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Paytm has introduced its mutual funds app called Paytm Money that will let customers buy and sell mutual funds and manage their investments from their smartphone. This app has been designed in order to make it easier for users to invest in mutual funds directly without any involved hidden commissions.
Previously, there were rumors regarding the upcoming launch of this app. And, the company has sent out emails for the early access to its users. There were already close to 850,000 registrations prior to the launch of the app. Paytm Money is an entity that is based in Bangalore and focuses on creating investments and wealth management products.
Let's take a look at the features of this app from here.
Gives an insight
The Paytm Money app is a free platform without any entry fees or hidden charges. The app grants access to the mutual fund schemes from the top 25 AMCs aka asset management companies in the country. You can choose from any of these assets to invest.
If you are not sure about what mutual fund you should invest in, then the app will ease the process for you. It has teamed up with leading rating services such as Value Research, CRISIL and MorningStar. The app gives you an insight into the performance of the mutual fund, riskometer and more to let you discover new funds and choose the one that suits you.
Low investment schemes
The major highlight of the Paytm Money app is that it gives you the freedom to invest as little as Rs. 100 without any transaction fees. You can take part in unlimited investments and withdrawals, get comprehensive portfolio insights, set up auto payments and more. Notably, all this can be done for free.
Remember that you need to complete the KYC verification processor. The app is available for Android and iOS devices. You can download it on your smartphone and complete the KYC verification by providing your PAN card, Aadhaar and bank account details. In 30 minutes, Paytm will verify your details and get your account ready for the investments.
Paytm expects to increase the number of mutual fund investors in the country by with this new app from 20 million to 50 million by 2023.