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Fintech Start-Up Tarrakki launch investment product in association with Reliance Nippon Life AMC

Posted On: 2019-09-16 16:47:07

How about an investment product that helps you to Save, Invest and Spend money at the same time and also offers high rate of return than a traditional bank account!

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.)

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 is a brand name of Ahmedabad based fintech start-up Plutonomic Savtech Pvt Ltd. Company has built a robust, Artificial Intelligence based wealth management app. Started 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."

There are more than 75 cr bank account holders in India, 29 cr unique PAN Card holders, and 35 cr unique insurance holders. In comparison, there are only 2 cr retail mutual fund investors.

Talking about this partnership, Mr 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."

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Shares of Reliance Nippon Life Asset Management Ltd was last trading in BSE at Rs.248.9 as compared to the previous close of Rs. 262.25. The total number of shares traded during the day was 358166 in over 2614 trades.

The stock hit an intraday high of Rs. 263 and intraday low of 248.4. The net turnover during the day was Rs. 91523166.

Source: Equity Bulls

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