 "Bajaj Finserv AMC announces launch of Savings+ product for retail investors")
Bajaj Finserv Asset Management has launched a new financial product for retail investors looking to get returns on their idle savings. Finserv Savings+ offering seeks to bridge the gap between traditional savings accounts and more lucrative investment options, said the company.
Savings+ allows investors to identify surplus cash in their savings accounts and seamlessly invest it in Bajaj Finserv AMC Liquid Fund and Overnight Fund. These funds promise competitive returns while maintaining the liquidity that consumers expect from savings accounts.
Liquid funds delivered an impressive 7.17 per cent return between July 2023 and June 2024, outperforming average savings account interest rates. Investors can also benefit from T+1 day liquidity, with an option for instant redemption of up to Rs 50,000 or 90 per cent of invested value, whichever is lower, within minutes.
“Savings+ is a simple and innovative product for retail investors to manage their surplus money while getting the advantage of competitive risk-adjusted returns and liquidity,” said Ganesh Mohan, chief executive officer of Bajaj Finserv Asset Management.
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The new product will be available on Bajaj Finserv AMC digital platforms, including the company’s website and WhatsApp channel.
Bajaj Finserv AMC has partnered with Perfios, a B2B SaaS Fintech company to power Savings+. Perfios will provide Account Aggregator services and employ their Personal Finance Management solution to offer customised financial recommendations.
What is Bajaj Finserv Liquid Fund
The Bajaj Finserv Liquid Fund is an open-ended debt mutual fund that invests primarily in money market and debt securities with maturities of up to 91 days. This product is suitable for investors who are seeking regular income over the short term.
What is Bajaj Finserv Overnight Fund
Bajaj Finserv Overnight Fund is an open-ended debt scheme investing in overnight securities with relatively low interest rate risk and relatively low credit risk.
This product is suitable for investors who are seeking:
Regular income over a short term that may be in line with the overnight call rates. Investment in the money market and debt instruments, with overnight maturity.