Mumbai: LICMF Mutual Fund, one of the fastest growing mutual fund house in the country today introduced an instant redemption facility in its Liquid Fund – Growth Option. Investors in LICMF Liquid Fund – Growth Option investors will now have access to their funds throughout the day… 365 days a year. Currently, this facility is available only to individual investors only for transactions through an online transaction portal of LIC Mutual Fund Asset Management Ltd. i.e. https://online.licmf.com
A daily limit of Rs.50,000 or 90 % of the redeemable value of the folio(s) held by the investor at PAN-level, whichever is lower is offered by the Fund house subject to the limits prescribed by SEBI (Mutual Funds) Regulations. The redemption payout happens through the IMPS platform of the designated Bank, which credits investors’ bank account(s) within a few minutes after placing a valid online redemption request. LIC MF has done a tie-up with RBL Bank for using their payment platform for instant redemption facility.
Mr. Raj Kumar, Chief Executive Officer, LIC Mutual Fund said “This feature facilitates an added instant liquidity and convenience to the investors. With this change, it makes sense for investors to shift money from savings account to liquid funds as most savings accounts offer less than 4% rate of interest whereas liquid funds yield higher returns.”
Instant redemption facility will not only give investors immediate access to their funds but will also make them earn more on their idle funds.
Digital Transformation is now LICMF’s top strategic priority, to attain sustainable growth by leveraging emerging technology and innovations.
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