Over 4.25 lakh Active Account, a mobile application launched by Birla Sun Life MF, has been downloaded on Android and iOS in just two months. Active Account helps users to activate their savings to earn potential returns while maintaining the convenience of liquidity.
In a press release, A Balasubramanian, CEO, Birla Sun Life MF said, “Till date, BSLMF Active Account witnessed over 15000 transactions valuing close to Rs.25 crore. A study of usage trends showed us that the App is popular across age groups, but more so in the 55-59 year age bracket. This is for us a great testimonial to the simplicity of the App, and how easy it is to use.”
He believes demonetization has had a beneficial impact of the adoption of smart technology. “The demonetisation drive has given strong impetus to the mutual fund industry which is witnessing a surge in retail interest. Our App has not only helped add to the industry customer base, but has brought in significant AUM into the financial market. To help strengthen usage further, we plan to introduce more funds in this App to offer users the opportunity to select a fund of their choice. To help strengthen usage further, we plan to introduce more funds in this App so as to offer users the opportunity to select a fund of their choice,” he added.
This mobile application offers users two key transactions, each executed with a simple swipe option on the mobile phone through the App. Users can transfer money from their account to Birla Sun Life Cash Plus by swiping right, and transfer money back to the account within 24 hours of a working day by swiping left. The funds move through Debit Card, Net Banking, or One-Time Mandate (if registered) to the Active Account. The minimum amount for a new investor to register with Active Account facility is Rs. 1000. Users can also track their investments by visiting ‘My Transaction’ section. The App can be used by individuals (Resident Indians and NRIs) and minors through their guardian.
