The Hindu : Business : Reliance fund with debit card facility

Online edition of India's National Newspaper
Friday, Dec 16, 2005

Business

Business

Reliance fund with debit card facility

Special Correspondent

The minimum investment in the fund is Rs. 500

ANY TIME MONEY BACK: Amitabh Chaturvedi, CEO, Reliance Capital Asset Management (left) and A. P. Kurian, Chairman, AMFI, launching the Reliance Mutual Fund's ATM-cum-debit card, in Mumbai on Thursday. — Photo: Shashi Ashiwal

MUMBAI: Reliance Mutual Fund on Wednesday launched an innovative fund, Reliance Regular Savings Fund, with debit card facility.

Reliance Regular Savings Fund subscribers will have the facility of Reliance Any Time Money (ATM) Card, which can be used in one million Visa ATMs and also over 24 million Visa-enabled merchant establishments across the world.

While the card was now available to the new fund, Reliance Capital Asset Management would approach the market regulator, Securities and Exchange Board of India, to permit it for all its 23 schemes, said Amitabh Chaturvedi, CEO, Reliance Capital Asset Management Company, here.

With the launch of this card, "we hope to attract new investors to migrate to mutual funds by offering them the benefits of investment anytime anywhere,'' Mr. Chaturvedi added.

The minimum investment in the fund is Rs. 500 and it gives flexible options of debt, equity and hybrid plans. The ATM withdrawal limit on the card is 50 per cent of the invested fund or the limit set by that particular ATM, whichever is higher.

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