MobiKwik today announced a strategic partnership with Reliance Nippon Life Asset Management (RNAM) to launch ‘Kwik Save’, a unique investment product in the liquid fund category, with an instant redemption feature.
Kwik Save is a feature on the MobiKwik app in the Mutual Funds section that allows investors to earn higher interest than their bank fixed deposits or savings bank accounts by parking their excess funds into Reliance Liquid Fund. With a click or two, users can sweep amounts as little as Rs. 100 from their bank account into Kwik Save and yet have instant access to their money through a 24x7x365 Instant Redemption feature where funds are credited back to the customer’s bank account in less than a minute.
Kwik Save thus offers users the double benefit of higher returns as well as instant availability of their money, just like in a bank account. The investment process is simple and can be completed in less than 60 seconds. Kwik Save’s unique offering allows users to withdraw money multiple times a day based on their needs, up to 90 per cent of their balance in Reliance Liquid Fund or a maximum Rs 50,000 per day.
Kwik Save has been designed jointly with Reliance Nippon Life Asset Management to ensure high level of liquidity, low risk and significantly better returns than a fixed deposit.