PhonePe launches a new Savings Product to help Indians earn more
The new offering will allow millions of individuals to earn higher FD-like returns on idle money lying in their bank accounts
We recently announced the launch of a new savings product ‘Liquid Fund’ on the PhonePe app. The all-digital product will help over 175 million users grow their savings by earning higher short term FD-like returns with the ease and liquidity of a Savings Account.
Users can begin saving with as low as Rs.500/- in a completely secure and paperless process in less than 5 minutes. Liquid Funds are the best way for new users to experience Mutual Funds as the money is invested in safer instruments such as bank and government securities. Customers can withdraw their money instantly — anytime and from anywhere*. There is no lock-in period and the customer does not have to maintain a minimum balance. The best part is that customers can watch their money grow every day.
With this launch, we are taking large strides towards our goal of expanding awareness and adoption of Financial Service products in India. We aim to achieve this by creating simple products and offerings that are intuitive for customers to understand and easy to apply for. Our latest offering is targeted at users across India including those from smaller towns and cities, who have never experienced solutions beyond Savings Accounts. We are already sees over 56% of its transactions from Tier 2 and Tier 3 cities.
This is our second product in the Mutual Funds space after Tax Saving Funds where we have created a completely digital investment flow for our users. Liquid Funds will allow millions of our users to earn higher returns on their savings with the ability to withdraw their money instantly 24x7*. We will continue to add more such financial solutions for our users to manage their money and fulfill their life aspirations in a better way.”
- Instant withdrawal: 90% of the balance, up to Rs. 50,000 max. per day will be credited to the User’s bank account within 30 minutes. The balance will be credited within 2 working days.
Mutual Funds are subject to market risk. Please read the scheme information document carefully before investing.
PhonePe Wealth Broking Private Limited | AMFI — Registered Mutual Fund Distributor ARN- 187821.