Due to the introduction of recent regulations by SEBI with regards to payment processing, there are a few changes with respect to:
- NAV applicability for investments paid via Net Banking
- The list of banks allowed for Net Banking on FundsIndia
Change in NAV applicability for Mutual Funds investments paid via Net Banking
Effective May 15, 2022, for investments paid via Net Banking, the NAV of the next business day (T+1) will be applied. This change will affect all purchase transactions that are submitted after 31 March 2022 1pm.
If you wish to get the same day NAV for your investments, please route your upcoming payments via UPI / NEFT / RTGS / IMPS. Please note that even for UPI / NEFT / RTGS / IMPS payments, the same day NAV is applicable only if the payment is received within the cut-off time.
Changes in the List of Banks Allowed for Net Banking on FundsIndia
Our payment partner is able to support only some banks for net banking payments, in compliance with SEBI’s recent regulations. From 1st April 2022 onwards, the list of banks that will be allowed for Net Banking payments on our platform is given below.
List of Supported Banks for Net Banking:
- Axis Bank
- City Union Bank
- Federal Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Indian Overseas Bank
- Jammu & Kashmir Bank
- Karnataka Bank
- Karur Vysya Bank
- South Indian Bank
- State Bank of India
We request you to kindly switch to UPI / NEFT / RTGS / IMPS payments or channel your Net Banking payments through one of the banks mentioned above. We are working hard with our partner on getting the other banks back on board, and apologise for any inconvenience that this may cause.
Note: We will continue to support NEFT / RTGS / IMPS transactions from your existing bank accounts, and the list of banks mentioned above is only applicable for payments via Net Banking.
