MF Utility is mutual fund investment platform launched by AMFI. MF Utility enables investor to invest in multiple mutual funds using common platform. Let’s discuss about MF Utility and its benefits.
What is MF Utility?
MF Utility is innovative service by AMFI. It acts as transaction aggregation portal via which mutual fund customer can transact in multiple mutual fund schemes across fund house.
This utility provides web based access to mutual fund customer & connects them to fund house, payment gateway, Registrar and transfer agents and KYC registration agency.
Features of MF Utility
- Single payment system for multiple mutual funds
- Acceptance of payment through physical and electronic mode
- Common Account number for management of all mutual funds
- Alerts, Triggers and reminder of payments & SIP expiry
- Consolidated dashboard view of all investments
- Centralized Complaint management and tracking system
What type of transaction can be done using MF Utility?
- Common Account Number Registration
- KYC Document submission
- Purchase , Redemption and Switch from mutual funds
- Creation of SIP, STP and SWP
- Non commercial transactions like bank account change, address change etc.
How I can access MF Utility?
You need Common account number (CAN) for accessing this utility. You can open CAN by submitting filled CAN form with required documents at nearest MF Utility POS or MFU office. Once your CAN is opened you will be provided with login access to MFU. MF Utility can be accessed by visiting MFU website.
What are benefits of CAN?
- CAN helps mutual fund customer to view all their details at single place like portfolio, KYC status, Income, nominee etc.
- All transaction done using MF Utility will be automatically mapped to your account using CAN.
- Consolidated view is visible at single place.
- It eliminates need of filling forms while making investment in mutual funds.
- Nomination update for all mutual funds holding at single click.
Some FAQ on MF Utility
What are fees of using MF Utility?
This platform is free. No charges are applicable.
Can I transfer my existing portfolio to this utility?
Yes you can transfer your existing portfolio to MFU. It is manually exercise and will not be done by MFU automatically.
KYC compliance is mandatory for CAN registration?
Yes KYC compliance is mandatory for CAN registration. If you are not KYC compliant this utility provides facility for KYC registration.
What is Single Payment System of MFU?
Single payment system means enabling investor to make single payment for number of investment.
E.g if you want to invest in three mutual funds
- HDFC Bluechip Fund -2000 Rs
- SBI Small & Mid cap fund -2000 Rs
- Reliance Small Cap Fund -2000 Rs
Ideally you will make individual payment to these funds but using MFU you need to make single payment of 6000 Rs.
As per my opinion MFU is very good utility for mutual fund investors. This facility not only simplifies mutual fund investment but also help investor in tracking investment by providing consolidated dashboard view and alerts, reminders etc.