Kwik Save is a brand new feature by MobiKwik Money that any Mutual Fund investor can use.
But what is Kwik Save exactly?
It is a feature that lets you invest your savings in a low-risk fund with higher returns than your savings bank account. Most Savings bank accounts give you an annual interest of 3.5-4%. With inflation hovering around 3.5% your savings bank account could be resulting in a loss.
Where is my money going to be invested?
Your money is invested in Nippon India Liquid Fund (Formerly Reliance Liquid). This Mutual Fund scheme has given an average return of 7.5% per annum.
If you’re reading this on the MobiKwik app, click here to view this fund. On a laptop/desktop, click here.
How is this different than any other Liquid fund investment?
The advantage of KwikSave over any other Liquid fund investment is when you’re redeeming your investment. Most Liquid Funds will transfer your redeemed amount into your bank account within 1-2 working days. With KwikSave you can get your withdrawal amount in your bank account within 5 minutes at the click of a button.
What is the maximum amount I can withdraw?
The maximum withdrawal amount is Rs. 50,000 or 90% of your invested value, whichever is lower.
What if I want to withdraw my money on a Sunday?
You can withdraw your investment 24 hours a day, 7 days a week, 365 days a year. On all days including public holidays. So if you have an emergency requirement, you will always have access to your investment.
What are the other benefits of Kwik Save?
You can invest as little as Rs.100. You can invest in Kwiksave via SIP or lumpsum
So why should we invest in Kwik Save?
KwikSave allows you to invest in a low-risk mutual fund scheme which gives you better returns than your savings bank account while being accessible to you at the click of a button. You can start investing from as little as Rs. 100 and can invest via SIP or lumpsum by clicking here if you have the MobiKwik app installed on your phone.
Watch the video below to learn more about Kwik Save:
This post has been reviewed by Kunal Bajaj.
Kunal has 18 years of experience in Institutional Equity Sales & Risk Management at some of the world’s largest financial institutions like Credit Suisse, J.P. Morgan, CLSA and Goldman Sachs Japan. His last role was Managing Director and Head of Equity Sales at Jefferies India. He is a rank-holding Chartered Accountant.