Now, buy and sell HDFC Mutual Fund units through ATMs

Mumbai: HDFC Mutual Fund has announced the launch of any-time mutual fund (ATMF) — India’s first-ever mutual fund service to enable investors to buy or sell mutual fund units through an ATM. To deliver the ATMF service to investors, HDFC MF has tied up with HDFC Bank and ICICI Bank.

Says HDFC Asset Management Company managing director Milind Barve: “ATMF is a path-breaking concept in investor services for the Indian mutual fund investor. Like investors have credit cards and debit cards, they will now have an ATMF Card. HDFC MF’s ATMF is a benchmark in leveraging technology to benefit the retail investor. With HDFC MF’s ATMF, we wanted to make our mutual fund products accessible any time, any where.”

HDFC MF has allied with HDFC Bank and ICICI Bank to introduce the ATMF service through their ATMs in India. Initially this service will be introduced in Mumbai and will be launched across the country in a phased manner. However, during this period, Mumbai residents will be able to use this service at around 600 HDFC Bank and 1000 ICICI Bank ATMs across the country.

Says HDFC chairman Deepak Parekh: “The group has always believed in setting high standards of customer service. The ATMF launch by our MF underlines our focus on creating a higher level of customer convenience and satisfaction.”