Friday, May 18, 2012

RELIANCE MONEY MANAGER FUND ATM CARD

Reliance Any Time Money CardIntroductionDebit cards are incredibly handy for daily expenses and general cash withdrawal needs. They provide the flexibility to withdraw cash from ATM or to make purchase at merchant establishments. Initially the use of debit cards was confined to bank accounts.

A traditional Debit Card can be linked to

  • Saving accounts
  • Current account

On the other hand, Reliance Any Time Money Card linked to Mutual Fund Investment


Reliance Any Time Money CardReliance Mutual Fund (“RMF”) offers Reliance Any Time Money Card (“the card”), linked to mutual fund schemes offering you instant access to your investments. The card will allow you to withdraw / spend against your own mutual fund investments by providing you access in Visa-enabled ATMs and merchant outlets across the world.

Key Features of Reliance Any Time Money Card

  • The card offers you the benefit of Mutual Fund Investments along with the convenience of debit cards
  • Allows cash withdrawal and transaction in Point of Sales (PoS) terminals in Visa-powered ATM / PoS terminals
  • Allows Balance Enquiry in Visa-enabled ATMs
  • You have the choice to withdraw from any scheme linked to the card in HDFC Bank ATMs
  • In non-HDFC Bank ATMs and PoS terminals, transaction will happen only through Primary Account only (i.e Reliance Liquid Fund – Treasury Plan or Reliance Money Manager Fund)
  • The Card will offer instant liquidity up to a permissible limit as fixed / determined by the Bank for ATM cash withdrawals or 50% of the balance in scheme account or Rs. 50,000 (whichever is lower) as set by RMF, per day, from time-to-time
  • You can spend up to 50% of the balance in the primary scheme account or Rs. 100,000 per day (whichever is lower) at PoS terminals

Primary Scheme AccountPrimary scheme account on the card can only be either Reliance Liquid Fund – Treasury Plan or Reliance Money Manager Fund. It is mandatory to have one of these schemes as the primary scheme account in order to apply for the card.

Type of Transactions3 types of transactions are allowed through the card.

  • ATM Cash withdrawal
  • ATM Balance enquiry
  • Purchase at merchant establishments
Card is accepted at over 1.8 million Visa-enabled ATMs and over 30 million merchant establishments that accept visa.
(Source www.visa.com)

Transactions at HDFC Bank ATMAt HDFC Bank ATMs, you get the flexibility to withdraw cash / do balance enquiry from any of the mutual fund scheme linked to the card.

a. Withdrawal:

  • Corresponding Scheme and plan associated with the card are displayed in case of cash withdrawal
  • Post selecting the scheme and a plan, amount needs to be entered. If the withdrawal amount is within the limit, transaction is honored and processed
For example,

If you have following three schemes in your portfolio of investment

Scheme NameBalance in account(in Rs)
Reliance Liquid Fund - Treasury Plan (primary scheme account)20,000
Reliance Dynamic Bond Fund20,000
Reliance Income Fund10,000

  • Suppose you do a transaction at Visa enabled ATM for Rs. 10,000. The transaction will go through as there is a balance of Rs. 20,000 in the primary scheme account (Reliance Liquid fund – Treasury Plan)
  • At the same time once the above transaction has been completed, you will have exhausted the daily limit for the primary scheme account. Hence all other subsequent PoS transactions, if any, will be declined. (on that day)
  • However, you have the choice to withdraw Rs. 10,000 or Rs. 5,000 (subject to the limits mentioned in the key features) from Reliance Dynamic Bond Fund or Reliance Income Fund respectively through HDFC Bank ATM

b. Balance Enquiry:

  • HDFC Bank ATM displays all the schemes and plan associated with this card
  • Post selecting the scheme and a plan, the corresponding balance is displayed

Transactions at Non HDFC Bank ATMCash withdrawal / Balance enquiry at other Visa ATMs

You can access only primary scheme account through the other Visa ATMs. In case of balance enquiry only the details of the primary scheme account can be accessed. Similarly in case of cash withdrawal request, amount will be dispensed from the primary scheme account only.

Eligibility
  • Primary scheme account on the card can only be either Reliance Liquid Fund – Treasury Plan or Reliance Money Manager Fund. It is mandatory to have one of these schemes as the primary scheme account in order to apply for the card
  • It is mandatory for investor to provide mobile number and email id to the RMF in order to avail the card
  • The card shall be issued only to individual Resident Indian investors, who are aged 18 years and above
  • The card shall not be issued to HUF, NRI, Private / Public Ltd Companies, Partnership Firms, Proprietorship Firms, Trusts and any other category of investors as defined in the offer document
  • Further, the card shall be issued only in respect of folios where holding basis is 'Either or Survivor / Anyone or Survivor' or Single. No card shall be issued where mode of operation is JOINT
  • The card will be issued only after realization of cheque
  • Currently only one card can be issued per folio / master account. In case of multiple holders the card shall be issued only to the 1st holder

General Guidelines
  • The facility will be in addition to the conventional method of redemption i.e., physical redemption request through the Designated Investor Service Centers of the Reliance Mutual Fund. In other words, investors can opt for any of the redemption facility as per their choice and convenience
  • No card shall be issued for subscriptions through DDs / third party cheques
  • Withdrawals through this alternative mode of redemption can be stopped temporarily or permanently for the want of any statutory compliance, at the directives of RBI and / or SEBI or any competent statutory regulatory authority
  • The Trustees reserves the right to discontinue / modify / alter the said facility on a prospective basis subject to compliance with the prevailing SEBI guidelines and Regulations
  • The card is valid in India and abroad. Card is not valid for payment in foreign currency in Nepal and Bhutan
  • Investors should ensure that while using the card outside India, they are doing so strictly in accordance with RBI's Exchange Control Regulations, as prevailing from time to time. The onus of ensuring compliance with the regulations is on the holder of the card
  • SEBI guidelines on uniform cut off timings for redemption shall also be applicable to the aforesaid facility of alternative means of redemption

Card LimitsAt ATM: - In a day you can withdraw up to 50% of the balance in scheme account or Rs. 50,000 (whichever is lower) from an ATM or up to a permissible limit as fixed / determined by the Bank.
At POS: - In a day you can spend up to 50% of the balance in primary scheme account or Rs. 100,000 (whichever is lower) at merchant outlets.

Card Design
INR                 Download Application form

Current schedule of Charges
ParticularsLimitCharges
Cash WithdrawalUpto 50% of the scheme balance* or Rs 50,000, whichever is lowerNil
Spending in PoS TerminalsUpto 50% of the scheme balance* or Rs. 100,000Nil
Balance EnquiryNil
Card Issuance FeeNil
Annual FeeNil
Re-issuance of Lost CardNil
Re-issuance of Lost PINNil
Hotlisting of CardNil
International Cash WithdrawalRs. 69 + ST#
International Balance EnquiryRs. 21 + ST#

* Cash withdrawal at Visa ATM (other than HDFC) / PoS usage amount will be debited from the primary scheme.
  • At HDFC Bank ATM customer can withdraw 50% of the balance in the scheme account or Rs. 50,000 (whichever is lower) from the eligible schemes linked to card
  • Customer can withdraw cash in multiple transactions at different ATMs till the daily limit of 50% of the balance in scheme account or Rs. 50,000 (whichever is lower) is reached
  • Similarly at POS customer can purchase up to 50% of the balance in the primary scheme account or Rs. 100,000 whichever is lower
  • - Above charges are subject to revision with / without a prior intimation
    # Service tax is currently charged at 10.3% and it is subject to change

Application for Reliance Any Time Money CardNew Investor
Fill up common application form to invest in Reliance Liquid - Treasury Plan / Money Manager Fund
  • Apply for the Card
  • KYC Form (if investor is not KYC Compliant)

Existing Investor (Investments in Reliance Liquid fund – Treasury Plan / Money Manager Fund)
Apply for the Card using specially designed ATM application form

Download Application form

1 comment:

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