In the wake of Demonetization and the Indian Government pressing for a Digital economy, FreeCharge and Reliance Mutual Funds have formed a partnership to offer paperless access to mutual funds. It includes instant redemptions and zero charges.
Now, the partnership between the two companies will allow you to invest in a 'Money Market Mutual Fund' (an open-ended mutual fund that invests in short-term debt securities) and get instant redemption of mutual funds by just clicking a button.
Commentating on the partnership Govind Rajan, CEO Freecharge, said that in a regime of falling interest rates, debt funds offered an attractive alternate investment vehicle, so in this regard, FreeCharge was very pleased to partner with Reliance Mutual Fund.
Further talking about the benefits of the partnership he added that the customers would only need a PAN or Aadhaar card number during the entire process of investment. As such, what all 'Know Your Customer' (KYC) compliant customers need to do is, they just have to enter their PAN number, a few basic details and bank account number and the "folio" of the customer will be generated.
On the contrary, for non-KYC customers, the KYC can be done online instantly through FreeCharge. By using the Aadhaar number linked with the subscriber's currently active mobile number, customers can also generate their documents.