In an earlier post, I had discussed how to register with MF Utility. Since then, I have received many queries pertaining to issues while purchasing mutual fund units or setting up SIPs using MF Utility website/portal.
In this post, I will discuss how to purchase mutual fund units through MF Utility website. Rather than writing about the process and pasting images, I decided to prepare a few videos on how to purchase mutual units and set up Systematic investment plans (SIPs) using MF Utility.
This was my first attempt to prepare a video tutorial and my lack of expertise is written all over the videos. However, in my opinion, this should be good enough for you.
How to purchase MF Units using MF Utility Website (English)
Demo: How to purchase MF Units using MF Utility Website (Hindi)
How to set up SIP using MF Utility Website (English)
Demo: How to set up SIP using MF Utility portal (Hindi)
Modes of Payment in MF Utility
- Net Banking: Once you submit the transaction, you will be taken to a payment gateway and you will be able to make payment through your net banking login.
- NEFT: You will have to transfer the purchase amount to MFU Escrow account.
- RTGS: Similar to NEFT
- PayEezz: This is my preferred mode of payment. PayEezz is a one-time mandate through which an investor provides a standing instruction to his/her bank authorizing MFU to debit bank account for future transactions. You have to submit a filled PayEezz form to MFU. You can submit PayEezz form while submitting CAN form (or later).
If you want to set up SIP using MF Utility, you need PayEezz registration.
For more about PayEezz registration, refer to FAQS on MFU website.
NEFT/RTGS
For NEFT/RTGS, you need to register a Virtual Account in Fund Transfer of your bank website. Even though it is a virtual account, you need to register the account as you would register any other account for transfer.
You can add account with either Kotak Mahindra Bank or ICICI Bank. Following are the details. You are advised to confirm the details with MFU customer care before making any funds transfer.
Kotak Mahindra Bank
Name: MFU E-Collection Escrow Account
Virtual CMS code: MFKK
IFSC: KKBK0000958
Branch Address: II -5C , MITTAL COURT ,224 , NARIMAN POINT, Mumbai – 400021
Beneficiary Account Number:MFKK<<CAN>>
So, if your CAN is 12345ABC67, the account number will be MFKK12345ABC67.
ICICI Bank
Name: MFU E-Collection Escrow Account
Virtual CMS code: MFIB
IFSC: ICIC0000104
Branch Address: ICICI Bank Ltd. CMS Branch, ICICI Bank Ltd. CMS, EMPIRE COMPLEX, LOWER PAREL, MUMBAI 400 013
Beneficiary Account Number:MFIB<<CAN>>
Do note I am providing these details based on information shared MF Utility customer care when I enquired about NEFT/RTGS. I have not done any transaction on MF Utility using NEFT/RTGS. Therefore, before initiating any such transactions, you must verify the details with MFU customer care.
If you find the videos useful, please share on your social media pages.
100 thoughts on “Demo: How to purchase mutual funds through MF Utility website?”
Hi Deepesh, your article is really very helpful. I am a first time investor. Whether first time transaction for SIP or lumpsum can be done through MFU? My distributor is telling first transaction should be by check, online not possible.
Hi Ananta,
You can make first time transaction online.
Sometimes, RTA (CAMS/Karvy do not do KYC alone. They ask you to make an initial investment and that you have to do with a cheque.
When you go to CAMS/Karvy office for KYC, you can submit MFU CAN and PayEezz form. They wouldn’t ask for initial investment.
Btw, you planning to invest in direct plans or regular plans?
If you are do-it-yourself investor, you can save a lot of money ny investing in direct plans of MF schemes.
With distributor, you can only invest in regular plan.
Hi bro….I read your post and see your videos…it’s very helpful and I appreciated you for this….I have some queries plz help me on this….
1) I am new to mutual fund world …. And after lot of research I reached to Mf utility…..I just want to know it is safe site ? I mean mf utility still not a popular…can I purchase sips on this without hesitation?
2) I done my CAN & ONLINE ACCESS successfully…now I need to fill payEezz form…can you tell how much time its registered PayEezz after I submitted form on POS?
3) can you suggest me some common mistakes done by newcomers investors?
4) Can we increase SIP rupees limit during
Running sip ?
5) You believe in Growth or dividend? I mean which should I choose….. I want sip for 3 years….
6) someone told me to take my all sip money to liquid fund (as it’s give more interest then saving bank account) then I should use this liquid account to make sip…it is possible?if yes then how?
Sorry I have so many questions in once but as a new comer I should ask to a professional invester….hope you help me in this…Thanks in advance…
Ashwini Kumar Vyas
Thanks Ashwini.
1. I use MF Utility. Please note I am not a cyber expert.
2. 3-4 weeks
3. There are quite a few posts on my website that have discussed these aspects. Suggest you go through such posts.
4. Not with MFU. But you can always create a new SIP.
5. Growth
6. SIP or STP is more a matter of preference. Click of a button. Please explore MFU more. You will be able to figure out.
Thnx for answers
1) I ask for STP actually
can we topup STP liquid fund in mfu utility?
i mean if i want STP for 3 years with 1000 Rupees. that mean i need 36000 Rupees for this….if i purchase liquid fund for 30000 rupees then can i topup more 6000 later after sometime on same liquid fund account?
2) Can you suggest some best combination for Liquid and equity fund for STP? which give money more then 15% after 3 years…
You are welcome, Ashwini.
1. With MFU, you can’t do top up STP. However, you can always start another STP.
2. With equity funds, you do not get fixed returns. Returns are market linked and can even result in a loss.
It means if i STP 1000 Rupees per month for 3 years i need 36000 at once in my primary liquid fund? then i should STP to equity fund from this?
Not sure if I got your question. Can you please elaborate?
Thanks for your response bro but i see you not understand my query but anyway i got solved my query as i talk to customer care of mfu…sorry bro i can’t explain you properly what i want….. exactly i want to raise my money in same fund which is possible to purchase again that fund in same folio number….
now other query again i want to share with you…
1) can we STOP STP during running period?
2) or can we extend time period of STP which we mention during first time…
sorry as i beginner in this so need some guidance from expert like you….
1. tes
2. No, you can’t extend STP. You can always start new STP once the first one expires.
Thanx…. you help me a lot
Deepesh,
In MFU, I saw a variable option under the amount. I am not fully sure how this works. can you pls explain if you have idea or point me to right resource
thanks
Krishna
Hi Krishna,
You are talking about STP?
Dear all financial experts,
Kindly provide me genuine information about MF utility.
While we purchase any mutual fund for direct plan then any hidden charges we have to pay to MF UTILITY or it is totally free of cost?
Suppose it is totally free of cost they how they are provide this service to their customer as a free.?
Kindly provide me good information for above my doubts.
because I am going to register for ECAN. Is there any good website to buy mutual fund free of cost not any hidden charges also.?
Thanks and warm regards,
Vijay
Dear Vijay,
Only genuine information is provided on this website.
However, that does not stop you from doing your homework.
I can answer these questions but suggest you call MFU customer care and seek answers to your queries.
There are many investment portals that can help you invest in direct plans. Suggest you google your query and decide the best option for you.
Hi, Thank you for the useful post.
How do I stop the SIP which created in MFU? I could not find the option. Is stop SIP available in the portal?
You are welcome, Srinivas.
Your friends may find the post useful too. Please share with them.
You can stop SIP from MFU portal.
Go to Transaction Books —> Systematic Order Book —> Select your SIP—> You will find pen like icon. Click to cancel your SIP.
Hi sir
In starting sip through mfutility utility
Why the sip starting date has to be 15 days advanced
Please guide
Thanks
Hi Khalid,
This is not just for SIPs started from MFU portal. All SIPs have a time lag.
This is irrespective of the platform you use to set up SIP.
Hi deepak,
can i invest lumpsum (direct plan ) through MF utlity, if so could you please guide me through it.
Hi Durga,
Yes, you can invest in direct plans using MF utility.
Please go through the demo. You will find out.
Let me know if you face any issues.
Hi,
I found that demo is only about sip , which option i need to select for lumpsum and since the markets are in high is it right time to invest in lumpsum
Hi Durga,
Demo is for purchase too.
Sir I tried for epayeezz registration in MFUONLINE. after selection of CAN when I submit nothing is happening, pls help me to register epayeezz
Hi Madhu,
Suggest you go through the following post.
https://www.personalfinanceplan.in/mutual-funds/mf-utility-epayeezz/
Hi sir can I increase my sip though mfutility if so how and once the investment period comes to an end can I extend it to
You cannot increase the SIP. You can always cancel the existing SIP and start a new one.
Or once your current SIP expires, start a new one.
Sir..I had purchased Lumsum amount in Frankline mutual fund and Hdfc mutual fund some 15 days ago..but folio number are not shown yet in My Mfu portal..please help …
Shouldn’t happen.
Did you bank account debited?
Did you get e-mail from Franklin and HDFC about purhase?
Did you purchase from MFU portal only? Just need to make sure that holding pattern was same.
If the answer to these question is Yes, there is some problem.
Contact MFU customer care and create a support ticket.
When using STP facility, is it mandatory to transfer in and transfer out among funds from same AMC? Is there any easy way around to do STP between funds of different AMCs.
Regards,
Vaibhav
STP is only for funds within the same AMC.
You can setup SWP in Fund 1 (say 15th of every month) from AMC 1 and SIP in Fund 2 from AMC 2 (say 20th of every month).
Has the same effect as STP.
Hi ,
I recently started SIP. But i didnt get pencil ICON in the transaction details, to cancel the SIP:
Do i need to request for any additional form to activate the options ( I can only see transaction details and history).
Please advise me ,how to get cancellation icon to my SIP transaction
Hi Narayana,
You have to go to “Transaction book”. Go to “Systematic Order Book”.
You need to select dates right. You should have started SIP during that time.
I know this is a bit counter intuitive but that’s the way it is.
Hi Deepesh,
Can you please let me know how I can invest more for a particular month over my regular SIP through MF utility. IS there any option to make flexi SIP. I want to opt for this option as I want to buy more unit when the market growth is good or unit price is less. Please let me know how I can achieve that through SIP.
Also, please let me know if I can invest monthly through NEFT other than payezzee where In will be doing it manually every month?
SIP can only be initiated through PayEezz.
With NEFT, you can do manually.
Or you can use CaST (new feature) and set up recurring NEFT transfers.Not tried it.
I can see that while selecting SIP then only for the 1st installment I can do using NEFT ot other mode but it’s asking payeezz mandatory fields to be filled while going to the next step.
That is when you want to make current dated investment.
You can uncheck current dated installment.
You can invest lump sum whenever you want (over and above your SIP).
You can try flexi SIP option from respective AMC websites.
MFU has flexi option only for STP (and not SIP).
As you are saying I can invest lump sum over and above, did you mean to purchase option with same AMC?
I can see flexi option is available with FundsIndia.
If you are thinking about investing more than the SIP installment, I assume you are talking about investing in the same scheme.
Yes. So, how to do that.
How do I modify my SIP amount in MU Utility ? If the only option is to stop the existing one and start a new one. How to stop the existing one without redeeming amount/units ?
You cannot modify SIP amount in MFU.
Yes, cancelling the existing one and starting a new one is an option.
When you stop SIP, only future investments are stopped. Existing investments are not redeemed.
Another option is to start a new SIP (without cancelling the existing one) for the difference amount.
Hello Deepesh , In my MFU account ,I am not getting any details about my SIP in transaction book.I am getting my normal purchase details in normal order book but no details of my SIP on systemic order book.
This a big problem with MFU. Quite irritating infact.
You can’t see get this info from MFU website.
All you can see is that SIP details (Systematic order book-> select the date range when you actually set up the SIP).
No way to see details for specific SIP installments.
Hello Sir, 2 questions.
1) I have a registered CAN as well as login credentials for MFUIndia site. I have just submitted my PayeeZZ form in early August and have been told it will take a few weeks to get it registered. However I want to make a lumpsum purchase (direct plan) though net banking with SBI bank. Can it be done without PayeeZZ?
2) What is a CTF and is it mandatory? I ask this because I got an email from MFU upon my CAN registration wherein there was the following paragraph :
“You can now submit multiple transactions in schemes across Mutual Funds using a CAN Transaction Form (CTF). The CTF may be submitted to your distributor or to a nearest MFU Point of Service (POS). For list of MFU POS, please click here; to download a CTF, please click here.”
Does CTF also have to be filled and submitted to the POS before I indulge in transaction through the portal?
Hi,
1. Yes, you can make lump sum investment with payment mode as Netbanking.
2. CTF is for offline (physical) transactions. You can ignore that.No need to fill and submit CTF anywhere.
Thank you. I understand now.
How to cancel or stop sip on mfutility
Steps to follow for cancellation of SIP in MFU
1. Log into MFU portal.
2. Click on Transaction Books. Click on Systematic Order Book.
3. Choose the date to look at your SIP. The problem is that you need to select the date when you started the SIP. Quite stupid but that’s the way it is at the moment.
4. Click on Arrow icon to see SIP details.
5. Click on pencil icon ( to cancel the SIP)
Hope the answer helps.
Hello sir,
I have one doubt .
If I start SIP for the period of 10 years and then later I decided to increase for more 2 years i.e. 12 years. Is it allowed or possible to do it in MF Utility.
Thanks for reply.
You can’t edit the tenure of SIP with MF Utility.
You can always cancel the existing one and start a new one with longer tenure.
Alternatively, you can start for two years once your current one ends.
Hi Sir,
Can you explain how to redeem our sip investments using MF Utility and also do a video on the same
Thanks for the suggestion. Will surely consider
You simply need to click “gift: icon (against the scheme name) for redeeming your units and follow steps.
Let me know if you face any problems.
Thanks a lot Sir,
just another question
I saw a platform called Kuvera.in which offers DIRECT PLAN only along with 36 AMCs participation and free of cost ,they said charges would apply only for PMS if subscribed and not for direct mutual fund investment.Can you compare it with MF Utility???
Hi Padmakrishna,
Not in a position to compare since I have not used Kuvera.
However, I am sure Kuvera is worth giving a try.
Kuvera will surely provide a better interface as compared to MFU.
So, go ahead. Try it out.
Hi Deepesh,
Do banks charge any amount in setting up payeezz one time mandate? I read some comment on the charges in FAQ section of Payeezz. My a/c is in ICICI.
Hi Kiran,
Some banks may charge a nominal amount for setting up a NACH mandate.
Hi Deepesh,
Very nice video. My Payeeze i s registered already still do i need to have 15 days grace for SIP?. Also in transaction book does it show units allocated for each SIP for each month?
Hi Amarnatj,
At the moment, You need a gap between starting a SIP and the actual start date.
MFU transaction book is not up to the mark. you can rely on statements from RTAs or AMCs.
Thanks Deepesh for the info. You mean MFU transaction book will not show units allocated and i will have to get statement from AMCs offline personally.
Not offline.
You can download statements online too from AMC websites or CAMS/Karvy websites.
Hi. Can I use CAST for monthly investment
through NEFT.
Hi Vikas,
Technically, this should work and you shouldn’t need PayEezz.
I have never tried this method though.
Hello,
While setting up STP in MFU, there are two STP options namely, Fixed and Variable.
Fixed means, we can transfer only a fixed amount of money as STP. For this option user has the provision of giving the value of the amount in the ‘Amount’ field
However, if the user selects option ‘Variable’, the ‘Amount’ field gets grayed out! I was under the impression that variable option means, we can change the amount value during the course of time. But since the ‘Amount’ field itself is grayed out, i do not understand how this (Variable) option actually works!!
Could you please help.
Thanks.
Hi,
In Variable option, only the gain goes to the new fund.
Dear Mr. Deep – Thanks for your excellent information regarding MF Utility. I followed your videos and opened the CAN and funded a Mutual Fund without going to any office and everything went with a breeze. However, I have a question regarding DEPOSITORY details as presently, the fund which I bought is in Physical Format. I want to keep the fund in DEMAT Format by opening an Account with Depository Participants and then linking through MF Utility Website?
Can you please let me know the procedure? What’s the advantage of keeping in DEMAT form vs PHYSICAL form as when I see my account and relevant fund account details, this is clearly a DEMAT unofficially but why are these Depository Participants hold the e-certificates? We, the Investors who invest directly through MF Utility Online have already got the Account opened and has the entire transaction history but why we need a separate Depository Participants to hold our account? Please help me at your convenience.
Thanks
Saravana Bava
Hi Saravana,
You are welcome.
Both the format (demat/non-demat or physical) are digital only.
In my opinion, there is no clear benefit for keeping units in demat account.
On the other hand, there are many hassles. The information about your units may not be there on RTAs sites if you in demat format.
There are a couple of advantages that I see with holding units in demat account:
1. Nomination is easier. You need to provide nomination for the demat account. No need to specify/update nomination in different folios.
2. You can easily gift holdings in demat account. I am not sure how to do that in non-demat format.
3. In the future, if you (or our markets) graduate to investing in ETFs, ETFs can only go to demat account.
Dear Mr. Deep –
Thanks for your fast response and I appreciate your help. As there is no big advantage, I shall keep in Physical format itself and will get the statement directly from AMC Fund Companies that will be in e-format which should be fine.
However, the one major disadvantage currently in MF Utility website is that it shows only the current NAV value of our fund amount and doesn’t show the Cost, the Profit/Loss, the return percentage and the annualised percentage which we should keep track in a separate excel file based on the statements which we receive from AMC Fund Companies.
If we maintain the above, it will help us to track the Taxes involved if we want to redeem the fund and will also help in decision making.
We all hope that MF Utility improves the presentation so that at one snapshot we can see the entire statement that shows Cost Basis and other important information so that our tracking becomes easier. Nevertheless being a free service as of now, we can’t ask for more and I applaud you for showing the MF Utility Website where I have invested ONLY in DIRECT Mutual Funds savings expense ratio’s and the entire credit should go to you!!
Special thanks for your service and will take your professional service soon as you are doing so much freely through your website where I feel guilty to utilise your service as complimentary:-) and I have recommended to all my friends about your professional service and have linked your excellent articles through my Facebook Account.
I hope one day you will satisfy all of us by writing a simple book on ‘Personal Financial Planning’ so that even a layman middle class person can gain knowledge from your book which will be tremendous help to all of us as many of middle class people who earn Rs. 60000 per month don’t know how to invest except they have only PF Accounts/FD Accounts and most of them live on pay check to pay check which is detrimental to their financial living. Hope you will be saviour to all middle class and low middle class people if you write a book in simple layman terms with simple asset allocation plan and sell it directly for Rs. 99 and if 1 Million people buy your book, you will be set for your life as you can do various social service in educating Poor, Low Middle Class and Middle Class folks who can sail financially with complete peace!!
Hi Bavan,
MFU makes for an excellent transaction platform but a very poor analytics platform.
There are no plans (as communicated by the management) to make it anything more than a transaction platform.
In fact, many other direct plan platforms are built upon MFU.
Hahaha…no need to sign up. Just keep coming back and keep sharing your inputs with me. That is a good enough reward.
Thanks for sharing my posts on Facebook.
And for encouraging me to write a book on personal finance.
Thanks for your kind words!!
Hello Deepesh Sir,
1) Thanks for the awesome tutorial. !!!
2) In MFU Can we set frequency of SIP to Daily/Weekly/Monthly/Quarterly Option?
3) is there any possibility of e-NACH Mandate instead of today’s Offline Payeezz Mandate?
4) My yearly SIP would be around 1.5 Lakh/year for Next 5 to 7 years. Could u pls suggest
me any Good advisor(Online) at Decent pricing.
Hi Sonali,
You are welcome.
2. Yes
3. Not yet
4. Are you looking for a robo-advisor (technology platform) or a personal advisor (located remotely)?
Hi Sonali,
Our friend Mr. Deep also offers Professional Service at reasonable charges and you can click on the link ‘Our Offerings’ at the top of the web page.
I am planning to hire his service soon. Why can’t you just look at the above link and possibly hire him?
Thanks
Bavan
Hi Deepesh sir,
your videos and guidance are very amazing thank u so much for those.
i have one doubt during investing if am keeping the units in non demat form.
how can i able to redeem the units?
please advise
Hi Bala,
Thanks. Appreciate your kind words.
To be honest, both non-demat and demat formats are digital.
Just that, in demat format, the units are kept in your demat account.
In non-demat format, the information about your units is kept with RTAs and AMCs.
You can redeem non-demat units through MFU or CAMS/Karvy/AMC websites.
Demat units can be sold only through your broker.
Not much benefit of keeping units in demat format (except nomination and succession).
Hi Deepesh,
If I buy a regular fund and not direct fund. And I don’t provide any brokers detail. Then, Will the AMC get the 0.5 %.
Or will I get benefits same as direct fund.
Thanks in advance.
Shadab,
You will get the benefit.
Thanks for your informative blog.
My queries are,
1)What is update in mfutility platform,
Can we increase/decrease SIP amount at
our choice.
Like SIP at 5 K going on, can we
increase/decrease the SIP amount from
next month by using mfutility platform.
2) Suppose there are 5 funds in portfolio
with 5 different AMCs to
start SIP,but we want to do it with STP
mode.
Which is better,
A) Invest in 5 different debt funds(as All 5
funds are from different AMCs ) and
then start STP to respective equity
fund.
OR
B) Invest in only 1 debt fund but use
SWP.
Say,15 th of every month ,withdraw
money from that only debt fund which
will be deposited in saving account ,
and start SIP on 20 th of every month
for all 5 equity funds.
Which option is better and practical ?
Thanks.
1. No, you can’t change SIP amount.
2. Boils down to individual preference. No better or worse way.
Hi Deepesh,
Are there any charges for starting SIP through MFU. To my knowledge there weren’t any. But when i started SIP i was charged 413/-. Now i don’t know how often this would be charged. Also nobody responds to any query on MFU or responds for call. Could you please clarify.
Thanks
Vishal
Hi Vishal,
MFU does not charge anything for starting SIP.
Did you have enough balance in your account on the date of SIP installment?
In absence of adequate balance, the bank (and not MFU) charges an ECS bounce penalty.
In description, it may appear as MFU—XXX but the money has gone to the bank’s kitty and not MFU.
Hi Deepesh,
Yes balance was there and SIP started., Moreover in bank transaction i see comment like this – 518694:AMC 17-18 PLUS TR.APR17, which, to me, looks to be some fee.
Thanks
Vishal
Can you please check with the bank?
I can confirm MFU does not charge anything for SIPs.
I have created hundreds of SIPs for my clients on MFU. There is no charge.
Hi Deepesh,,
You were right, it is bank charges. But i am surprised why should bank be charging for this.
Thanks
Vishal
Typically, it is for ECS bounce. Please check with the bank.
Bank does not charge for starting SIP either.
Hi Deepesh,
Coming back to this topic again.
I dug further about the charges, and bank informed me that this is charged by CDSL for a Demat account in another bank. So i am just totally lost .
Could you please help.
Thanks
Vishal
Hi Vishal,
There are annual maintenance charges for demat accounts. This could be that charge.
Hi Deepesh,
One more question, I am trying to buy DSP BR Small Cap Fund – Direct (G) fund but is not available in the list.
Am i missing something?
Thanks
Vishal
Hi Vishal,
As I see, the AMC is not accepting fresh investments in this fund.
Hi Vishal,
As I understand, the fund manager is not accepting fresh investments in this fund.
Hi Deepesh,
OK, thanks !!
Sir, i got my epayeezz PRN no. through mail,below that link is given ctf-purchace & ctf-sip, do we have to fill this form, plz guide thanks in advance.
I have a mfuonline account.
i opened an account in mfuonline, considering that i could invest in direct schemes.
however, i could find only a couple of direct schemes.rest were regular.
am i missing out something here?
Dear Shamsher,
All the direct schemes are available under MFU.
Please recheck.
Hi deepesh,
Thanks a lot for the commendable job of answering so many queries !! Have a small query remaining after reading your blog here …. i’m very new to MF investment and have invested in SIP. I made my current dated payment through net banking though i registered myself with Payeezz. Does that mean that my future payments for SIP will be taken care of by Payezz till the end date of my SIP ?
Hi Seema,
Yes, Payeezz will take care of all the future SIP installments.
Hi Deepesh,
Can you please tell me whether purchase in the MFU portal is one time investment(I mean lumpsum)? If not, do let me know on where to apply in MFU for lumpsum.
Thanks in advance.
Hi Kavya,
You can make lumpsum investments from MFU.