Customers can now initiate a Systematic Investment Plan in mutual fund through their mobile phones with Reliance Capital Asset Management's new initiative.
"SIP using SMS is the latest service offering from RCAM. This unique feature will make it cost efficient, and convenient for over 900 million mobile users across the country to participate and make investments in mutual funds," said Sundeep Sikka, chief executive officer, RCAM.
RCAM has launched the new service under its Invest Easy initiative, a transaction platform that aims to use technology to make it convenient for investors to invest in mutual funds.
To invest in Reliance Mutual Fund schemes through SMS, customers need to fill in a one-time Invest Easy registration form with their details. The registration form would also include a debit bank mandate that will facilitate transferring of funds from the investor's bank while purchasing the scheme.
Registered investors can then make a purchase, start an SIP, or redeem their units using their registered mobile phones, the company said in a statement.
SIP would be open-ended and can be discontinued by the investor at any time. Sikka said Reliance Capital Asset Management already had over 2.5 lakh customers under the Invest Easy initiative.
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