Bajaj Finserv Mutual Fund introduces new facility to get higher return from idle money in savings account

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Bajaj Finserv Mutual Fund has announced the launch of Bajaj Finserv Savings+ facility. This facility will be an innovative product aimed at helping retail investors with a smarter way to manage their idle money in their savings account.

The facility allows investors to identify surplus cash in their savings accounts and invest the same in Bajaj Finserv Liquid Fund and Bajaj Finserv Overnight Fund, offering competitive returns and the convenience of liquidity.

In comparison to traditional savings accounts, liquid funds have delivered an impressive 7.17% return between July 1, 2023, and June 30, 2024. This return is higher than the average savings account interest rate. Through this facility, investors can also enjoy T+1 day liquidity (with an option of instant redemption of Rs 50,000 or 90% of invested value whichever is lower, within minutes).

“We are pleased to introduce Bajaj Finserv Savings+ to the market. It 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. This aligns with our commitment to deliver innovative solutions that cater to the diverse needs of our investors,” said Ganesh Mohan, CEO, Bajaj Finserv Mutual Fund.

He added, “By leveraging cutting-edge technology, we are enabling investors to discover the idle money lying in their savings accounts and visualize the potential returns they could have earned through investments in Savings+. This facility will be provided on our digital platforms (Website and WhatsApp) for ease of access and convenience to all our investors.”

This savings+ facility provides a disciplined approach to managing the surplus money over and above the regular expense requirements of investors by offering a lump sum with SIP-like discipline and catering to various time horizons. The surplus funds will be deployed either in liquid or overnight funds which in turn will invest in low volatility securities. Bajaj Finserv Savings+ aims to reevaluate how the retail investors approach cash management, providing a seamless blend of competitive returns, liquidity, and ease of use. This facility allows investors to participate in fixed income funds, something that has been traditionally used by corporates to park surplus money. The Savings+ facility is also a great way to attract new to mutual funds investors as Savings+ invests in low-risk/low to moderate risk funds as compared to equity mutual funds.