Here comes Super Savings Account: 6 things you need to know about it

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Published: January 18, 2017 10:32:00 AM

FundsIndia.com, India’s leading online investment platform, has launched Super Savings Account, which is a new-age mutual fund which brings with it the advantages of a savings account.

Budget 2017, savings account, bank, interest rate, KYC, e-KYCBudget 2017 what to expect, Budget 2017 latest newsThe Super Savings Account is a new product offered by FundsIndia, which offers customers the flexibility of a savings account with the growth of a mutual fund.

FundsIndia.com, India’s leading online investment platform, has launched Super Savings Account, which is a new-age mutual fund which brings with it the advantages of a savings account.

According to the company, this offering will enable a customer to get higher returns compared to their bank savings account, without missing out on flexibility and easy withdrawal of funds.

Here are a few things you must know about the Super Savings Account:

1. What is Super Savings Account?
The Super Savings Account is a new product offered by FundsIndia, which offers customers the flexibility of a savings account with the growth of a mutual fund. This new offering will enable a customer to get higher returns compared to their bank savings account, without missing out on flexibility and easy withdrawal of funds.

2. How does it differ from normal savings account?
The Super Savings Account is the upgraded version of a regular savings account. The account also offers a free ATM + debit card, giving customers the flexibility of instant withdrawal from an ATM, shopping in partner retail outlets and online, and easy redemption. In short, it gives them the advantages of a savings account – but with the potential to earn much more.

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3. How does it operate?
The Super Savings Account invests in Reliance Money Manager Fund, which as of January 7, 2017, gave returns of 8.65% in the last one year. By ‘depositing’ funds in the Super Savings Account, account holders get the dual benefit of both saving and growing their money at the same time.

4. Who can open this account and how?
Any resident of India can open the Super Savings Account. To invest in the account, customers can log on to FundsIndia.com and complete their registration process. With the benefits of e-KYC and paperless transacting, the registration process just takes a few minutes.

“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,” says C R Chandrasekar, co-founder and CEO, FundsIndia.com.

Srikanth Meenakshi, co-founder and COO, FundsIndia.com, says, “Customers can easily sign up for the Super Savings Account and transfer funds to it from their existing bank accounts instantly. The entire process is paperless and easy, as are our other products.”

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5. What are its advantages?
The Super Savings Account will help account holders earn attractive returns on idle money. This account also comes with a free debit card that gives users the flexibility to shop with compatible retail and online partners and withdraw cash from ATMs, just as they would with their bank debit cards. There are no account opening or maintenance charges, no lock-in on savings, and low-minimum balance maintenance of just Rs. 500. If the customers want to redeem money into their bank account, they can do so 24×7 with a click of a button. The amount will be sent to their bank account within a maximum time of 30 minutes. It usually takes only about 2 -3 minutes.

“The Super Savings Account will change the way Indians bank and will inculcate the habit of investing in a large segment of society,” says Chandrasekar.

6. What is the minimum and maximum investment amount?
The minimum investment amount is Rs.500, and in multiples of Re.1 thereafter. There is no maximum limit for investments.

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