There are more than 75 crore bank account holders in India, 29 crore unique PAN Card holders and 35 crore unique insurance holders. In comparison, there are only 2 crore retail mutual fund investors.
Ahmedabad based Fintech start-up, Plutonomic Savtech Pvt Ltd has launched an investment product – Tarrakki ZYAADA in association with Reliance Nippon Life Asset Management that enables investors to park their money in the Reliance Liquid Mutual Fund. With this product, investors earn higher returns than their savings bank accounts or Fixed Deposits, without locking in their money. (Reliance Liquid Mutual fund has given yearly return of over 7% since launch in the year 2003.)
• Powered by HDFC debit Card, Tarrakki ZYAADA offers insta redeem feature. Investors can use upto 50% of their investment for shopping, travel and even for cash withdrawal from ATMs
Tarrakki ZYAADA offers insta redeem feature that is powered by HDFC Bank Visa debit Card (Zero Balance, lifetime free debit card offered to Tarrakki ZYAADA customers). Using this Card, investors can use their invested money to shop, travel, buy movie tickets, and more at all VISA merchant outlets. This card can even be swiped at ATMs for instant cash. Investors can use upto 50% of their investment portfolio for shopping, Travel or ATM withdrawals.
Tarrakki, a brand name of Ahmedabad based fintech start-up Plutonomic Savtech Pvt Ltd., has built a robust, Artificial Intelligence based wealth management app. Starting with mutual fund, company aims to build Tarrakki as a comprehensive wealth management app into a wide gamut of asset classes such as Mutual Funds, Equity Advisory, P2P lending, Insurance, and Loans over the time.
Saumya Shah, Founder of Tarrakki, said “Company aims to disrupt the traditional bank savings market with this product which essentially means, investors can now transfer their monthly earnings directly from their bank accounts to Tarrakki ZYAADA, earn more interest, and spend freely.”
Talking about this partnership, Arpanarghya Saha, Head of Digital Business at Reliance Nippon Life Asset Management says “Reliance is a pioneer in digital innovations and solutions. Undoubtedly with innovation, comes better service and better service brings uncomplications which gives birth to a right kind of digital experience. With innovative incubation partners like Tarrakki, this will further accentuate a superlative investor experience”.
Saumya Shah added, “People are averse to investing simply because of the illusion that ‘investing is complicated, time consuming and risky’. We started Tarrakki to break this myth and make comprehensive wealth management solutions available on a single platform to every Indian who wishes to invest money responsibly and intelligently, towards achieving one or more financial goals over a specific time duration.”