FreeCharge today announced the launch of Mutual Funds on its platform in partnership with Reliance Mutual Fund.
With the launch of the facility, users can invest in a Money Market Mutual Fund that targets higher returns than those available on savings bank accounts.
The entire process from investing to redemption is paperless – all the customer needs is his PAN or Adhaar card number. Customers also benefit from zero transaction charges and zero charges at redemption.
To invest through FreeCharge, a KYC compliant customer needs to enter his PAN number, a few basic details & bank account number and the folio of the customer will be generated. For non-KYC customers, the KYC can also be done online instantly through FreeCharge by using the Adhaar number linked with the subscriber's currently active mobile number.Also read: FreeCharge Ties up With Grofers to Make Grocery Purchases Cashless
The initial subscription for the money market mutual fund starts at Rs 500 and further investments can be as low as Rs 100. The scheme will invest in ultra-short term debt funds, which are traditionally safer and return higher post tax returns than FD’s and savings accounts.
The launch aims at building and strengthening the financial services offering at FreeCharge. FreeCharge also runs an extensive lending program, Capital Assist. Also read: IndusOS Partners With Freecharge For 'One Click Recharge'
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