Aadhaar Based Payment Feature Inclusion In ETMONEY

In order to verify your name and address, people are issued Aadhaar in India. This is a 12 digit number and is unique in nature. UIDAI (Unique Identification Authority of India) was formed about a decade ago in 2009 to do the work of registering the population of the country. The enrollment process is done via thousands of Aadhaar centers set up in various parts of the country. Within quite a short period of time, a big percentage of India’s population has been enrolled with the UIDAI system. Any person who is living in India for more than 182 days or more can obtain Aadhar. Aadhaar Act clearly disqualifies NRI (Non-Resident Indian) to obtain an Aadhaar card as they do not live inside the country for at least 182 days.

The process to obtain an Aadhaar card is very simple. Just visit any nearby Aadhaar Kendra to get enrolled. Please keep in mind that the applicant can apply for the Aadhar by submitting the required documents. The normal time to get an Aadhaar card is 90 days from the date of enrollment with the UIDAI. The enrollment fee is zero as the Government wants to enroll as many people as possible to make its population statistics up to date. Mutual funds are very popular in India and these are like financial vehicles. In mutual funds, people invest in a common pool, and then funds are invested to make a decent return. In order to invest in mutual funds, Aadhaar is mandatory.

Keeping in view the importance of Aadhaar, an investment app ETMONEY has launched Aadhaar based feature called SIP. ETMONEY actually offers personal finance-related products such as NPS, direct mutual funds, SIP investment, and ELSS tax saving schemes.

SIP refers to a Systematic Investment Plan in which a mutual fund company offers people to invest a small amount on a regular basis instead of asking for a lump sum. It is the choice of investors to go on a weekly, monthly, or quarterly basis. Such flexibility regarding the frequency of investment makes it imperative to offer an easy and time-saving feature. That is why ETMONEY has launched Aadhaar based feature in its SIP mutual fund plan. This feature is very good and has allowed every person to do the investment just by sitting at the home using a small amount. This can all be done using the power of online technology.

As a large portion of the population is engaged in performing jobs, Aadhaar based SIP feature is very suitable for them. As they can invest a certain portion of their salary in the SIP mutual fund. Like any other verification, automatic payment into SIP can be done using OTP (one-time-password). People can also set to make automatic payments into SIP using an OTP password. So, their savings will automatically get pooled in the SIP. This awesome feature for small saving people is definitely going to produce marvelous outcomes in the years to come.