FinoZen App Helps Save in Liquid Funds to Waive off Reduced Bank Interest Rates

BENGALURU, August 17, 2017 /PRNewswire/ --

RBI recently cut its key lending rate to 6% and within a few days big banks like State Bank of India and Bank of Baroda cut the interest rate on savings account to a paltry 3.5% and even private sector players such as Axis Bank followed suit. The one-year fixed deposit rate is currently at 6 - 7% and as usual fixed deposits are much less liquid. During this volatile time, one must be wondering if there is a better way to save money safely.

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FinoZen team has compiled a list of mutual funds which offers a very compelling alternative, following are their details -

- Liquid Mutual Fund

Liquid fund is a category of mutual fund which is the best investment option for a short term investment, i.e., from 1 day to 3 months. These funds invests primarily in short term debt instruments like certificate of deposits, commercial papers, government security etc. making it a very safe and secure mode of investment. One can argue that liquid funds are almost as safe as savings bank account. Best part about this fund is that one can invest as low as Rs. 500, while interest gets credited daily (as NAV is declared daily) there is no lock-in, i.e., an investor can withdraw his money anytime either instantaneously or within 1 day. There is also no exit load. Currently an investor can expect returns of 6.5% to 7.5% per annum from a liquid fund.

- Ultra-Short Term Debt Funds 

Ultra Short Term Debt Fund or Liquid plus fund is a category of mutual fund which is the best investment options for a short term investment during a falling interest rate scenario. These funds also invest in similar securities like liquid fund (albeit for a higher duration). Currently, these funds are generating returns higher of 8% per annum. Minimum investment in these funds is also Rs. 500, remaining most characteristics are similar to liquid funds, i.e., daily interest credit (NAV declared daily), no lock-in and no exit load.

FinoZen is a mobile app using which any Indian PAN Card holder can easily invest their money in an ultra-short term debt/liquid fund. While it takes multiple days to open an account with banks, with FinoZen an investor can just download the app from Google Play Store or Apple App Store and start investing in as low as 3 minutes. There are no additional documents required if investor’s PAN is KYC verified, however if it’s not then investor can follow a completely online paperless process for registering KYC. Moreover, FinoZen also provide a functionality of instant withdrawal of investments in investor’s bank account (upto Rs. 50,000) and one can start investing with as low as Rs. 500.

FinoZen was launched in April-2016 by an IIT – IIM duo of Varun Gupta and Shailesh Mehta who are veteran in Financial Services Industry with combined experience of more than 30 years. Currently, FinoZen boasts of 65,000+ users who have already transacted close to Rs. 85+ crore using FinoZen app.

About FinoZen  

FinoZen is operated by FinoTrue Services Pvt. Ltd. which is a mutual fund distributor registered with Association of Mutual Funds of India (AMFI) under ARN-107100 and is regulated by SEBI.

Media Contact:
Varun Gupta
CEO
FinoTrue Services Private Limited
[email protected]
+91-7838645473