Earn more than bank fixed deposits, savings accounts! Click and find out how to make more money
Kwik Save is a feature on the MobiKwik app in the Mutual Funds section that allows investors to earn higher interest than their bank fixed deposits or savings.
MobiKwik, India’s largest digital financial services platform, today announced a strategic partnership with Reliance Nippon Life Asset Management (RNAM), India’s leading mutual fund company, to launch ‘Kwik Save’, a unique investment product in the liquid fund category. Importantly, it comes with an instant redemption feature that everyone will find beneficial! Kwik Save is a feature on the MobiKwik app in the Mutual Funds section that allows investors to earn higher interest than their bank fixed deposits (FD) or savings bank accounts by parking their excess funds in Reliance Liquid Fund. With a click or two, users can sweep amounts as little as Rs 100 from their bank account into Kwik Save and yet have instant access to their money through a 24x7x365 Instant Redemption feature where funds are credited back to the customer’s bank account in less than a minute.
Kwik Save thus offers users the double benefit of higher returns as well as instant availability of their money, just like in a bank account. The investment process is simple and can be completed in less than 60 seconds. Kwik Save’s unique offering allows users to withdraw money multiple times a day based on their needs, up to 90 per cent of their balance in Reliance Liquid Fund or a maximum of Rs 50,000 per day.
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Speaking on the partnership Bipin Preet Singh, Founder & CEO at MobiKwik said, “Kwik Save gives users better returns than their savings as the money is invested in a high-return top-rated liquid fund as against lower-yielding savings account or fixed deposit.“
He added, "We realized that a lot of first-time and small investors shy away from investing their savings into mutual funds because of the fear of lock-in periods or the time taken to access their money upon redemption.”
Kwik Save has been designed jointly with Reliance Nippon Life Asset Management to ensure a high level of liquidity, low risk and significantly better returns than a fixed deposit.
Elaborating upon the objective behind this partnership Upasana Taku, Co-founder of MobiKwik said, “At Mobikwik, our objective is to build affordable and accessible financial services that cater to the needs of real India. With this unique auto-sweep product, we are totally revolutionizing wealth management, by providing users with the convenience and ease of starting their investment journey for as low as Rs 100, and starting the habit of savings amongst the youth and first-time investors on their mobile phone.”
Sundeep Sikka, ED and CEO of Reliance Nippon Life Asset Management said, "Kwik Save will offer users a simple yet attractive proposition to earn better returns from their idle funds.