Recently mutual funds have drawn huge investor interest owing to higher returns and in this financial year alone until November, the industry has registered a total inflow of Rs. 3.8 lakh crores. Usually for investing in mutual funds you need to open and maintain a demat account but Sharekhan has rolled out a new online platform to enable investors invest in mutual funds without the need to open a demat account through its InstaMF facility.
Here's how you can get started with your MF investments via Insta MF portal:
1. Complete KYC procedure by providing important details: All important details including PAN, aadhaar and other requisite information needs to be furnished to open an online MF account with the company.
In case you are not KYC-compliant, the brokerage house will approach you in a matter of 24 hours to enable you complete the procedure.
2. OTP-based verification of provided information: The information rendered can be cross verified through the OTP based process. And on completing the verification, you can create a InstaMF Id and password as per the guidelines specified.
3. Provide your bank details together with a scanned copy of bank cheque: As a final step to complete the processs, you need to enter the bank account details to be linked to the Insta MF account plus you also need to upload scanned copy of bank cheque.
Account opening, investments as well as access to research report and 'Funds we like' by the brokerage is absolutely free. The investors will also have access to' flexi invest' scheme of the company with which investment amount, frequency and date of SIP can be altered at any point in time.
Through the facility the company aims at garnering a total of 30% business of the mutual fund industry.