VR Logo

Reliance MF Offers VISA Power

Reliance Mutual Fund has taken liquidity associated with mutual funds a step ahead. The fund house, in collaboration with VISA and HDFC Bank, has launched an ATM-cum-debit card to offer instant liquidity to investors. To start with, the facility has been extended to subscribers of the newly-launched Reliance Regular Savings Fund, but the AMC has plans to cover all its fund under the scheme if it gets regulatory approvals.

Investors can use any VISA-enabled ATM to check the current holding value or withdraw money invested in the fund. The card can also be used at hospitals or railway/air ticketing counters.

Investors can withdraw only up to the maximum permissible ATM withdrawal limit in a day or 50 per cent of the withdrawal limit (as set by Reliance Mutual Fund), whichever is lower. However, only one cash withdrawal and balance enquiry will be free every month on HDFC Bank ATMs only.