Common One Time Mandate, as illustrated in the preceding article that underlined The Power of One, is a one-time registration process that renders immense paperless convenience for investors who seek to invest in Mutual fund schemes.
CAMS Common OTM brings home several advantages and service benefits to the investor, besides helping them circumvent multiple repetitions of cumbersome paper-based form-filling procedures.
Freedom to invest without bank/branch/location related restrictions
CAMS Common OTM facility is not limited to constraints concerning a specific bank/branch/location. Any bank that is a participant of the NACH (National Automated Clearing House) system, allows for registration of Common OTM facility, at any given branch of its. Currently, CAMS Common OTM can be registered across as much as 800+ Banks across the country.
For those with existing mandates –
Existing registered mandates will not be canceled when CAMS Common OTM is set up.
When transacting in those specific MFs, you will have the choice of MF specific OTM or CAMS Common OTM. While transacting in any new fund where you do not already have a mandate, CAMS Common OTM will be available as an option to cheque/ net banking.
Case of a forgotten folio number? Relax.
The Common One Time mandate is registered at PAN level of the first holder. There is no requirement to quote folio number while registering for CAMS Common OTM. This comes in handy for savvy investors with multiple investments and folios across AMCs.
Also, CAMS facilitates registration of multiple mandates at bank and account number level, at once. There is no restriction on the number of SIPs that can be registered through the Common OTM facility.
What can the investor do if s/he has forgotten the CAMS Common OTM Number –
CAMS has an incredibly effective pan India network of Customer Service Centres (CSCs) conveniently located in cities across the country. In the event of a forgotten CAMS Common OTM Number, the investor may approach any of the CSCs and quote her/his PAN and obtain the Common Mandate Number. Alternatively, an SMS could be sent to a designated number with the specified text / or the CAMS Toll Free Call center could be reached to get the CAMS Common OTM Number.
For more information on CAMS Common OTM, click here.
Computer Age Management Services (CAMS) is India’s premier Mutual Fund Transfer Agency serving over 62% of assets of the industry across 16 Mutual Funds. Leveraging superior technology, CAMS brings several innovative services to Mutual Fund investors and distributors. CAMS is also a service partner to leading Insurance Companies, Banks, NBFCs and Alternate Investment Funds. To know more visit www.camsonline.com