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.
Subscribe to get posts via email"How to" articles; unbiased analysis; free, yet comprehensive calculators and money Management solutions delivered to your inbox!
Buy our New Book!You Can Be Rich With Goal-based Investing A book by P V Subramanyam (subramoney.com) & M Pattabiraman. Hard bound. Price: Rs. 399/- and Kindle Rs. 349/-. Read more about the book and pre-order now!