions or PR, satire or opinions without data. All opinions presented will only be inferences backed by verifiable, reproducible evidence/data. Contact information: letters {at} freefincal {dot} com (sponsored posts or paid collaborations will not be entertained)
Connect with us on social media
Our publications

You Can Be Rich Too with Goal-Based Investing

You can be rich too with goal based investingPublished by CNBC TV18, this book is meant to help you ask the right questions, seek the right answers and since it comes with nine online calculators, you can also create custom solutions for your lifestyle! Get it now. It is also available in Kindle format.
Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want Gamechanger: Forget Start-ups, Join Corporate and Still Live the Rich Life you wantThis 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 young earner

Your Ultimate Guide to Travel

Travel-Training-Kit-Cover-new This 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 Rs 199 (instant download)
Free android apps