State Bank of India has begun allowing the bank’s debit cardholders to buy mutual funds online from the State Bank of India Mutual Fund, an official from the Mumbai-based bank tells PaymentsSource.
The official says that Consumers previously could buy State Bank of India Mutual Fund units online if they had a bank account and an online banking service with one of the 12 banks tied to the fund.
Under the new facility, the state bank’s debit cardholders first select a mutual fund from State Bank of India Mutual Fund’s Web site and then pay using their debit card by entering their PIN and account number, according to the official.
“Regular cardholders can only buy units worth 50,000 rupees (US$1,110 or 825 euros), while Gold card holders can buy units worth 100,000 rupees,” he says.
The state bank issues about 50 million debit cards across the country.
Recently, India-based ICRA Online Ltd. told PaymentsSource that it plans to launch a service later this year that will enable investors in India to buy and sell mutual funds using mobile phone text messages (
