Mutual fund transactions have become easier since investors were allowed to carry out transactions online. Investors can now make payments for their online mutual fund transactions using Virtual Payment Address (VPA).
Who can use facility?
Existing investors of the mutual funds as well as new investors can use UPI as a payment option. Transactions such as lump sum investment or SIP (first installment) can be made using UPI interface.
Prerequisites
The investor should be KYC compliant and have the BHIM application downloaded on their registered mobile phone. Keep the VPA information handy before carrying out online transaction.
Entering details
The investor can access the fund website and click on online transactions. Existing investors can enter login credentials or basic details to access the folio. Next, the investor has to click on additional purchase or new purchase and enter scheme and amount details.
Payment option
While choosing payment option, the investor should click on UPI as payment mode. Once this is done, the investor will be prompted to enter his VPA to initiate the UPI transaction.
Authentication
An authentication message is sent to investor. The investor has to then open BHIM app and go to 'pending UPI transactions'. Under the tab 'pending with me' the MF transaction will appear. Investor must click that to complete process.
1. VPA is an identifier that is created by the user by linking his bank account to the mobile payment application.
2. There is a per transaction limit of ₹1 lakh for transactions carried out through UPI.
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