Nippon India Mutual Fund introduced the discontinuation of the ‘Nippon India Any Time Cash Card’ facility in all eligible schemes.
The function used to offer the choice to withdraw or spend cash towards investments in particular schemes of Nippon India Mutual Fund. The cardboard used to work similar to a debit card at Visa-enabled ATMs and service provider retailers in India.
With the Securities and Trade Board of India lately issuing a path to all of the asset administration firms that they can not have bundled merchandise, the fund home introduced – via an addendum – to discontinue the ability with impact from 4 July, 2022.
“No current schemes or ones that are proposed to be launched shall have bundled merchandise,“ Sebi stated within the letter.
From 4 July, 2022, the function won’t be out there for each current and new traders in all eligible schemes.
Buyers have been earlier eligible for this card solely after having an account with both of the schemes specifically – Nippon India Liquid Fund, Nippon India Extremely Brief Period Fund and Nippon India Low Period Fund. The withdrawals/spending quantity was debited from any of the above major accounts or different accounts topic to circumstances and limits. For this function, the fund home additionally had a tie-up with HDFC Financial institution.
Supply: Live Mint