Motilal Oswal has just introduced mutual fund investment via WhatsApp. It is nothing but just another way of investing in mutual funds. In this article, we will learn how this new feature of investing via Whatsapp works. They have given this product a name as Motilal Oswal MF on WhatsApp
Motilal Oswal is one of the oldest Asset Management Company (AMC) in India. The company got registered under the Companies Act, 1956 on 14th November 2008 having its registered office at Prabhadevi, Mumbai. The AMC is also registered with SEBI under SEBI (Portfolio Managers) Regulations 1993 as a portfolio manager.
In the recent past, there are many robo advisory firms has come up in the Indian financial market. The main benefit of running a robo advisory is the cost saving and fast response. Today’s generation wants all work to be done fast and online.
How to Activate Motilal Oswal MF on WhatsApp?
Here is a step by step guide on how to activate the mutual fund investment via whatsapp.
- Save 9372205812 phone number into your contacts so that same can appear in your WhatsApp.
- Here is an alternative link which will re-direct you to the WhatsApp
- Open WhatsApp application.
- Click on the new chat and select the saved number from your phone’s contact directory.
- Type “Hi” in the message and send it.
- You will get an auto welcome message from the Motilal Oswal.
The message will look like above. It will then ask you to agree on the terms and conditions before you move ahead.
On the successful confirmation, you will then get the below message for proceeding with your SIP setup.
The next step is the select the fund category.
It will ask you to select the fund category from the below list
- Equity fund
- Balanced fund
- Debt fund
Type the fund you want to invest in and send the message.
It will then fetch you the list of the scheme names from the selected fund type.
Then you will be asked to select the SIP amount, SIP date and SIP installments.
If you want to do SIP for Rs. 1000 on 5th of every month for the next two years. you need to type as below and send the message.
1000 5 24
This completes the process of SIP registration with Motilal Oswal mf@whatsapp. You will get a confirmation message as below.
This is how you can register SIP via whatsapp.
Should you invest through Motilal Oswal MF on WhatsApp?
Doing a transactions as you are chatting with someone is the cool thing. But its not that easy as it looks to be.
Many of the investors are not aware of the which type of fund is suitable for them. So selecting the fund type through robo advisor is a risk. You may end up selecting the wrong type of the fund which will not give you the returns you have expected for your particular financial goal.
Secondly, you still have to download the SIP mandate, sign it and send it to Motilal Oswal’s Mumbai office. So it is not fully automated or online transaction wherein you just have to select the scheme and with just one click your investment is done.
Third, you already have a mobile app through which you can set up the SIP on the go. Why everything needs to be integrated into WhatsApp. I would prefer to use WhatsApp as a messaging app rather than doing my financial transactions through it.
Here you are allowing your financial data to be shared with WhatsApp mobile app whose prime purpose is of messaging. So data security is also a concern though Motilal Oswal will take care of it.
it is suitable only for the tech-savvy people who can understand the shortcode language. As per my personal opinion, setting up SIP through a mobile app or web portal is far easier and faster than doing the same through Whatsapp.