TransactEezz is a transaction facility available through MFU for distributors / RIAs having login access. Through TransactEezz, the distributor / RIA can initiate a transaction on behalf of the investor and the same gets executed upon approval from the investor. The transaction is completely electronic and paperless.
Investors can make payments through Net Banking, NEFT, RTGS or PayEezz. To know more about PayEezz facility, please click here.
The TransactEezz feature is has been recently enhanced to support Cheque payment.
Click here to know more
The following setup need to be completed for the Distributor / RIA office in MFU system:
Refer Annexure I & Annexure II of the Process Note to know more about Bank & POS Branch Mapping.
As of now, cheques can be deposited in ICICI or Kotak banks at the designated collection branch.
No – Currently, this option is not supported. Only the Distributor / RIA or the mapped POS can deposit the cheque.
Cheque payment can be made through a CTS cheque favouring ‘MFU ESCROW ACCOUNT’ crossed ‘Account Payee’.
Yes. The Distributor / RIA need to upload the cheque image immediately after initiating the transaction. The investor will NOT be able to approve till the cheque image is uploaded against the transaction.
The distributors / RIAs who are signed-up with MFU and have login access will by default have access to this facility. There is no further registration required to get this facility activated.
No. Investor need not register for this facility. It is only the distributor / RIA who needs to have login access with MFU to use this facility for their investors.
YES. Transactions can be initiated through this facility by a distributor / RIA only for INDIVIDUAL investors holding CAN under SINGLE and ANYONE or SURVIVOR mode. Transactions cannot be initiated for Non-Individual investors and Individual investors holding CAN under ‘Joint’ mode. MFU may, at a later date, extend the facility to the other categories.
This facility is FREE OF COST. MFU does not charge any fee to Distributors / RIAs or Investors. However, the investor’s bank may charge the investor for any bank charges for payments initiated for subscription transactions.
Currently, Purchase, Redemption, Switch, SIP (if PayEezz is already registered and active), STP Registration & SWP Registration transactions can be done using TransactEezz.
An investor can request his distributor / RIA to initiate a transaction or the distributor / RIA can himself initiate a transaction on behalf of the investor.
The investor can request for a transaction through a phone call or SMS or email or Fax or Letter or In-person. The distributor / RIA will have the provision to mention the mode in which the instruction was received.
Yes. Upon the distributor / RIA initiating the transaction, a SMS and/or email link will be sent to the investor for him to approve the transaction. The transaction will expire within 24 hours from the time of submission of transaction by the distributor / RIA.
The transaction will be time-stamped by MFUI at the time of receipt of the SMS response from the investor (or) at the time of the investor clicking the “Accept” or “Reject” button in the authorization screen, available upon accessing the email link.
No. Payments have to be made only from the bank accounts registered under CAN. Payments received from other accounts will be treated as Third Party Payments and the transaction is liable to be rejected and the amount will be refunded to the source account.
NAV is applied as per the transaction Time-stamp and the receipt of money into the AMC scheme account (wherever applicable).
Distributors / RIAs may initiate any number of transactions via TransactEezz facility. There is no specific limitation as such.
The investor can reject the transaction or not respond to the communication received from MFU. If MFU does not receive any response within 24 hours from the time of submission, the transaction will be automatically cancelled.
No. Investor cannot modify the transaction once submitted by the distributor / RIA. However, he can request his distributor /RIA to modify the transaction as required upon which a fresh SMS and/or email link will be sent to him for approval.
In such instances, please check your SPAM folder and appropriately tweak your SPAM rules. We recommend you to add the domain “mfuindia.com” to the whitelist. You can also request your distributor /RIA to retrigger the SMS and email link. In spite of all these, if you still do not receive the link, please email us at firstname.lastname@example.org.
The transaction limits as offered by the scheme will be applicable even for these transactions. However, where a payment is made through PayEezz, the total transaction amount should not exceed the PayEezz limit.