BANGALORE: Post demonetization all big banks have drastically reduced the rate of interest being offered on fixed deposits and the current rate is between 6.5% – 7.5% pa on a 1 year fixed deposit. With the current limits on withdrawal from one’s bank account set at Rs. 4,500 a day, it’s likely that their money will either sit idle in the bank account or will get locked away in fixed deposit at a lower interest rate. However, if one wishes to earn higher interest (upto 8.5% pa) on their idle money in bank and without any lock-in, there is an option available in terms of ultra-short term debt fund/liquid fund. These are a type of mutual funds which are relatively very safe to invest in, however are lesser known because they give very low commission to the intermediary. These types of funds usually generate higher returns than fixed deposits while maintaining liquidity i.e. no lock-in and no TDS (tax deduction at source) and hence are extremely relevant for any person who has an active bank account or invests money in fixed deposits.
Finotrue Services Pvt. Ltd. is a premium investment firm in India which has launched FinoZen (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 one can just download the app from Google Play Store and start investing in as low as 3 mins. There are no additional documents required if the PAN is KYC verified, however if it’s not then they follow a completely online paperless process for KYC registering. Moreover, they also provide a functionality of instant withdrawal of investments in the bank account and one can start investing with as low as Rs. 500. So, if one have any extra cash in their bank which they don’t need it that day, invest it through FinoZen, let it grow for as long as they want and withdraw back instantly whenever needed.
FinoZen was launched in April-2016 by an IIT – IIM duo of Varun Gupta and Shailesh Mehta who are veterans in the financial services industry with combined experience of more than 30 years. Currently, FinoZen boasts of 16,000+ registered users who have already transacted close to Rs. 5.8 Crore using FinoZen app.
In the words of FinoZen CEO, Varun Gupta, “The objective of FinoZen is to achieve financial inclusion by providing best investment services to everyone in our country. We have made the process of investing money as convenient as doing an e-commerce purchase. Currently a user can invest through net-banking or debit card and soon we will be adding UPI on FinoZen app which will enable millions of Indians to invest their money safely, and in a hassle-free way.”