Chennai based national distributor, FundsIndia.com has introduced a service called ‘Super Savings Account’ to enable its clients to execute real time transactions in liquid funds. The online distributor has tied up Reliance Mutual Fund to offer this facility.
The Super Savings Account invests in Reliance Money Manager Fund, which offers instant redemption facility of up to Rs.2 lakh.
Currently, investors have to wait for a day to get their money if they redeem from liquid funds (if they place redemption request before the cut off time). Also, if investors place a redemption request on a non-business day, say Saturday, the investor gets the redemption proceeds on Tuesday. This can be a frustrating experience for someone who needs money urgently.
Recently, two fund houses – Reliance and DSP BlackRock have launched instant redemption facility in their liquid funds which works 24x7. However, these fund houses have put a certain limit on redemption as they pay from their books to meet the redemption.
“The Super Savings Account is ideal for customers who seek higher returns on the money lying around in their savings bank accounts, without missing out on the liquidity and flexibility that they currently enjoy. By investing in a liquid fund, the Super Savings Account offers them the best of both worlds”, said C R Chandrasekar, Co-founder and CEO, FundsIndia.com.
Srikanth Meenakshi, Co-founder and COO, FundsIndia.com said, “Customers can easily sign up for the Super Savings Account and transfer funds to their new account, using their debit card or by banking online. The entire process is paperless and easy, as are our other products”’
As on Jan 7, 2017, Reliance Money Manager Fund gave returns of 8.65% in the last one year.
