Today selecting a best mutual fund for investment is a marathon task. Types of mutual funds, investment objective, asset allocation, historical return are few factors that make our task difficult while selecting a mutual fund. There are plethora of choice when it comes to mutual fund section. Whether to invest in large cap, small cap, balance, thematic or index fund is always a question. In absence of specific guideline, so-called experts and fund house make their own nomenclature while defining mutual fund.
Let me explain this with the example. SBI Magnum Multiplier Fund, Money control define this fund as “Diversified Equity Fund” whereas the same fund is identified as “Multi Cap fund”. Although the definition of Multicap and Diversified Equity fund is nearly same it makes investor confused when it comes to investment.
In order to overcome this types of problems and to establish desired uniformity in mutual fund schemes, it is decided to do categorization and rationalization of mutual fund scheme by SEBI. As per latest circular by SEBI it has been decided to categorize the MF schemes as given below.
Types of mutual funds in India – Latest Categorization
Now onwards Mutual fund schemes would be broadly classified into the following groups.
Equity Schemes
Debt Schemes
Hybrid Schemes
Solution Oriented Schemes
Other Schemes
Under each mutual fund schemes, there are several types of mutual funds categories. The characteristics and description of each category is specified by SEBI. Any existing mutual fund schemes or proposed scheme shall be classified and categorized based on applicability. Any documents, marketing material or advertisement will use same category and uniform description.
The investment objective, investment strategy and benchmark of each scheme shall be modified (wherever applicable) to bring it in line with the categories of schemes listed above.
Equity Schemes –
As per latest guideline Equity scheme contains ten categories namely Multi Cap Fund, Large Cap Fund, Large & Mid Cap Fund, Mid Cap Fund, Small Cap Fund, Dividend Yield Fund, Value Fund, Focused Fund, Sectoral Fund and ELSS. Scheme characteristic and description of each scheme is given in the following table.
Debt Schemes –
Debt Scheme contains sixteen types of mutual funds starting from liquid funds, ultra-short duration fund, low duration fund, money market fund, medium duration fund etc. Scheme characteristic and description of each scheme in debt schemes is given in the following table.
Hybrid Schemes –
Hybrid Schemes contains six different types of mutual funds like conservative hybrid fund, balance hybrid fund, Arbitrage Fund, equity saving fund etc. Details of these fund types are given in the table below.
Solution Oriented Schemes –
In solution oriented schemes two fund categories are made namely retirement fund and children fund.
Other Schemes –
Other fund schemes contain index fund and FoFs fund. Details are given below.
Way Ahead and Takeaway –
Now fund house needs to analyze each of their existing schemes. They need to submit the proposal to SEBI for approval. The proposal may include a course of action like winding up, merger, attribute change etc. After approval from SEBI appropriate actions would be taken by the fund house.
This is a welcome step which will eliminate duplicate funds.
It will also bring uniformity across mutual funds and bring standardization in scheme categories and characteristic.
The number of Mutual Fund will reduce either due to merger or elimination. It is expected that current mutual fund count will be reduced drastically.
It will bring clarity in Investor mind and Investor will be able to take the informed decision.
Comparison of fund rating across agencies would be possible.
Large fund house needs to work more towards consolidation or elimination of schemes.
However, it is not clear that what will happen to NAV in case of merger of two large scale funds. How transfer of units shall take place and what will be tax implication? Other thing which remains unclear that what will happen in case of elimination of fund? Do we need to pay tax on redemption and what about exit load?
For more information kindly go through SEBI circular on Categorization and Rationalization of Mutual Fund Schemes.
The process of finding Cash Deposit Machine (CDM) near you is very easy. You can find an address of the nearest CDM online with a click of the button. Well, before getting into the detail of How to find CDM near you? Let’s talk about ATM. ATM is used by us to withdraw cash. CDM is exactly opposite of ATM. CDM is used to deposit cash.
Cash Deposit machines are like ATM. You need to have a debit card in order to deposit cash in CDM. At many places, CDMs are installed in ATM outlets. The basic difference between ATM and CDM is ATM dispense money and a CDM takes your money. In short, CDMs, are self-service kiosks provided by banks that allow customers to deposit cash directly into their accounts without the need for human intervention. These machines are equipped with advanced technology that securely counts and verifies the deposited cash, providing users with a hassle-free banking experience. Just by following simple steps you can locate and deposit your money in your account.
How to deposit cash in Cash Deposit Machine? (CDM)
Follow the steps given below to deposit cash in CDM.
Deposit Cash in CDM with Debit Card
Visit the nearest CDM machine and swipe your debit card in the machine. The process is similar to ATM machine. Enter your four-digit PIN for the validation.
You will see various options on the screen. Select the option “Deposit Cash” by pressing on a touchscreen.
Select account type saving or current. Once you are done with the selection you can start depositing cash into the machine.
Deposit notes one by one in deposit slot. You can only deposit 100,500 and 2000 Rupee notes. The note should be in good condition. The maximum limit is Rs.49000.
Once you select the denomination and press confirm button, the machine will take notes inside for verification. You have to wait for few seconds. After validation of money machine will display the amount of money which you kept inside. If figures are correct press confirm and your account will be credited.
Deposit Cash in CDM without Debit Card
Locate the nearest cash deposit machine.
Enter your bank account number in the machine.
Select the language of your choice.
Enter your mobile number and confirm it.
Select the option “Deposit Cash.”
Insert the cash into the machine’s designated slot.
The machine will count and verify the cash.
Once the cash is verified, the machine will display the deposited amount.
Confirm the deposited amount and complete the transaction.
The facility of depositing cash without a debit card is available only at selected bank ATMs.
Benefits of Cash Deposit Machines
Cash deposit machines offer several advantages, making them a popular choice among bank customers. Let’s explore some of these benefits:
Convenience: Convenience: One of the primary benefits of cash deposit machines is their convenience. Instead of waiting in line at the bank counter, users can quickly deposit cash at their own convenience.
Time-saving: Cash deposit machines eliminate the need for filling out deposit slips or interacting with bank tellers, saving valuable time and offer speed, especially during busy periods.
Security: Cash deposit machines are equipped with security measures to guarantee the safety of transactions. Users can deposit cash confidently, with the assurance that their transactions are protected.
Accessibility: These machines are located in various locations, including bank branches, shopping malls, and other public places, making banking more accessible to everyone.
How to find CDM near you?
The simplest method to find out CDM near you is to open Google Map and type “Cash deposit machines near me” in the search tab. Make sure Location services on your device are enabled. You will able to see all CDM nearby you on the screen. You can further narrow down your search by specifying an approximate distance you are willing to travel to make a cash deposit.
If you want to find out bank-wise CDM you can go to the CDM Locator website of individual banks. Details are given below.
SBI Cash Deposit ATM Near Me
The State Bank of India has partnered with Map My India to help customers easily find their Branches, ATMs, and CDMs by following a simple process.
Visit the State Bank of India official website.
Go to the ‘Important links’ section at the bottom of the page.
Choose ‘CDM Locator’ from the list and click on ‘View CDM locations’.
Now you will be taken to the Map my India SBI finder page.
From there, select CDM and enter your city and nearby location.
This will show you the complete list of cash deposit locations nearby.
SBI CDM Locator is the best CDM Locator where you can find CDM on a map. You just need to give the address and radius and press the search button.
In addition to CDM, you will also able to find ATMs, Branch, Cash POS, and Cash@Petrol Pump. If you are travelling you can also check Hotels that Accept Cash.
If you click on Advance search you will be able to select state and city in addition to address. On the map, it will display CDM along with the working status with a symbol.
ICICI Bank Cash Deposit ATM Near Me
Locating an ICICI Bank Cash Deposit Machine has never been as convenient as it is currently. Google maps can also be used for this purpose, but it only shows branches and ATMs. Nevertheless, it is much simpler to find a CDM through the ICICI website by following the steps outlined below.
Log on to the official website of ICICI Bank
From the Top Menu ‘Ways to Bank’Click on ‘ATM and Branches’.
Now click on ‘Click here for branches with Cash Deposit Machine’.
You can see the ‘Cash Deposit Machines Branches’ Page
Now Select State, City, and Branch to find the CDM of ICICI Bank.
Axis Bank Cash Deposit ATM Near Me
Axis Bank, one of India’s biggest private sector banks, provides a Cash Deposit Machine service. To locate an Axis Bank CDM, follow these steps.
Visit Axis Bank’s official website.
From the Top menu click on the location icon and Select Local Branches.
You will be taken to the page where you can search for CDM ATMs as well as branches.
HDFC Bank Cash Deposit ATM Near Me
The HDFC bank, the most highly valued private bank in the nation, makes sure to inform customers thoroughly and provide access to all necessary information. If you need to find an HDFC bank Cash Deposit Machine, follow these steps.
Log on to HDFC bank’s official website
Click on the ‘Locate us’ option from Top Menu
Enter your desired ‘City’ and ‘Locality’ for Cash Deposit Machine
On the next page, the exact location of the nearest facility is displayed
It is a quick and convenient way to deposit cash in your account. I hope you can locate CDM near you.
Top Reasons to Use CDM for Depositing Cash
It saves time by eliminating the need to stand in long queues.
It is a secure and convenient way to deposit cash.
It is available 24/7, making it easy for customers to deposit cash at any time.
It provides instant credit to the customer’s bank account.
It eliminates the need for deposit slips, making the process more straightforward and hassle-free.
As per me CDM machine is an excellent way to deposit cash.
FAQs
Are cash deposit machines safe to use?
Yes, cash deposit machines are generally safe to use, provided users follow recommended security practices. Banks implement robust security measures to safeguard transactions and protect users’ funds.
Can I deposit coins in a cash deposit machine?
Most cash deposit machines are designed to accept banknotes rather than coins. However, some machines may offer coin deposit functionality, depending on the bank’s policies and machine specifications.
Are there any transaction fees for using cash deposit machines?
Transaction fees may vary depending on the bank and the type of account you hold. Some banks may waive fees for cash deposits up to a certain limit, while others may impose fees based on transaction amounts or frequency.
Can I deposit cash in any currency?
Cash deposit machines typically accept deposits in the local currency or currencies supported by the bank. Depositing foreign currency may incur additional fees or require currency conversion, depending on the bank’s policies.
Is There a Limit to the Amount I Can Deposit Using a Cash Deposit Machine?
While limits may vary depending on the bank and type of account, cash deposit machines typically have a maximum deposit limit per transaction. It’s advisable to check with your bank for specific limits applicable to your account.
Can I transfer funds between accounts using a Cash Deposit Machine?
Yes, many Cash Deposit Machines offer the option to transfer funds between accounts, providing added convenience for users.
What should I do if my cash deposit transaction fails?
If your cash deposit transaction fails or encounters any issues, contact your bank’s customer support immediately for assistance. Provide details of the transaction, including the date, time, and amount deposited, to expedite resolution.
Professor Shivanand Shankar Mankekar is an ordinary professor with extraordinary skills of identifying multi-bagger stocks for the investment. The mysterious professor Shivanand Mankekar has made a stock portfolio of 1000 Cr from the stock market investment. Mankekar is also known as a genius stock picker. By profession, he is a professor. He teaches financial markets at Jamnalal Bajaj Institute of Management in Mumbai. He is also associated with many business management schools as a guest professor. He is media shy investor. He never came into limelight. Shivanand Mankekar became popular from 2003 because of his decision to invest in Pantaloons.
Professor Mankekar is a real inspiration to the middle-class people. He has generated massive wealth from his modest salary. He has a unique ability to identify multi-bagger stocks. Few multi-bagger stocks selected by him are Talwalkar, Wockhardt, Pantaloons, HCL Info system etc. Despite earning massive wealth Mankekar family still lives in a small flat in Mumbai. Fans and followers must be interested to know where Mr.Mankekar is investing so, here is Prof. Shivanand Mankekar Stock Portfolio. The information given below is collected from the public domain and BSE website.
Demystifying Investment strategy of Prof.Shivanand Mankekar
Invest in high conviction stocks at early stage
Invest in high conviction stocks is a first investment strategy that we can learn from Prof.Mankekar. He invested in stocks like Pantaloons and Talwalkar based on conviction and earned a hefty profit. He has extraordinary skill and vision to identify future business potential.
In 2001, when the future group announced about of launch of Big Bazaar as a hypermarket chain. Mr.Mankekar visited Big Bazaar mall out of curiosity. On his first visit, he could sense business model of Big Bazaar and he bought 4% equity in Pantaloons. He entered in stock when the stock price was Rs.9. In 2008, the stock crossed Rs.800 and he could earn nearly 90 times returns from this multi-bagger stock.
Make concentrated portfolio
Mankekar believes in a concentrated portfolio. He holds only small number of different stocks. It is worth to follow this strategy as it becomes very easy to focus on small stock portfolio of concentrated stock. Concentrated portfolio means high-risk high-reward game. Selection of stocks is very important when you make a concentrated portfolio.
Invest for Long Term
Prof. Mankekar is a long-term investor and he supports long-term investment. He invested in Talwalkar before the company was listed. He is associated with Talwalkar since 2006. He is still holding stock of Talwalkar. This clearly says that if you find good stock for the investment you should make an investment and stay invested in stock for long term.
Know when to exit from stock
Another investment lesson one should learn from Mankekar is knowing when to exit from stock. Mankekar purchased Wockhardt stock with an average price of Rs.240 in 2011. The stock turned out to be multi-bagger in 2013 with a price of Rs.2166 per share. His investment has grown by nearly 9 times in just two years. However, he has not sold this stock. He could not sense FDA risk factor associated with this stock. The stock of Wockhardt declined badly due to FDA warning. He ended up selling stock with a little gain of Rs.100 per share. One should assess the risk associated with stock and rebalance the portfolio as per requirement.
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Citi Prestige Credit Card is next premium credit card for the premier customers. Citi Prestige Credit card offers the highest level of services and exclusive benefits. Key features and benefits offered by Citi Prestige Credit card are given below.
Key Features and Benefits –
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SBI Elite is one of the best premium credit cards. SBI Elite Card gives spend based milestone reward points that can be converted into cash credit. Key features and benefits of this card are given below.
Yes First Exclusive Credit Card is for exclusive people with high income level. This card provides a benefit of earning 1 Lakh per year. This card offers powerful rewards and premium services. Key features and benefits of this card are given below.
Key Features Benefits –
Get 50000 bonusreward points as a welcome gift if you make a transaction within first 90 days
Unlimited complimentary lounge access on your Priority Pass membership
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ComplimentaryTaj Epicure Plus and InnerCircle Silver Membership
Axis Bank Reserve Credit Card offers exceptional benefits and unique features for the extraordinary people. This card is available based on invitation only. It is a unique experience to avail this credit card. Key Features and benefits offered by this card are given below.
