Payments for subscriptions through NEFT/RTGS

MFU has tie-up with Kotak Bank and Yes Bank which shall act as a Payment Aggregator (PA) to transfer your money to designated Fund House based on the underlying Investments.

The beneficiary details of Kotak Bank and YES BANK are given as below for making NEFT / RTGS payments:

• Kotak Bank as a beneficiary under your Kotak Mahindra Bank Account Fund Transfer Menu → Beneficiaries → Add a New beneficiary→ Select OTHER BANK→ enter IFSC (KKBK000VRTL) → enter your Virtual Account no i.e. MFKK CAN/PAN → Confirm Virtual Account Number → Account type – Current Account → Beneficiary Name as KMB Collection Account MFU → Set nickname → Continue → Review New Beneficiary → Submit.
• YES Bank as a beneficiary under your Yes Bank Account Fund Transfer Menu → Beneficiaries → Add a New beneficiary→ Select OTHER BANK→ enter IFSC (YESB0CMSNOC) → enter your Virtual Account no i.e. MFSYES CAN/PAN → Confirm Virtual Account Number → Account type – Current Account → Beneficiary Name as YPP COLLECTION ACCOUNT MFU → Set nickname → Continue → Review New Beneficiary → Submit

Physical Transactions:

NEFT /RTGS payment mode will not be available for Physical Transactions. We shall arrive at a feasible solution in phased manner.

Electronic Transactions:

While capturing the transaction electronically through MFU, please choose NEFT or RTGS as the Payment Type on the Payment Details page and select the Source Account Number for fund transfer.

• Fund transfer shall be initiated only after placing valid order in MFU system. In case funds are received in the aforesaid Collection account without any underlying APPROVED order, the money will be refunded back to the source bank account.
• Funds should be transferred within 24 hours from order APPROVAL time, else such orders will be marked as FAILED for “Payment Not Done” reason. This will be applicable for all inflow transactions including NFO.
• In case of Joint holding CAN upon order creation, money will be transferred by PA to AMC Account once approved by any one holder/s without waiting for approval from remaining Holder(s). In such scenario, if joint holder fails to approve the order within validity period of the transaction link (24hrs) then refund will be initiated by Fund House to the source account as per the AMC turnaround time.
• Funds should be transferred only from the CAN registered Source Bank Account selected while placing order else money will be refunded.
• Funds if transferred through IMPS mode shall be rejected and refunded to the source bank account on T+1 / T+2 business day where T refers to the payment initiation date.

Credit Time for NAV Applicability purposes:

• The actual time of credit to the respective Mutual Fund Collection Accounts will be considered for NAV Applicability.
• The Credit time displayed in MFU system is the fund transfer initiation time from PA to AMC account. Currently, PAs/RTAs/AMCs are not providing the actual credit details in AMC bank account hence MFU is not able to provide the same. We are working with AMCs/PAs regarding the same.
• The fund transfer should be credited at least 60 minutes before the respective cut off time of the transacted scheme(s) in the PA collection Account, as the case may be to be assured of credit into respective Mutual Fund Collection Account before the cut off time. MFU will not be liable for any delay in transferring the amount by aggregator to AMC if received within 60 mins from the respective cut-off time.