)
ICICI Securities, India's one of the leading online investment service providers, has launched a completely online and paperless investment account under the name 'Insta Account' to allow KYC compliant resident Indian to invest in country's mutual fund schemes.
There are no extra charges to open an Insta Account with on its website www.icicidirect.com.
"With an ICICIdirect Insta Account, we have done away with the traditional way of paper documents and we have ensured ease and convenience to investors by leveraging the efficiency of technology. Investors who are already KYC compliant would be able to use any of their existing internet banking account to make an investment and utilize the in-depth research reports for their mutual fund investment," said Vineet Arora, executive vice president at ICICI Securities.
However, the step from ICICI Securities has come at a time when several of the leading fund houses in India are offering this service for more than a year now. Further, going through individual fund houses' website, an investor is treated as direct investor (if he choses the direct option), thereby he incurs less expense costs.
