ICICI Securities launches UPI facility for Mutual Fund investments

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Mumbai, Jan 30, 2019: ICICI Securities Limited (I-Sec), the second largest non-bank distributor of Mutual Funds in India, today introduced yet another payment mode to invest in Mutual Funds through the Unified Payment Interface (UPI) on its award winning online trading platform – icicidirect.com.

With the launch of UPI service, I-Sec customers can now avail multiple instant payment modes for their investments through UPI along with previous mediums such as linked ICICI Bank account, Net Banking and One time Mandate (OTM).

Mr. Hariharan M, Sr. VP – Products Advisory Group, ICICI Securities, said, “We are confident that the customers will find this new feature very useful as UPI has emerged as a leading payment option for millions of Indians for their everyday transaction and now they can invest in MFs also through this. Going forward, we aim to extend this facility to other non-equity products online as well”.

With this serviceI-Sec customers can now register up to 3 Virtual Payment Address – VPA (an ID, which a user creates by linking their accounts to their bank or BHIM mobile app) from different bank accounts and can also invest lump sum amounts or set up systematic plans like Systematic Investment Plan (SIP) and Target Investment Plan (TIP) available on icicidirect.com.

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