InvestorQ : I have heard that now mutual fund SIP can even be done through Whats-app. How true is that?
prachi Patwardhan made post

I have heard that now mutual fund SIP can even be done through Whats-app. How true is that?

Answer
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Riya Dwivedi answered.
1 year ago


Yes, you heard it right, one can now invest in the mutual fund via WhatsApp. Here’s the procedure for getting your Investment done through WhatsApp:

Before initiating a transaction on Whatsapp, you need to do some basic things such as – visit the site of the service provider, enter your details and accept the terms and conditions. Presently this facility is available for resident single holding investors.
Whatsapp application must be installed and the appropriate number must be mapped.

An AMC willing to offer this service would reserve a dedicated mobile number for the same. The number shall be added to the phonebook and it is to be ensured that WhatsApp window is activated. The investor will have to identify himself with some unique data points. Once, the verification process is completed, the user should identify the specific fund he wants to invest in along with details of a number of units or the amount investor wants to invest.

Once the above process is done, you’ll receive a hyperlink which can be used to make payments through different interfaces, to make it more secure, the payment can only be done through OTP received on your registered mobile number. Just as WhatsApp can also be used to initiate a systematic investment plan (SIP). As of now, only buy requests are being offered but over time, Indian mutual funds could be offering WhatsApp interface for a variety of services including address change, bank mandate change, modification in SIP instruction, switch, etc.