Mutual Fund SIP: Investing in mutual funds is simpler now. You can use your debit card for this.
If you have a VISA debit card, you can easily invest without any problems. You don’t have to connect it to a bank account.
Visa Card and Razorpay are working together to offer this service. But, right now, not everyone who has a bank account can use it.
As per the Economic Times report, only people who have accounts with Federal Bank and ICICI Bank can use this service.
You can decide how much to use
The report mentions that you can put money into mutual funds using a Visa debit card.
You can also decide how much money to put in and change it if needed.
You can see all the scheduled payments from your debit card, like regular investments, by logging into your bank’s subscription management portal.
Investors will feel more sure
Visa India Chief Ramakrishnan Gopalan said that in a country with over 69 million mutual fund SIP accounts, using a debit card for payment offers a special advantage.
Many good things will happen because of this in mutual funds. This way of paying in mutual funds will make investors feel more sure.
Moreover, their confidence in investing in mutual funds will also go up. This will encourage more people to join mutual funds.
What is VISA Card Network?
Your credit or debit card has the name of the card provider on it.
Card providers like MasterCard, Visa, Rupay, Diners Club, and others partner with banks to offer payment services to customers. They also help link banks and customers together.
