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AxisDirect-O-Nomics
Aug 14, 2018 | Source: www.livemint.com
Fintech platform Wishfin, an online marketplace for various financial services, has announced the launch of systematic investment plans (SIPs) on WhatsApp. Through SIPs, you can invest a certain sum in a mutual fund at pre-decided intervals.
How does it work?
Wishfin will be offering regular Mutual Funds schemes. The company is an Amfi-registered distributor, which means you will be paying a commission on your investments through Wishfin. There is no additional charge to use the WhatsApp platform though.
A person looking to start an SIP is required to give a missed call on 844 778 2222 or submit her mobile number on the company’s website. Following this, you will get a message from a mobile number, 8929702833, which will be a “verified” WhatsApp number for Wishfin Mutual Fund. A verified badge on a WhatsApp number means that the number from where you have got the message is a verified business and is using WhatsApp’s business services for enterprises.
After you get the first message welcoming you to the platform, you are required to answer the questions through the chat. This begins with a yes or no declaration to being an Indian citizen and is followed by submitting your PAN number to check your KYC verification. If you do not have a verified KYC for MF investments, you would be directed to use Aadhaar-based e-KYC.
If you already have your KYC verified for MF investments, it will take you to the options of choosing between tax saving, short-term saving and long-term wealth creation categories. After this, fill in the monthly SIP amount, in multiples of Rs.1, 000. You can share your bank account details for an automatic deduction mandate, like it happens in a regular SIP, but this comes later.
Once you start investing, you will get login credentials to Wishfin’s website, where you will be able to track the performance of your portfolio.
Mutual Funds
SIP
KYC
AxisDirect-O-Nomics