Freecharge now allows users to buy mutual funds on its platform

  • 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.
Source :