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:

Bank Name Beneficiary Name Beneficiary IFSC Beneficiary Bank Name & Branch Beneficiary A/c Number
KOTAK MAHINDRA BANK LTD KMB Collection Account MFU

KKBK0000958

Current Account

Kotak Mahindra Bank
Mumbai
Nariman Point

The Beneficiary A/c Number is a combination of 'MFKK' followed by your CAN/PAN.

For CAN based transactions - MFKK<>

e-g. If your CAN is 12345QZA67 then Beneficiary A/C Number is MFKK12345QZA67

 

For Folio based transactions - MFKK<>

If your PAN is BCAAA1122X then Beneficiary A/c Number is MFKKBCAAA1122X

Yes Bank YPP COLLECTION ACCOUNT MFU

YESB0CMSNOC

Current Account

YES Bank
CMS National Operating Centre,
Tower Ifc2 8th Floor Sb Marg
Elphinstone
Mumbai - 400013

The Beneficiary A/c Number is a combination of 'MFSYES' followed by your CAN/PAN.

For CAN based transactions - MFSYES<>

e-g. If your CAN is 12345QZA67 then Beneficiary A/C Number is MFSYES12345QZA67

 

For Folio based transactions - MFSYES<>

If your PAN is BCAAA1122X then Beneficiary A/c Number is MFSYESBCAAA1122X

  • 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.

*** YES Bank system will be down on Saturday 7th December 2024 and Monday 9th December 2024 from 12.00 AM IST to 06:00 AM IST due to their scheduled maintenance activity. During this period DO NOT INITIATE fund transfer via NEFT, RTGS and InstaUPI mode as the payment may get delayed.*** With a view to improve performance and enhance the high availability of MFU System, it has been decided that transactions older than the previous Financial Year i.e., transaction data prior to 1st April 2022 will be archived on 18th April 2023. * * * “If you have any dispute against a listed company and or its Registrar and Share Transfer Agent (RTA) on delay or default in processing your request, as per SEBI circular dated 30.05.2022, you can file for arbitration with Stock Exchange.” For more details, please see the web links of the stock exchanges: BSE - http://tiny.cc/m1l2vz NSE – http://tiny.cc/s1l2vz * * * Please ensure to validate your Nomination Details registered under CAN. Click here to complete the validation if not already done. * * * Please ensure to verify your Contact Details registered under CAN. Click here to complete the verification if not already done. * * * Check out the Videos about MFU and the features offered. * * * Explore the new and improved Schedule Transactions feature using which you can register a Scheduled Purchase Plan (SPP), Scheduled Redemption Plan (SRP) and Scheduled Switch Plan (SSP) * * * Download the MFU Mobile App Distributor Mobile App goMF available for Android and IoS * * * Use the Connect menu on the top menu bar to lodge a Complaint / Query / Feedback. * * * MPIN / Touch ID based authentication is now enabled on the goMF app. Please update the App to start using this feature.