Paytm Money Ltd recently introduced its mutual fund app. With this app, the user will be able to not only buy and sell MFs but also to conduct their portfolio, on the go. Users need to use their mobile number or email address registered with Paytm to open their digital mutual fund investment account. The Paytm Money app is now available to investors for download and use.
Benefits of using Paytm Money
No commission, advisory fee, or transaction charges, no physical documentation or hassle either. 1% higher than the usual return on investing in direct plans through Paytm Money. Paperless investing with account opening procedure complete within minutes with digital KYC. investment can be tracked and managed in real-time with the app.
Automate investment by setting up a one-time mandate of auto-pay in the lump sum or SIP mode. Insta-redemption scheme provides liquid funds with more than 3.5% of savings bank interest and penalty free easy withdrawal of funds. ELSS (Equity Linked Saving Schemes) earn higher interests and save on taxes when compared to other investment instruments like FDs, PPF, etc.
Paytm Money allows its investor to manage their long-term goals by investing in all categories of MF schemes. Latest fund ratings by credible agencies will guide the investor in choosing the most proficient mutual fund scheme. Returns calculator, free statement anytime, a smart search of mutual fund schemes, data protection, and privacy, and 100% transparent tracking of money are some of the advantages offered by Paytm Money app.
Paytm Money, New Mutual Funds Investment Platform, Could Launch in India on September 3
The Fund Houses On-board
As per Pravin Jadhav, whole-time Director, Paytm Money, as of now, Paytm Money will be offering all direct plans and schemes from 25 Fund Houses. This number includes all the major Mutual Fund players like Aditya Birla Sun Life, Baroda Pioneer, Axis, DHFL Pramerica, Canara Robeco, DSP, ICICI Prudential, HDFC, Edelweiss, HSBC, IDFC, Indiabulls, Kotak Mahindra, Invesco, LIC, L&T, Motilal Oswal, Mirae Asset, Quantum, Principal, SBI, Reliance, UTI, Taurus, and Tata.
The above 25 hold more than 90% of the total of Rs.22 trillion worth of industry’s assets under their management. Jadhav is confident that the remaining few fund houses would be part of their Paytm Money app soon enough.
The Customer Acquisition Plan
According to Jadhav, Paytm Money will be acquiring customers faster than the MF industry itself and this way will be able to penetrate the smaller towns quickly. 65% of the app’s current registered users hail from ‘B15 or Beyond the Top 15’ towns. B15 towns refer to smaller towns in Mutual Fund language.
As per the database of Prime Mutual Fund, as on March ’18, 27% or Rs.2.08 trillion of Equity Fund assets came from B15 towns, an increase from the 26% or Rs.89,302.05 crores of Equity investment in March ‘15.
The Course of Operations
Only direct plans of all the Mutual Fund schemes will be sold through Paytm Money. The reason being that direct plans have a lower expense ratio because no distributor commission is attached to them. These plans are mainly meant for investors who wish to transact with the fund house personally or online through third-party apps. Also, as mandated by SEBI (Securities and Exchange Board of India), all RIA (Registered Investment Advisor); as Paytm Money is; with the capital market regulator, is supposed to offer direct plans only.
Paytm Money opened online customer registrations a few weeks ago to grant them early access. Currently, Paytm Money has 850,000 registered users. According to Jadhav, the company will begin granting access to somewhere around 2,500 users per day, to begin with, while eventually moving to service about 10,000 a day.
The post PayTM Money App for Direct Mutual Funds Investments Launched: Here’s How to Register for Faster Access appeared first on MySmartPrice.
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