Nippon India Mutual Fund announced the closure of ‘Nippon India Any Time Money Card’ facility in all eligible schemes.
Facility used to provide an option to withdraw or spend money against investments in specific schemes of Nippon India Mutual Fund. The card functioned like a debit card at Visa-enabled ATMs and merchant outlets in India.
The Securities and Exchange Board of India recently issued a directive to all asset management companies that they cannot have bundled products, the fund house announced – via an addendum – to discontinue the facility with effect from July 4, 2022. to do.
“Any existing scheme or plans proposed for launch shall not contain bundled products,” Sebi said in the letter.
From July 4, 2022, this facility will not be available for both existing and new investors in all eligible schemes.
Investors were eligible for this card only after holding an account with either Nippon India Liquid Fund, Nippon India Ultra Short Duration Fund and Nippon India Low Duration Fund. The amount withdrawn/spent was debited from any of the above primary accounts or other accounts subject to conditions and limits. The fund house had also tied up with HDFC Bank for this facility.