BankBazaar today announced the launch of its paperless and presence-less Mutural Fund (MF) platform. It facilitates Mutual Funds online where investors are enabled to evaluate, select and purchase the product within minutes. Complaint with SEBI norms, BankBazaar’s MF platform has OTP-based eKYC process which makes investment instant, paperless, and presence-less. The launch of the mutual funds rounds off the credit and savings product offerings from BB with a wealth creation product. SEBI currently permits investment of Rs 50,000 in a financial year per Asset Management Company for investors using Aadhaar based eKYC using OTP-based authentication.
Presently, BankBazaar’s MF platform is offering mutual fund products on one-time investment model. Soon, BankBazaar’s MF platform will present mutual fund products of all major fund houses and include monthly investment SIP option by the end of this quarter. The platform is based on advance technology to provide real time portfolio options to customers based on their current financial profile. The search results are optimized based on the inputs provided by the customer and consist of funds that have fared well in a long-term performance analysis.
In addition, BankBazaar will offer a personalized dashboard that will allow customers to track all their investment at one place. Customers can also invest more or redeem anytime through this dashboard. With this instant customization option, BankBazaar.com has de-jargonized the entire mutual fund purchase, making it simple especially for new investors.
On the occasion launching the MF platform, Ajit Narasimhan, Head- Savings & Investment categories, BankBazaar.com said, “MFs allow for goal-oriented wealth creation. As an inflation-proof investment that can be invested in both debt and equity asset classes, MFs provide varying degrees of returns for customers across all levels of risk appetite.
With interest rates trending down and demonetization, investment avenues such as Fixed Deposits are also delivering lower returns. So this instant paperless presence-less MF product by BankBazaar with a simplified application process and portfolios for everyone from the highly risk averse to the more adventurous investor is the right product to fill the gap at the right time.”
