Now, you can start SIP by sending text message

Reliance Mutual Fund has launched Systematic Investment Plan in mutual funds through SMS

Now investors can buy mutual fund units by sending a text message from mobile phone. Reliance Mutual Fund, country's second largest fund house, has launched Systematic Investment Plan (SIP) in mutual funds through SMS.

The facility will allow customers to initiate an SIP in mutual fund schemes just by sending an SMS through their registered mobile phones.

"This feature will make it cost efficient, and convenient for over 900 million mobile users across the country to participate and make investments in mutual funds," said Sundeep Sikka, CEO, Reliance Mutual Fund.

The fund house launched the facility under its Invest Easy initiative, a comprehensive transaction platform that aims to use technology, making it convenient for investors to invest in mutual funds.

Prospective customers would need to fill in a one-time Invest Easy registration form with their details. This registration form would also include a debit bank mandate that will facilitate transferring of funds from the investor’s bank while purchasing the scheme.

Registered investors can then make a purchase, start an SIP or redeem their units. The SIP would be open-ended and can be discontinued by the investor at any time. The default date for SIP installment would be 10th of every month.

The minimum SIP for most funds is as low as Rs 100.