Instant Redemption! Now Available in Reliance Liquid Fund - Treasury Plan
If you are availing the Instant Redemption Facility in Reliance Money Manager through our Smart Savings Account, then here’s the biggest update for you. Reliance Mutual Fund has switched the Instant Access Facility into Reliance Liquid - Treasury Plan, instead of Reliance Money Manager Fund. The amendment has occurred as per SEBI’s notification to the AMC regarding the provision of Instant Access Facility in the liquid fund specifically. Let us help you understand who is eligible for investing in this treasury plan to avail the instant access on redemption.
As per the latest update issued by the Reliance Mutual Fund to change scheme providing the instant redemption facility which is now known as instant access facility, we have switched our recommendation to the Reliance Liquid Fund - Treasury Plan instead of Reliance Money Manager Fund. This means that our Smart Savings Account will be providing the redemption facility within 30 minutes in the Reliance Liquid Fund from now onwards. There have been some changes in the instant access services provided by Reliance Mutual Fund AMC to the investors which include the following:
Eligible Schemes - The instant access facility is available only in the Direct and Regular plan of Reliance Liquid Fund (Treasury Scheme).
Eligibility Criterion - The facility can be availed only by the following investors:
- Resident Indian Investors
- Investors whose CBS (Core Banking System) number is registered in the folio along with the IFSC Code.
- The investors whose bank has enabled the Immediate Payment Service (IMS).
Limits of Redemption - The minimum amount of redemption in this scheme is Rs.500/- and the multiples of Re.1/- after that. Moreover, the maximum redemption amount is Rs.50,000/- or redeemable balance, whichever is lower. The limitations are per day, per scheme, and per investor.
Redeemable Balance - It is the amount which is left in the fund after reducing the amount of withdrawal done through ATM/Redemption or any other mode.
- In the case of such folio where Any Time Money (ATM) card is not being issued, the redeemable amount is 90% of the current value or Rs.50,000/-, whichever is lower.
- In the case of folio where ATM card is issued, the redeemable balance shall be 50% of the current investment value or Rs.50,000/-, whichever is lower.
Applicability of NAV - This is quite important to understand which NAV is applicable on your redemption request. Here are the two scenarios:
- When the Application is Received Before 3PM - The instant redemption payout would be as per the current day’s NAV or the previous day’s NAV, whichever is lower.
- When the Application is Received After 3PM - The payout shall be as per current day’s NAV or NAV of the next day of the calendar, whichever is lower.
It has been clarified by the AMC as per the requirement of SEBI that if any of the above conditions is not satisfied, the instant redemption request would be considered normal and would be processed accordingly.
There’s nothing to worry about as your money in the Reliance Money Manager Fund is totally safe, and if you wish to avail the benefit of instant redemption, then you can switch to Reliance Liquid Fund - Treasury Plan. With this, none of your benefits shall get affected in any context.
MySIPonline has provided the facility of Smart Savings Account to the investors to help them avail the benefits of bank’s savings account with greater earnings. You must opt for this smarter account to avail the benefits of high liquidity with safety and growth.
- LTCG Tax Is Not As Negative As it Seems; Here’s Why?38824 min read Jan 01, 1970
- Sensex Plunges Over 1000 Points; Should You Buy or Hold Your Investments for Correction?39833 min read Jan 01, 1970
- Sensex Dives Nearly 840 Points: Things to Consider and Experts’ Take40823 min read Jan 01, 1970