FreeCharge has partnered with Reliance Mutual Fund to introduce mutual funds on its platform.
Users on this platform can invest in a Money Market Mutual Fund that targets higher returns than those available on savings bank accounts.
The process of investing to redemption is entirely paperless.
The initial subscription starts at Rs 500 for money market mutual fund & further investments start at Rs 100.
KYC compliant customers can invest by entering their PAN number, bank account number & requisite basic details.
Non-KYC customers can complete the KYC process online by using the Aadhaar number linked to their mobile number.
A similar feature called ‘SmartDeposit’ was introduced on personal finance app ETMoney, powered by Reliance Mutual Fund helping the consumers earn up to 7-8% interest on their Savings A/c balance without much risk.
