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Standard Chartered Bank and LIC MF Tie-Up for Seamless Mutual Fund Investments
January 05, 2017
LIC is teaming up with Standard Chartered Bank to incorporate Unified Payment Interface (UPI) as a payment mode for investments in LIC Mutual Fund schemes.
What is UPI?
- UPI allows the user to instantly transfer funds without providing any bank details and IFSC Code.
- Instead of these bank details, a virtual payment address is used during this transaction.
- UPI is a safe money transfer platform as the customers only use the virtual address without giving any sensitive information.
- UPI has a limit of Rs. 1 lakh per transaction.
How is this helpful to LIC MF?
- UPI offers Mutual Fund investors operational ease.
- This real-time money transfer promises to be hassle-free and user-friendly which may encourage the investors.
- It will attract the young investors and will encourage them to invest in the early stage of life.
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