Quantum Mutual Fund launches new payment option–Prepaid Cards

Investors can make online investments using these cards

Quantum Mutual Fund, India’s first completely paperless online mutual fund has offered Prepaid cards as an online payment option for its investors.

After logging in to Quantum Mutual Fund’s Invest Online platform, investors can complete their usual online mutual fund transaction and then select “Prepaid Card” as payment option. Investors will then have to enter their prepaid card number in order to complete their transaction.

Quantum is currently the only mutual fund house in India to offer such a payment mechanism. The fund house is known as the country’s first direct-to-investor mutual fund, and early last year launched India’s first completely paperless invest online platform.

Jimmy A Patel, Chief Executive Officer, Quantum Asset Management Company Pvt. Ltd said, “When we launched our paperless Invest Online platform last year, we were aware that one of the challenges that we would face would be convincing investors about the security of their transactions. To address this concern, we ran an ISO 27001 Certification and increased our SSL Encryption. Prepaid cards are another step in this direction to cater to investors who are still wary of or uncomfortable with using their net-banking to transact online.”

This feature is only available for online investors who can choose Prepaid Cards as their payment option for transacting on the company’s website. The transaction limit for investments via such Prepaid cards is Rs50,000 and all entities that issue such cards are regulated by the Reserve Bank of India (RBI).

Quantum is initially accepting such payments only through iCash Cards which aim to offer a safe and easy payment option to Indian investors, without compromising on their safety or privacy. iCash Cards are available in various denominations and can be purchased online on www.iCashCard.in.


Max New York Life posts 18-fold jump in Apr-Dec net

During FY10-11, Max New York Life undertook cost management initiatives which had its long-term impact. The cost ratio improved to 31% in December 2011

Private life insurance company Max New York Life today reported 18-fold jump in net profit at Rs572 crore for the nine-month period ended December 2011, on the back of increased productivity and cost effective techniques.

"This impressive rise in net profit was a result of continued revenue growth coupled with better productivity and cost efficiency," Max New York Life said in a statement.

The total premium income for April-December 2011 period rose by 8% to Rs4,470 crore. However, new premium income declined 13% to Rs1,282 crore.

"Though the market continues to remain challenging, we have responded extremely well ... We are confident of a sustained profitable growth for Max New York Life ... Through superior claims and complaint management," Max New York Life Insurance CEO & managing director Rajesh Sud said.

During the financial year 2010-11 the company undertook cost management initiatives which had its long-term impact. The cost ratio improved to 31% in December 2011, the statement said. The company's paid up capital as on December 2011 stood at Rs2,126 crore.

Max New York Life Insurance is a joint venture between Max India and US-based New York Life.


ICICI Bank to charge Rs5 per transaction on mobile fund transfers

The fee for inter-bank transfer of funds would be levied from April 1, along with a slew of revisions in ICICI Bank’s various service charges

Private sector bank ICICI Bank will charge its customers Rs5 per transaction from April for transfer of funds over mobile phones, a service available for free as of now.

The fee for inter-bank transfer of funds would be levied from April 1, along with a slew of revisions in the bank’s various service charges.

The Bank would also limit such fund transfers at Rs50,000 per transaction a day.
ICICI Bank is one of the top banks offering this service and has more than 30 lakh customers using the facility.

Regarding many other service charges, ICICI Bank has also decided moved to a monthly basis of levying fees and maintenance of minimum account balance, from quarterly now.

For regular savings accounts, ICICI Bank would require its customers to maintain a monthly average balance of Rs10,000 in metro and urban locations, Rs5,000 in semi-urban and Rs2,000 in rural areas.

For non-maintenance of minimum balance, it would levy a charge of Rs250 a month in metro/urban areas against Rs750 per quarter currently, in case of the average balance being Rs5,000-Rs10,000 and Rs350 a month for average balance falling below Rs5,000. For ECS debit returns, the bank has increased the charge from Rs250 per return to Rs350 with effect from April 1. The bank would allow four free cash transactions at the base branch in a month, as against 12 in a quarter now, and would levy a charge of Rs90 per transaction thereafter (from Rs50 currently).

However, the Bank has withdrawn its charges for all multi-city cheque payments, which is currently charged at Rs3 per Rs1,000 for transactions above Rs50,000.


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