Reliance Any Time Debit Card for those investing through Coin

This is my dilemma with Coin.

  1. I invested in Reliance Money Manager Fund (suggested by Coin on it’s landing page). I, in fact, decided to go ahead with it in-spite of finding some other better performing Ultra Short Term Debt funds because I got to know that I will receive a debit card (Any Time Money Card as is called by Reliance Mutual).

  2. Now, when I contacted Zerodha customer care, I was told I must check with Reliance Mutual directly regarding the debit card.

  3. But when I contacted Reliance Mutual, I was told that since my fund is held in Demat format, I can’t get the debit card. And that I must contact Zerodha for it. I was further advised to rematerialize if I want the debit card.

I am very much confused what to do next.

And what exactly is rematerialize? how to do it, what are the consequences?

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It is very simple, MF units can be held either in Demat form (like shares) or non-demat form (folio’s with registrar ie CAMS). If you buy MF via stock broker by default the units will be delivered to you in the demat form. You can approach the Reliance MF investor service center or CAMS investor service center for converting from Demat form to non-demat form.

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Money market funds dont have exit load. Just sell it on Zerodha, have the money credited to your bank account and buy it again next day from Relaince website.


Hi Satish,

This facility is no longer available for Ultra Short Term Debt category as per SEBI guidelines. So, reliance does not offer this facility for Reliance Money Manager Fund anymore. Probably, the customer service representative from the AMC would have provided incorrect information. Its only available for liquid funds.

So, basically you can open the AMC’s app and then place a instant redemption request ( this is allowed if the withdrawal amount is less than Rs 50000 ). Once, you place the redemption request then the amount is available in your bank account and you can withdraw the amount using your bank’s debit card. You dont need a separate card from the AMC. But, this facility is available only if the units are in non-demat form.

Since, your mutual fund investments through COIN are held in demat form so this instant redemption facility will not be available. So, if you have placed a redemption request then the amount will hit your trading account as per the settlement time which is T+1 day.

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Hi Faisr,

Thanks for the response.
I do understand that I can always use my own bank’s debit card once the money is credited.
However, what I read is that reliance also gives its own card (they call it Reliance Any Time Money Card, co-branded with HDFC) which one can use for withdrawal from ATMs or can be swiped at POS.
I am not sure if they have stopped this facility for the Reliance Money Manager Fund, cause their website still says otherwise

Hi Satish,

I had checked with someone from their management about this facility for Reliance Money Manager Fund and he confirmed that it is no more applicable for this scheme. So, I am not sure why they have still mentioned this on their website.

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Reliance is known for that, lack of professionalism & investors are mis guided.

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I checked in with customer support of reliance and they insisted that the ATM Card facility is available for the Reliance Money Manager Fund and provided me with a FactSheet. Am I missing something here? If I go ahead and invest in the fund directly through the Reliance website I should be able to get the card, right?

Factsheet -

Hi Saksham,

You can click on this link which will redirect you to a notice/addendum released by Reliance on 2nd June. It mentions that the instant redemption facility has been withdrawn for Reliance Money Manager with effect from 6th June 2017.

I have already informed their management about this, they should be rectifying the information which is still visible on their website as pointed out by @satishks85.

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Thanks for the information…can’t trust these guys. I had asked the customer support to double check and yet they had returned with the same response.