SEBI has issued guidelines for using e-wallets in Mutual funds investment. After demonetisation many people are using e-wallets and it will make it easier for them if mutual funds investment is allowed via e-wallet. Following are the guidelines:
- Investment upto Rs 50000 per mutual fund per financial year can be made using e-wallet. Further, this limit of Rs 50,000 would be an umbrella limit for investment by an investor through e-wallet and/or cash, per mutual fund per financial year.
- E-wallet’s balance loaded through cash or debit card or net banking, can only be used for subscription to mutual funds schemes and balance loaded through credit card, cash back, promotional scheme etc. should not be allowed for subscription to MF schemes
- E-Wallet companies must not offer any incentive / cashback directly or indirectly for investing in MF schemes through them
- Redemption can be made only to the investor’s bank account
List of popular e-wallets in India
- Paytm
- Freecharge
- Mobikwik
- PayUmoney
- CitrusCash
- Airtel Money
- Oxigen Wallet
- OLAMoney
- HDFC PayZapp
- Chillr by HDFC
- Pockets by ICICI bank
- JioMoney
- SBI Buddy
- mRupee
- Itzcash