SBI Mutual Fund introduces online payment option through SBI ATM-debit cards
22 Mar 2010
Mumbai: SBI Funds Management Pvt. Ltd today said online investment in SBI Mutual Fund schemes can now be made using SBI ATM-cum-debit cards.
The payment facility is being made available on the SBI MF website, with effect from 20 March 2010 and is available for all SBI Mutual Fund equity and most of the debt schemes. Investors can invest amounts, subject to a maximum limit, as periodically decided by SBI.
With the introduction of the new facility SBI's over 5 crore ATM-cum-debit card holders, would now be able to invest in SBI Mutual Fund schemes online.
SBI Mutual Fund at present has arrangements with 12 banks for making online payments for investments.
''This would technically enable all SBI ATM-cum-debit card holders to invest in SBI Mutual Fund's schemes even if they do not have SBI internet banking facility, thereby adding to a whole new universe of potential investors for SBI Mutual Fund,'' said Achal Kumar Gupta, managing director, SBI Mutual Fund.
There are, as on 28th February, 2010 approximately 5 crore ATM cum Debit Cards issued by SBI. Today, only internet banking investors can invest online in SBI Mutual Fund schemes.
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