Imagine, you suddenly have to make UPI payment to someone, but you do not have that much money in your bank account, because you have invested all the money in mutual funds for good earnings. What will you do now? Earlier you had to submit a request to redeem money from the mutual fund and wait for 1-2 days.
But now, all this is old news!
Such an amazing facility has started in India, which has brought down the wall between investment and expenditure. A new financial platform called ‘Curie Money’ has partnered with ICICI Prudential Asset Management Company to introduce a technology that lets you make UPI payments directly from your mutual fund money, that too in the blink of an eye!
How does this magic work?
Under this facility, if you have invested in liquid mutual funds, you can withdraw 90% of your deposited amount instantly (maximum ₹ 50,000 in a day) and use it for any UPI payment. And the best part? For this you will not have to pay any penalty or exit fee nor is there any hassle of any lock-in period.
Liquid Mutual Funds: Your Smart Savings Account
Now you might be wondering what is this liquid mutual fund?
You can think of it as a smart piggy bank, which is much better than your bank’s savings account in two respects:
- Higher Interest: This gives you much better returns than 3-4% of a savings account.
- Security: In this, your money is invested in very safe places like government bonds and treasury bills, so stock market fluctuations have very little impact on it.
What benefit will you get now?
This isn’t just a feature; It will change the whole way you keep and spend money. Now you do not need to keep your money in a savings account just because it may be needed at any time. You can also earn more by keeping it in liquid funds and can also use it as your ATM whenever you want.
The feature has received the green signal from the National Payments Corporation of India (NPCI) and is now available for both Android and iOS users. This is truly a big step forward in the world of Indian digital finance, which will empower the common investor.
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