Siply Launches Affordable Gold Savings Scheme with High Returns for the Masses

The unique scheme is designed to make participation in Gold Savings schemes a reality for underserved Indians, with very low monthly instalments and higher than average returns

BENGALURU, India, March 24, 2021 /PRNewswire/ -- Micro-savings fintech platform Siply, which offers 'sachet financial services' for 40 crore underserved Indians, today announced the launch of the Siply Guaranteed Gold Savings Scheme. Available to all users on their app, this is a one-of-a-kind scheme with many distinct features, as follows:

• Investment can be as low as Rs. 100 per week
• Duration of the scheme is three months
• An investor can earn an extra 10% gold in three months compared to the prevalent market rate of 8.33% offered by most jewellers (11-12 month schemes)
• Pan-India access, available across urban and rural areas
• Highest purity gold of 24 carats offered

Gold as an investment option is considered safe as well as aspirational by most Indians. The prohibitively high price of the metal, however, makes it almost impossible for financially weaker sections of society to trade in or invest in Gold. Tapping into this huge unmet demand, Siply has introduced the Guaranteed Gold Savings Scheme, which addresses the specific requirements of underserved Indians. The entry point has intentionally been kept at a very low level (minimum Rs 100 per week), facilitating participation by blue and grey collar workers, gig workers, micro entrepreneurs and small business owners, among others. Customers from the remotest parts of India now have access to a 24-carat gold scheme, which is designed to be financially inclusive, flexible and convenient for all.

Speaking about the Siply Guaranteed Gold Savings Scheme, Sousthav Chakrabarty, Co-Founder and CEO, Siply, observed, "With this scheme, we have moved one step ahead in our vision of creating a more financially-inclusive India. A large chunk of Indians, who were till now unable to save or invest due to their limited financial means and a lack of convenient options, can now do so through Siply's micro-financial offerings. This Guaranteed Gold Savings Scheme is one of them. We will continue to introduce more such pioneering financial solutions aimed at the 40 crore Indians who have not yet been able to reap the benefits of the different financial products available in the market today."

Anil Bhat, Co-Founder and CTO, Siply, offered insights into the technology behind the platform that is bringing such products to life. He said, "To make this even more accessible, Siply is building a platform which enterprises can easily connect to and offer micro-savings options directly to their workforce. We are also building voice and SMS based capabilities to make this further accessible to feature phone users."

The Siply app is available to download on the Google Play Store, in English and other regional languages. It is easy to use, with users having no need to provide additional documents, as the Siply Guaranteed Gold Savings Scheme is linked directly to their phone numbers. Siply's Mutual Fund offering also has a fully digital sign-up process based on eKYC. Since its launch in late 2020, there are already 80,000 users registered on the Siply app. Business worth Rs. 25 crore has already been carried out on the Siply platform and the number of transactions has crossed 3 lakh.

About Siply

Founded in 2020 by Financial Services and Technology industry veterans, Siply is a tech-enabled platform that provides micro financial services to underserved Indians via its mobile app and website. It is working to inculcate savings behaviour in Indians with limited financial means, to help build a financially stable and productive India.

For more information, please visit https://siply.in/