We have an option for an eKYC for you. This is very easy if you have an Aadhaar number which is linked to your mobile phone.
When you make your first investment, the application asks you for information to open your account. At the last step you get to choose if you wish to do eKYC with Aadhar. You are then redirected to our partner Karvys website and the system sends you a One Time Password (OTP) number to your Aadhar registered mobile number. Once you enter the correct OTP your eKYC will be complete and you can start investing in Mutual Funds with Jama!
The signature image that you upload is used to open your investment account with the Mutual Fund. The signature is reviewed by the Registrar - sometimes the registrar may reject an image if the resolution is not clear. Please ensure the signature is made on a plain white paper (no lines) with black ink pen. Take a large image and upload it.
To help you switch from regular plan mutual funds, we need to repeat the account opening process. This is requirement by the exchange as Jama is only allowed to sell Direct Mutual Funds (0% commission). It is possible that the Registrar may reject the image during this process.
Please be patient as this process once complete helps you invest hassle free in direct mutual funds, and also switch from regular plan mutual funds.
Selecting a fund is very easy with Jama. We research and find the best funds for you.
The various mutual funds are categorised as per the desired objective: Build Wealth (Equity), Park Cash (debt funds for returns better than bank), Save Tax (ELSS funds). We also have Balanced Funds and Gold Funds.
Once you select the category you can choose from the Jama Picks. For a wider selection tap on Others and select a fund. "Others" may have hundreds of funds - you can use the sort or search feature to zoom in on your desired fund.
Both are Equity type mutual funds. Under "Save Tax", you will find Equity Linked Savings Scheme (ELSS) funds that give you an income tax benefit. The amount you invest (upto Rs 1,50,000) can be deducted from your taxable income. Depending on your tax slab, you can save upto Rs 46,000.
With ELSS funds there is a 3 year lockin - the government wants you to stay invested in return for the tax benefit. With 'Build Wealth' type of equity funds, you can withdraw anytime. Just be sure to check the exit load and tax implications.
You can tap on the plus icon on the dashboard and then choose one of the options to invest quickly.
You can also top up an existing invested fund by tapping on Invest More button.
Your order is picked up for processing on same day if it is placed within business hours of the Stock Exchange (i.e. between 9:05 am and 3 pm). Otherwise it is picked up during the next business hours slot. For example, if an order is placed on a Friday evening 4 pm, then it is taken up for processing on Monday morning 9:05 am. If Monday is a public holiday then it will be taken up on the next working day, which could be Tuesday.
Once you place an investment order and transfer the funds, it normally takes 1-3 working days for the order to get processed |
For Debt Funds (including Liquid, 'Park Cash' type) the time taken could be 1-2 days |
For Equity funds (Build Wealth, Save Tax), it might take 2-3 days. Units will then be allotted into your investment account |
You can see the expected date of allotment in the "Track your order" section
An investment order takes 2-3 working days to get processed and units allotted. You can see the expected date of allotment in the 'Under Processing' tab.
In case of queries please write to Customer Care
Sometimes there is a time lag of a few hours between the unit allotment and the data feed coming from the Mutual Fund to the Exchange. If you still do not see the units being allotted in Jama, please do Raise a ticket with Customer Care at Jama.
The Mutual Fund assumes that you intended to make a payment and hence in good faith, picks up the order for processing anyway. If payment is not made in time then any units allotted will be reversed. Please wait for 2-3 days for this reversal to happen. You will not be able to redeem any such units meanwhile.
The BSE cut off times are: |
1:30 pm for liquid funds |
2:30 pm for equity and debt funds (2L and above) |
3 pm for equity and debt funds (below 2L)