UTI Mutual Fund: An efficient way to support parents

The fund, which transfers a part if returns into a parent's bank a/c, will suit passive investors

There are hardly any products a person can buy to support parents, financially. Regulations don’t permit gifting of mutual fund units or buying an investment-based insurance policy by a child for his mother or father. 

To make it easier for those who don’t want to manage their investments actively, UTI Mutual Fund has launched a facility – UTI-FAMILY (Father and Mother I Love You) – that allows investors buy mutual fund units in their name but the returns go straight to a parent’s bank account. In this way, they can support their parent financially without the need to transfer funds