Reliance Nippon Life Asset Management (RNAM) has partnered with MobiKwik to launch ‘Kwik Save’, an investment product in the liquid fund category, with an instant redemption feature.
Kwik Save is a feature on the MobiKwik application, in the mutual funds section, that will allow users to earn higher interest than fixed deposits or savings bank account by parking their excess funds in Reliance Liquid Fund.
Kwik Save facility will allow users to move as little as Rs 100 from their bank account and have instant access to their money through an instant redemption feature where funds are credited back to the customer’s bank account in less than a minute.
The investment process through Kwik Save is simple and can be completed in less than 60 seconds.
“We are delighted to co-create and power the “Kwik Save” feature for MobiKwik users. Kwik Save will offer users a simple yet attractive proposition to earn better returns from their idle funds. We believe with this feature, together we will be able to reach over 85 million MobiKwik users and provide them an opportunity to initiate investing in Mutual Funds in a seamless, digital manner,” said Sundeep Sikka, ED, and CEO of Reliance Nippon Life Asset Management.
Kwik Save will allow users to withdraw money multiple times, up to 90 percent of their balance in Reliance Liquid Fund or a maximum of Rs 50,000, in a day.