Mutual Fund SIP: Now investing in mutual funds can be done more easily. Debit card facility has been available for investing. If you have a VISA debit card then you can invest in it without any hassle. There will be no need to link a bank account.
This initiative has been started by Visa Card, which has partnered with Razorpay to provide this facility. However, at present not all bank customers will be able to avail this facility. According to the report of Economic Times, this facility can be availed only by the customers of Federal Bank and ICICI Bank.
You can set the limit
The report says that one can invest in mutual funds by using Visa debit card. You can also set and modify transaction limits. All SIPs linked to debit cards, along with other recurring payments, can be viewed by investors by logging into their bank’s subscription management portal.
Investors’ confidence will increase
Visa India Chief Ramakrishnan Gopalan said that in a country with more than 69 million mutual fund SIP accounts, debit card payment provides a different facility. There will be many benefits from this facility in mutual funds. This payment process in mutual funds will increase the confidence of investors. Besides, confidence in investing in mutual funds will also increase. With this, some more people will join mutual funds.
What is VISA Card Network?
The name of the card provider is on your credit card or debit card. MasterCard, Visa, Rupay, Diners Club etc. are all card providers. They tie up with the bank and provide payment processing facilities to the customers. They also work to connect banks and customers.
