Save and Grow Your Money with Money View’s Savings+

As they say “You can’t optimise what you don’t measure”.

Doing exactly that, the Money View app, India’s most loved money management app with over 3 million users has been helping its users track their finances, enabling them to save money. It has been revolutionizing the way the common man is managing money and staying financially fit. Taking a step further, Money View now provides users options to grow their money right within the App, by launching smart investment options under Green Account. This is in collaboration with ICICI Prudential Mutual Fund, India’s leading mutual fund house. Great news!

Green Account by Money View is one of the smartest and simplest ways to grow your money. It is a one-of-a-kind digital solution. Green Account offers Savings+ that lets you grow your idle-lying savings account balance at a rate of around 8%.  Best of all, you can withdraw your money at any time giving you complete liquidity. Create your Green Account with just a few simple steps on the App. Please note that the RBI KYC norms will apply for these instruments, but it’s easier now with a paperless KYC process. If you have already got the KYC done, you can invest right away. If not, complete your KYC application completely digitally from within the app and you can begin investing! It is really very easy.

Let’s see what Savings+ is all about:

Savings+

Remember our post on fixed deposits? Most of us prefer to park our idle funds in either savings bank accounts where they earn negligible interest or in Fixed Deposits where after tax, the actual interest is quite low. Yet, it makes sense to do so for the sake of liquidity. Not anymore! You have an option that gives you better returns in liquid funds. Liquid funds are funds that are accessible to you for withdrawal/immediate use when needed. There is no defined lock-in period as compared to a bank deposit. And now with Money View’s Green Account, you can invest your money in Savings+ a liquid instrument, which can potentially outperform a bank FD.  You can expect close to 8% return on this instrument which is linked to a fund portfolio by ICICI Prudential. The fund invests on your behalf in low risk bonds and debt funds.

The Savings+ instrument which invests in liquid funds has a low risk to the invested capital and helps your money grow prudently and safely yet not compromising on the liquidity. You can start investing from as low as Rs. 500/-. There is no lock-in period and you can withdraw the amount anytime with just a couple of taps on your smart phone without any account opening fee or withdrawal penalties. And, you can manage your folio anytime anywhere from within the Money View App.  Isn’t this cool and easy?

Every percent makes a difference

Investing in a FD that yields about 7% for 20 years, multiples your investment by 3.86 times. While an 8% yield for the same period of 20 years, multiplies your investment by 4.7 times. These calculations are pre-tax returns on investment. Appropriate taxes according to the tax rates and slabs will apply for both the instruments.  There is a difference of 20% on the overall return. The magic of compounding makes small percentage differences very large over a long term. We cannot afford to sit back and be happy with bank deposits only. Savings+ by Money View is a neat way to grow your savings smartly.

Don’t let your money earn less any more by sitting in fixed deposits or savings accounts! Grow your savings.

All calculations are only for the purpose of illustration. The real returns may vary.