Wallets of banks, payment banks and e-commerce platforms are commonly called E-Wallets.
MFs/ AMCs ensure that total subscription through e-wallets for an investor is restricted to Rs.50,000 per investor per financial year. This limit of Rs.50,000 is an umbrella limit for investments by an investor through both E-Wallet and/or cash, per mutual fund per financial year.
MFs/ AMCs shall ensure that only amounts loaded into e-wallet through cash or debit card or net banking, can be used for subscription to MF schemes. Any amount loaded into e-wallet through credit card, cash back, promotional scheme etc. are not allowed for subscription to MF schemes. Also no third party transactions are allowed through e-wallets.
Transfer Cheque : If the investor holds accounts in the same bank as that of the mutual fund, then the cheque only involves a transfer of funds within the same bank.
Local Cheque : If the investor's account is with another bank but in the same city, the collecting bank will have to go through the local clearing house, to get the cheque collected.
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