Why did my money move to Niyo Money's RBL bank a/c and not to AMC directly?

I just did a mutual fund investment from my linked equitas account. I got a successful payment message, also got a message saying "you have successfully transfered rs xxx to Niyo Money’s RBL a/c. My question is why didn’t my money move directly to AMC?
Can anyone tell me how does the fund flow looks like when i pay via my equitas account?

Niyo acts as a medium and will pay the AMC. I have used ET Money and Groww and the transaction goes through them. For ET Money, the name reflects as Banayan Tree I guess and for Groww, it is Groww only maybe. Anyway, your money is safe since that is the case usually :slightly_smiling_face:

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Thanks, I do get that the money is safe. Was thinking from NAV applicability perspective.

I guess both ET money and Groww are brokers and handle payments at their end, so is Niyo a broker as well and it handles payments on its own? I saw it mentioned somewhere that Niyo uses bse star mf as a partner. I have used kuvera too which uses bse star mf as a partner for handling payments.

Not sure about that, maybe someone from Niyo team can provide a better answer when it comes to the NAV thing.
Are there any benefits, features over groww, et money etc apart from invest the change thing?

Hi @Vinayak_Gupta, the money movement depends on the payment method. In direct debit (that you opted for), the money comes into a virtual account we have and then is transferred forward by our payment partners multiple times in a day. For most of the payments made before cut-off, the money reaches the AMC the same day. Of course sometimes it takes longer.
We dont use BSE star.
The advantage with direct debit is making the payment quickly (with just one OTP).
@shikharmakkar thanks for your inputs. We are a 2-in-1 bank account so like invest the change, direct debit - which combines both your transactions and the wealth component, we will be coming up with many more features like these which will leverage this 2-in-1 super power :smiley:

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Hello @Savitri_Bobde
Thanks for letting me know about these features. I generally use groww because it has the option of investing in NFOs which even ET Money doesn’t have. Do you plan to add that option?

We also have NFOs now @shikharmakkar :smiley:

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Thanks, will surely check now.

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