Digital payments platform FreeCharge and Reliance Mutual Funds on Wednesday Jan 18,2017 teamed up to offer paperless access to mutual funds with instant redemptions and zero charges.
Through this partnership, users can now invest in a 'Money Market Mutual Fund' and get instant redemption of mutual funds at the click of a button.
"In a regime of falling interest rates, debt funds offer an attractive alternate investment vehicle and we are very pleased to partner with Reliance Mutual Fund in this regard," said Govind Rajan, CEO FreeCharge, in a statement.
The customers only need a PAN or Adhaar card number during the entire process.
"To invest through FreeCharge, all a 'Know Your Customer' (KYC) compliant customer needs to do is enter his PAN number, a few basic details and bank account number and the folio of the customer will be generated," the statement added.
For non-KYC customers, the KYC can also be done online instantly through FreeCharge by using the Adhaar number linked with the subscriber's currently active mobile number
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