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29 Oct 2021

ICICIdirect launches e-ATM for Mutual Funds for instant liquidity on MF redemptions

  • Instant payout of 50-70% of redemption value
  • Facility available even post market and banking hours

 

Mumbai, October 29, 2021 - ICICIdirect, an online platform for investments, protection and loan products, today announced the launch of a revolutionary new offering, e-ATM for Mutual Funds, wherein customers will get instant payout on their MF redemption orders, against 2-4 working days in the normal cycle.

With e-ATM for MFs, ICICIdirect customers get payout within 30 min of redemption. Clients would get redemption of 50-70% of their MF redemption value within 30 minutes, and balance amount as per the payout cycle of the fund, which can be 2-4 working days. Maximum redemption is capped at 10 lakh per customer right now. If client redeems amount after 7:30 pm s/he will get the redemption at 10 am the next working day.

Mr. Kedar Deshpande, Head - Retail Distribution, ICICI Securities, said "After the success of our e-ATM for equities, which provided instant liquidity on sale of shares, our customers had been seeking a similar facility for mutual funds as well. We are happy to introduce ICICIdirect e-ATM for MFs which is available even post market and normal banking hours, and hence will be of great use in meeting urgent and last minute liquidity requirements. For retail investors, access to money is a very important consideration while making their investment decisions. Their ICICIdirect account is almost like an ATM, wherein they can withdraw money within 30 mins of their share and MF sale. This is a very strong value proposition we offer."

e-ATM for MFs can be availed by resident individuals holding their equity, debt, and liquid schemes in demat units. It is also available for domestic schemes with international exposure. The facility comes at a nominal cost.

About ICICI Securities

ICICI Securities Limited (I-Sec) is a subsidiary of ICICI Bank Ltd. The company began its operation in May 1995 and continues to grow its operation through expanding its client base and providing different type of services.

I-Sec operates www.icicidirect.com, India's leading virtual financial supermarket, meeting the three need sets of its clients- investments, protection, and borrowing. Through its four lines of businesses -- broking, distribution of financial products, wealth management and investment banking-- I-Sec serves customers ranging from the retail and institutional investors to corporates to high net-worth individuals to government.

I-Sec is listed on National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). For details, visit: www.icicisecurities.com

Disclaimer

Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'expected to', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in broking business and other financial services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. ICICI Securities Limited undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

For further details, contact:

ICICI Securities Ltd.
Rabin Ghosh
rabin.ghosh@icicisecurities.com
Adfactors PR Ltd.
Harsh Trivedi
harsh.trivedi@adfactorspr.com
+91 9821631379