Purchase of Mutual funds through cheque book in Circa 2024
I cannot recollect when I had last used a cheque to purchase mutual fund units, but certainly I had started my journey with mutual funds firmly with a cheque deposit in Circa 1993 , the year when private sector mutual funds burst onto the scene in India. Slowly I started investing almost entirely through SIPs and the cheque issuance reduced, however was never fully eliminated as the online world of mutual fund investments did not exist till 2010 if I can recall the year correctly . Then COVID struck and the offline world of MF investments got blanked out , everything was done online and rather seamlessly too . Recently I decided to go the traditional offline way for routine purchase of mutual fund units only for one reason - I could see that a single online transaction could not exceed the NEFT daily transaction of ₹ 10 lakhs and even this figure I was not very comfortable doing such a transaction online and decided to...