A New Age Digital Solution for Personal Savings

by Press Release    Mar 09, 2016

savings

Money management app, Money View and ICICI Prudential Mutual Fund, have partnered to announce the launch of an innovative app-based solution to allow users to save and grow their money smartly. Money View, through its Green Account platform will offer two new products known as Savings+ and Tax Saver+ to facilitate users to take a step ahead towards their financial fitness, the company said in a statement. 

Savings+ is designed to get users in the habit of saving money regularly for their short and medium term goals - like buying a car, taking a family vacation, creating an emergency fund, etc. The product serves as a suitable alternative to traditional saving options. These savings could grow by allowing users to park them in Liquid Funds offered by ICICI Prudential Mutual Fund. Furthermore, such schemes usually have no exit load or withdrawal penalty, which gives users the flexibility to withdraw the funds whenever they need.

Tax Saver+, the second product offered through this partnership, helps users save on their tax by investing in Equity Linked Savings Scheme (ELSS) option provided by ICICI Prudential Mutual Fund. Users can save up to Rs. 46,350 in taxes depending on their tax rate by investing up to Rs. 1.5 lac annually.

ICICI Prudential Mutual Fund and Money View have integrated their systems to make this offering completely digital. To take advantage of these products, the user can create a new account by completing a quick and easy paperless application form within the Money View app and start investing through Savings+ and Tax Saver+. The user can not only invest from the app but also manage their portfolio, invest more or withdraw funds (subject to applicability of lock-in period for ELSS) anywhere anytime with just a few taps on the Money View app.

ICICI Prudential Mutual Fund’s Abhijit Shah – Head - Marketing, Digital and Customer Experience said, “This partnership is aligned with our objective to lead the way in digital initiatives in the personal finance and investment management segment. India has an ever growing base of smartphone users who are keen to digitize every aspect of their lives including money. Our association with Money View - which already has 3 million strong user base, will help us tap into this large segment of people who are smart, tech-savvy and open to a digitally-driven way of managing and growing their savings.

“We are excited about our partnership with ICICI Prudential Mutual Fund and the introduction of this new platform is an effort aligned with our core focus to make managing money simple, smart and secure for Indians. Our existing app helps people to smartly manage their finances and save more money,” said Speaking about the partnership Money View’s Co-Founder, Puneet Agarwal.

“With this association, we are now facilitating people to not just Manage and Save but also to Grow with these schemes offered by ICICI Prudential Mutual Fund,” he added.

This new feature will allow users to better manage their savings in a convenient and digital way from the app itself. According to the company, more than 3 million Indians have benefitted from the app and taken a conscious decision to become financially fit. The launch of a platform offering these two products transitions the app from being a budget management app to a personal money manager by providing smart options to save and invest their money on-the-go.