Be the MasterChef Of Your Finances

MasterChef Of Your Finances-01

As the twelfth season of MasterChef Australia comes close to it’s last few episodes, one watches people make mouth-watering dishes that are a perfect balance, technique and sometimes even innovation, it is hard to not imagine, what could be the classic perfect recipe for a happy life? Sadly there isn’t. However financial freedom which can at least make life comfortable just might have a recipe.

Recipe for Financial Freedom A La Keiv with Tax-saving Sauce

Ingredients:

  • Life Cover
  • Health Cover
  • Investments

For the Tax-saving Sauce:

  • ELSS
  • NPS

Method:

1. Financial Freedom is an easy task if you have the best usage of the right ingredients mixed well in your financial portfolio, based on your financial goals and requirements. One of the biggest priorities in an individual’s life is to secure their family’s future and that is why life cover is so important. It is also essential to see that the coverage amount is enough and the premiums aren’t a liability.

2. The next biggest priority and asset is generally, health. Getting health insurance is also crucial because it protects one of your valuable assets. So, make sure when you have a health cover it has a large network of hospitals and meets the requirements of your Investments: family too.

3. The most beautiful thing about investing is that it helps you not only earn but also create more savings. Today, it is possible to get a mutual fund starting at just Rs. 100 a month. That is literally, throwaway money for things we don’t need. Your investment and what you make out of it is your savings, which is what will give the catapult to make all your dreams come true.

The Tax-saving Sauce

National Pension Scheme (NPS) and ELSS tax-saving funds are not just investments to earn high returns, but also save on your income tax money.

  1. NPS: is a Government initiative and monitored investment plan that anyone can use to both save taxes and earn returns that can at least fight inflation. 
  2. ELSS: on the other hand, comes with the shortest lock-in period among saving schemes and also can be attained for instant tax proof online.
  3. All the Other insurances: Both the health cover and life insurance come with tax benefits under the Income Tax Act. 

This is the classic recipe for hassle-free financial freedom while you can save on taxes. Find out what can you do with it. You can get all the ingredients and cookware for this recipe on our app. Click here to download our free app. Our app also comes with a tax calculator tool so that your sauce compliments your main dish.

How to Plan a Happy Retirement with NPS?

Happy Retirement with NPS-01

The reality of retirement planning isn’t as dramatic as it sounds. It is, in fact, easier if you start early because you never know what befalls in the future. So where do you get started? What could you possibly do effortlessly to save for your post-retirement days and not depend on other family members? National Pension Scheme might be the answer to all these queries. Let’s find out how.

Retirement Planning with National Pension Scheme (NPS): 101

The first thing that one needs to be aware of, about NPS is that it is governed by Indian laws and hence protected by them. This is one of the most secured investment schemes in India and can be very beneficial. 

1. All you need to be eligible for investing in the National Pension Scheme is proof of citizen of India with ID and Address proof and be over 18 years of age and less than 60 years of age.

2. There are 2 types of accounts for NPS and individual may subscribe for:

  • Tier 1: It is a mandatory account for all those who opt for NPS. The Government employees have to contribute 10% of their salary (salary = basic + DA), and the government will make equal contributions as well. For others opting this scheme, the initial contribution is Rs. 500/- at the time of account opening and minimum annual contribution is Rs. 5000.
  • Tier 2: Not a compulsory account like Tier 1. You can withdraw funds at any time, and hence, it provides high liquidity. There are no contributions from the government or the employers and include no tax exemptions either. There are three critical points to make a note of The minimum amount required to open this account is Rs. 5000/-

3. You get two options which are Active-choice and auto choice. With active-choice investment option, an investor gets to mix equity, corporate debt, and government securities as per his/ her choice. However, the allocation of equity can be a maximum of 50%. Auto- choice Allocation is done based on the investor’s age.

Equity Till the age of 35, the equity portion is 50%, post which it reduces 2% yearly till it becomes 10% by the age of 55.
Corporate Debt Till the age of 35, the corporate debt is 30 %, post which it reduces 1% every year until it becomes 10% by the age of 55.
Other Options 1. Aggressive life-cycle fund – begin with an equity allocation of 75%.

2. Conservative life-cycle fund – start with an equity allocation of 25%. Reduces as per the investor’s age advances.

4. Opening an NPS account is not that difficult now. It’s just a click away. You can easily invest in NPS online through the Fisdom App. We are a new-age app that makes it easy to invest in mutual funds, in a matter of minutes.

5. This is not all, NPS also has major tax benefits: Based on Union Budget 2019, NPS now qualifies to be an Exempt-Exempt-Exempt (EEE) category product. This means that NPS tax is exempted at all 3 stages. Here is how you benefit from it:

  1. Tax deductions up to 1.5 lakh per annum under Section 80CCD of the Income Tax Act.
  2. Additional tax deduction up to Rs. 50,000 under Section 80CCD(1B) in a financial year. (only Tier 1 accounts are eligible, not Tier 2)
  3. At term completion or 60 years, 60% of the amount received is free from tax, while the rest 40% has to be invested in the annuity.

So, you not only plan a financially happy retirement but also save on taxes while doing so. A lot of people need to understand that given the current scenario where the pension is almost non-existent one can use NPS to make their actual free time in life, comfortable.

How mutual fund investment can help you achieve your financial independence?

Financial independance

Any investment requires a certain amount of money, obviously. But what if you had just a ₹100 in your account and that’s all you can afford to invest per month at least for the time being. Do you still have a chance to be an investor and become financially more stable? Of course, it is possible with mutual funds and we’ll tell you how to make it possible.

How to invest in a SIP to ensure your financial stability?

SIP or Systematic Investment Plans are simply mutual funds that are invested on a monthly basis instead of a whole lump sum. While there are a plethora of schemes out there you have to make sure that you keep certain things in mind, so that you are able to achieve financial stability.

1. Set a Target:

Decide how much earnings due you have to make in the long run to be financially independent. The time it will take to build that wealth is based on your goal. You can use our Save For A Goal tool on MyWay Wealth App for estimating your target amount and the time it would take you to achieve it.

2. Choose Scheme Wisely:  

There are multiple factors which should decide whether a scheme is appropriate for you or not. Your risk appetite is the most important because if you wish to become financially independent, you cannot afford to lose money and at the same time not indulge in the low-risk appetite where your investment is unable to fight inflation in the long run. 

3. Compounding:

Unlike other saving schemes the amount that you invest grows every month as you start earning more and you invest both your principal amount and earned amount in the next month, in the case of a SIP. Mutual funds have hence the major advantage of compounding interest hence the amount of money invested keeps growing not just through the monthly investment but also the earned amount.

4. Don’t Be Hasty:

It is quite exciting to watch your investment grow over time, which gives you further reason not to withdraw your investment and earnings in short periods of time. In that way, with continued investment and the power of compounding to aid it, you will keep earning more.

5. Check Your Fund Performance and Keep Adding to Your Mutual Fund Portfolio:

While you have existing funds and building wealth, you can start investing in larger amounts when it seems comfortable for you while you keep an eye on your older scheme at the same time. This way you can build wealth parallelly through two different plans.

6. Mutual funds are basically a multiplayer strategy game:

So your initial investment is the resources that you start with and you keep building wealth and getting ahead in the game by continued and strategic moves. While in a multiplayer game, it is your job to create and execute the strategy, in the case of mutual funds, it is the fund managers who strategize based on your risk appetite. You of course are overlooking the fund performance but leaving the major chunk of the game to the fund managers and making returns on the gameplay.

The truth is that mutual fund investments can help you become financially independent for real but you have to be patient and keep increasing your resources. Life may be tough but mutual fund investment is surely not one of those things. The best part is that with ₹100 as your minimum investment amount, it’s similar to the beans from ‘Jack and the Beanstalk’, only in this case you can keep earning without fighting a giant.

The Goldilocks Planet of Investment – Digital Gold

The Goldilocks Planet of Investment - Digital Gold

If you are a space buff and follow, all the latest updates in the space race, appalled by the beauty and mysteries of space you already know what a Goldilocks planet and probably why are we referring to Digital Gold as it. You can skip and straight away go to the section ‘Why is 24K Digital Gold A Better World for Gold Investment?’ Before we fly into the idea of Digital Gold being the better alternative world for gold investment, it would be wise to understand why are we referring to Digital Gold being a Goldilock planet and the source of this term.

Understanding the Concept of ‘Goldlilocks Planet’

It all starts with a fairy-tale: ‘Goldilocks and The Three Bears’. This is the story of a little girl with golden locks of hair who confidently walks into a home of a family of bears who aren’t at home and checks out her compatibility with their different sized chairs and beds. Of course, she eats all their porridge and does get caught in the end but indeed is the idea behind naming these special planets Goldilocks planet. 

A Goldilocks planet is all about the idea of finding a world that is possibly habitable by carbon-life forms, based on similar features and conditions that exist on Earth. This is extremely difficult to find despite the fact that the universe is limitless and scientists have found only a few possible Goldilocks planet with Earth-like living conditions. You could watch or recollect your memories of watching Christopher Nolan’s science-fiction opera, ‘Interstellar’. It has the concept of Goldilocks planets well explored.

How is Gold investment a Goldilocks Planet?

The immediate idea to buy and sell or trade gold would require a jewellery store or a bank. What if these options aren’t available due to circumstances that could vary from the store is too far to you are sitting at home due to a lockdown? You will need to find a Goldlick alternative for Gold. Digital Gold is not just the answer but it could be possibly a better alternative to regular Gold in multiple ways. However on the contrary in the literal sense of Goldilocks planets, there is no place like home when it comes to Earth and no matter how many Goldilocks planets there are in the universe, bursting with life, Earth is the only home planet we have.

Why is 24K Digital Gold A Better World for Gold Investment?

If regular Gold is Earth, then Digital Gold is a planet like Asgard with narcissistic God-like humanoids roaming around with hammers and staffs with special powers. Not really, that’s not true but in case you want to be an ‘InvesThor’ of Gold, Digital Gold is the right option for the following benefits:

  1. Pay only for 24K Gold: When you buy the jewellery store you are not paying for the gold you are also paying on metals and studded stones and gems. But that is different in the case of buying digital gold. Every rupee you invest is paid to pure 24K gold which has 99.9% of purity ridding it of making charges and precious stones that don’t have any resale value.
  2. The convenience of trading: We are all aware that buying gold can be time-consuming as you need to visit the jeweller, store or bank. With the digital gold investment, you can buy and sell gold online anytime and anywhere as per your comfort. You can even track your gold investment if you are buying gold on our app.
  3. Gold can be converted to cash in seconds: You can easily sell digital gold online anytime and anywhere. As soon as you sell the 24k gold the amount is successfully transferred to your bank account. Where in to liquidate the physical gold you need to visit the seller during the working hours and then you sell the gold.
  4. Zero storage hassles: We all know physical gold needs to be stored in bank locker and vaults, which come with long term expensive storage costs where digital gold saves from such hassles as it stores your accumulated gold in safe and secure vaults.
  5. Digital Gold investment doesn’t have to be a big amount: The best part about buying Gold online is that you do not have to buy large amount of Gold unlike at the stores and keep accumulating it over time by buying small amounts at a time. For example, on our app, you can buy gold for as low as ₹1000 at a time, regardless of what the price of Gold is at the time.

While you can be an ‘InvesThor’ of Gold on our app, do not forget that the most simple life forms are the most powerful and that a Goldilocks planet of gold investment requires simplicity like the scientifically almost immortal amoeba, to thrive.

‘We’re made of star stuff’ – Carl Sagan

5 Things You Oughtta Know About Health Insurance

5 Things You Oughtta Know About Health Insurance

In recent times, health has become the forerunner of people’s concerns with the pandemic affecting our lives and changing it forever, as a slow vengeful apocalypse brought to us by our self-destructing capacity. No, it isn’t that grim. We will thrive and do just fine but what really is important at this time is to understand is the importance of health and medical treatment. We cannot take medicine for granted anymore and health insurance is no longer a want but a necessity. So, if you are planning to get health insurance, go for it but you must keep a few things in mind.

5 Things to Note Before You Choose Your Health Insurance 

Just as it is with any other insurance product, there are things one needs to keep in mind about health insurance in general:

1. Variety of health insurance: There are a plethora of types of health insurance available in the mediclaim market. While some cover just your hospital bills, there are comprehensive plans that cover you up to the age of 100. They are referred to as, senior-citizen health cover. Of course, the premium prices vary based on the plan you choose. There is health insurance that simply covers critical illness as well.

2. Exclusions in coverage: Generally, this is the last thing to talk about. However, considering that time is a precious commodity, it is wiser to start with the idea of what health insurance doesn’t cover to set your expectations from this product correctly.

  1. Pre-existing diseases are not treated as soon as you purchase of the policy
  2. A waiting period is applicable to pre-existing diseases.
  3. For a few conditions, the amount assured to pay may vary around 10%
  4. Treatment for the use of intoxicants (alcohol and drugs) are not included in most cases.
  5. A waiting period for maternity/newborn baby expenses is generally applicable, however, the waiting period time varies based on the providers.
  6. A waiting period for weight-loss medical procedures such as bariatric surgery may be applicable in some policies. 

3. Work and Individual Health Insurance:  It is essential to note that while people don’t need to pay for the group health insurance that the employers cover their employees under, it may not be enough if one loses their employment suddenly or has a higher cover amount requirement due to pre-existing diseases. Individual or personal health insurance is essential to be taken in these times to protect yourself financially against any medical issues. You can also buy family health insurance that covers all the members of your family and falls cheaper against individual coverage.

4. Premium costs: The better your lifestyle and the younger you are, the more pocket-friendly your premiums for a health policy will be. However, it is crucial to keep in mind that premium costs also rise with the features and benefits it covers you for. You can always negotiate your way to reduce the premium costs by choosing a plan with lesser features. For example, some health insurance covers you for air-transport to and from the hospital. If you find that unnecessary there are plans which cover you for road ambulance costs as a feature.

5.Read the policy wordings: You cannot be 100% informed about the product you choose unless you make the effort too. So, it is advisable to go through your policy wordings. You don’t want to be troubled at the time of the claim process.

In the end, it boils down to how detailed you want your policy to cover you. If you are looking for options in terms of the type of coverage in health, you can check our health insurance section on our app since we have everything from basic hospital insurance to comprehensive health covers to even critical illness insurance. All you need is to download our app or connect with us.

A Beginner’s Guide to Term Life Insurance

Term life insurance myway

We hear about this type of plan so much on the television with random celebrities giving us advice on how crucial it is to get one, sometimes in the form of Yamraaj and sometimes this nosy friend who is ready to give you random advice. However, the truth is, if you have dependants and regardless what age you are at, term insurance is not just a convenience but a necessity too. But before we get into why is it worth. Let us understand the idea of a term plan.

4 Things You Ought to Know About Term Plans

The term insurance plan offers you a life cover. It is a simple life insurance plan that promises to pay a sum assured if the policyholder dies during the policy period. If he outlives the term there is no maturity benefit.

  1. Since a term plan doesn’t offer any return and only provides risk cover it is less expensive.
  2. The sum assured in the term plan is high. That is possible because it covers the risk, by fulfilling the need for protection.
  3. In term insurance, the nominee receives the sum assured in a lump sum, or in equal instalments or a contribution in case of the death of the person during the policy period.
  4. The policyholder has the option to customize the payment option based on the family needs.iIt can be a lump sum, monthly or combination of both.

Why Choose A Term Plan?

  1. It is the simplest form of life insurance to understand and maintain.
  2. Term insurance is a good idea for people who are building a family i.e. getting married or planning a family.
  3. It costs lesser initially when compared to an endowment plan.

3 Factors to Consider When Taking a Term Plan

  1. Coverage Amount: You need to buy insurance for all the debt. Each time you take a large loan – usually a home loan, sometimes on a personal loan – buy a term cover for the full amount for the loan that you take.
  2. When to get a term plan: Buy as soon as you have dependents or the possibility of getting dependants. Touching thirty is usually a good time to buy the cover. You are old enough to have a good income flow and not that old for covers to be too expensive. The cost of life cover rises exponentially as you age.
  3. How Does it work: Term insurance is the simplest life cover. You pay a premium and in a term, if the policyholder expires, the insurance company provides the cheque to the nominated. If its the long term plan, you will get your cover till your retirement.

Where Can You Get Term Life Insurance?

Simply download MyWay Wealth app. Browse through our insurance section and choose Term Life Insurance to get a life cover in the comfort of simply wherever you are. You can even get a free callback from our insurance experts who will not only help you choose the appropriate policy but also help you make an informed decision.

Tools To Use On MyWay Wealth for Personal Finance

Blog Post_MyWay [Useful Tools]

Useful Tools To Use On MyWay Wealth App for Personal Finance

 

MyWay Wealth is a state-of-the-art, user-friendly and intuitive platform for all your mutual fund investments. It is easy to use and comes loaded with features and tools that help you to plan and make better investment decisions without any hassles. Here are some of the major tools and features that MyWay Wealth features, so that you can invest conveniently.

Financial Health Checker: Diagnose Your Finance, on Your Own

myway wealth

Just as you need a medical check-up regularly, a  diagnosis of your financial health is required, but is, unfortunately, more than often ignored. On this app, it takes only a few minutes to evaluate the elements your financial health that needs to be taken care of.

How Does the Financial Health Checker Work?

It is extremely easy to use and all that needs to be done is answer a few simple questions within this tool, to get your detailed financial health report. The report will give you not only the state of your finances but also suggest the next step to be taken to ensure that particular aspect of your financial health is treated in time.

Build Wealth Tool: Choose Your Investment Amount to Know Your Projected Wealth

myway wealth

You have set an amount for investment in mutual funds in your mind but you have no idea how much are you going to get in return, over a point of time. MyWay Wealth’s Build Wealth Tool does that projection for you.

How Does Build Wealth Tool Work?

This highly simple-to-use tool asks for your choice of investment  (SIP or one-time) and the amount that you plan to invest. Within seconds it projects your return based on time of investment. You can even choose the percentage of stocks and bonds you want to divide your mutual fund investment in and decide how much risk you are comfortable with.

Smart Recommendation Engine: A.I. Powered Built-in Mutual Fund Smart Selections 

The whole app is built on an engine that runs on an AI, to give you recommendations for plans that are best suited for your financial portfolio.

How Does The Smart Recommendation Engine Work?

This engine is built on an artificial intelligence algorithm that has been created through years of accumulated data and research, in the mutual fund market by financial experts and is intuitive enough to suggest the best plans that are suited for your financial history.

myway wealth

Save For A Goal: Mutual fund Recommendations Based on Your Chosen Financial Goal

If you have a long-term financial goal that you need to save up for, you need to know the amount of investment needed to be made for you to be able to afford that goal. MyWay Wealth’s Save For A Goal tool allows you to know the amount required to be invested and plan your investment accordingly.

How Does The Save For A Goal Tool Work?

It takes a matter of seconds to select your goal on this tool and it will not only project the amount that you need to save for your goal but the amount of investment that is necessary to be made. You can also toggle with your risk appetite and plan your investment to save your particular goal.

Tax Calculator: Calculate Your Tax Liability Based on Your Own Financial Portfolio

myway wealth

This tool takes care of the overwhelming task of calculating your income tax liability for the fiscal year based on certain information that you provide.

How Does The Tax Calculator Tool Work?

The tool asks you a few basic questions and calculates your income tax liability for that year. It conveniently asks for your income and investment details to give you the complete picture of TDS. It also gives you the customised investment option to save on the remaining taxable amount in your income. 

Note: The estimated projected tax liability of this tool is as accurate as the information provided by you.

 

Risk Analyzer: Get Plans Suiting Your Risk Tolerance in Mutual Fund Investing

myway wealth

Before you invest in mutual funds, it is essential to understand what kind of risk appetite can you handle. This tool allows you to figure out whether you are high, medium or low-risk investor based on which you can choose the plan.

How Does the Risk Analyzer Tool Work?

This tool asks a few questions about your financial history such as your liabilities and appetite for investment and projects the type of investor you are. This further allows this tool to show plans for investment that are suitable for your financial portfolio. 

Now that you know that our app can do more than provide you, investment options, it’s time to download the app and use it to its fullest potential.

 

Lessons for Investing to Learn from Irrfan Khan Movies

lessons to learn

The world lost Sahabzade Irrfan Ali Khan on 29 April 2020, a human more precious than Gold, on cinema and perhaps Titanium, when it comes to being a human. He was a good man, who proved that you could portray being the Indian Macbeth and an unflinching entrepreneur of a prehistoric theme park in a large filmography cut down suddenly with mortality. He had valuable lessons to teach, both off and on-screen with humility being at its forefront. However, he has also done some movies with very practical lessons in the world of investments. 

Top 4 Important Lessons for Investors to Learn from Irrfan Khan Movies

While it may be an odd observation, you will have enough proof by the time you complete reading this:

1. Be Patient For Good Returns: The unconventional and unconditional of love stories, Lunchbox is one of his best performances as a common man in India. His character waited actively to understand an absolute stranger remaining completely invested with the utmost patience. Blackmail, on the other hand, taught us the same lesson in the form of a black comedy but with a different perspective: how hasty decisions in finance can lead you nowhere but distress.

lunchbox

2. Choose Investment options with a long-term foresight: In Jurassic World, he literally portrayed an entrepreneur/investor, very passionate and optimistic about his investment. While that is indeed a lesson too we are concentrating on the aspect of him having the long-term vision of choosing the right people to invest in, for the park (who ultimately help save a lot of people) even though he died a brave death in the movie. The other movies with the same lesson have been repeated in the movie franchise Hindi Medium and Angrezi Medium in the form of family.

know your finances

3. Not all investments are special, but special investments can come from anywhere:  Paan Singh Tomar and Slumdog Millionaire in plot taught at least some of us, that it does not matter where we come from to do special things or make the right moves in investments. So when you are investing in an SIP as low as say Rs.100 in the mutual fund market, do not underestimate its eventual worth.

know your finances fisdom

4. You can be the most intelligent investor in the room, without making a noise: His characters in Piku, Life of Pi and Billu Barber, taught us that faith and perseverance is the key to unlocking successful investments but not make a hue and cry about it. In all walks of life, humility works longer and wondrously, likewise. The right investments will always yield good returns as long as there is stable growth is another lesson we can learn especially from Piku.

know your finances fisdom

In fact, Irrfan Khan is the perfect example of a great investment in the form of an actor, undeniable with his work in his country and beyond. We will miss his presence in our lives deeply but the lessons that he teaches us from being a good man to being one of the most influential people in India will stand as factual and not fiction.

Millennials and Investing in Gold

Millennials & investing in gold-08

The word millennial crops up in most contexts of the anguish to explain ‘Generation Y’, as they were earlier referred to as a bunch of people born post the baby boomer years who are significantly more sensitive and sensitized to the world around them and are being either too insensitive towards social norms and ideas being followed for generations. 

Millennials have often been considered to be the laziest and careless generation ever born because while the generations before the Millennials were hard-working and comparatively more sincere, they believed that ‘Necessity is the mother of invention’ which is very far from the truth. Millennials recognized very early in their lives that ‘laziness is the mother of invention’ in reality and that everything today is invented because we just do not want to take the extra-pain of practical choices.

While a lot of people see this as an adversary effect on humankind, millennials are indeed more sensitive, open-minded, and experimental when it comes to new ideas and implementation of new ideas. One such proof is their re-inventing gold as a currency, but increasing the access to it through information technology and innovation.

Gold is truly a millennials choice for investment

As a millennial, it cannot be denied that we want more than we have because we almost get what we want in today’s world. But gold still remains to be one of the rarest metals in the planet often believed by scientists and their theory that large amounts of gold in the form of an asteroid entered the Earth’s atmosphere, scattering itself across the World long long time ago. While a lot of skeptics find it hard to believe, people acquainted with the fictitious metal ‘vibranium’ may be aware that fictitious Wakandans found this invincible and almost magical metal in a similar fashion.

While gold will not turn you into a superhero with the feels of a wild feline, it surely is associated with wealth because it never loses value and keeps getting more precious instead. Unlike titanium or platinum which can draw parallels with adamantium from the character Wolverine being far stronger, the rarity of gold makes it worth a lot more. But why is it convenient for millennials again? 

Gold is now available to be purchased digitally, both for investment or just buying it for your wedding. Yes, on our app, you can literally buy gold for investment or for someone’s wedding and save over some time. A lot of millennials who are beyond the exuberance of gold invest in gold mutual funds as their choice of investment because never has gold been deprived of its financial value over time. Yes, there are even Gold ETFs and Gold futures available as a golden investment opportunity but as a Millennial, you would choose the most convenient option being Digital Gold. Also, the super-secretive visits to buy Gold from a store and then having to take it to the bank locker for the fear of being robbed is also taken care of with Digital Gold. Digital Gold on our app comes with a free locker from MMTC- PAMP who guarantee the safety of a Millennials Gold. 

Millennials are a more educated bunch of individuals and they want the best in everything including MMTC-PAMP’s assurance of the 99.99% purity of the 24K Digital Gold. Hence, Digital Gold is truly a millennials choice of investment because Vibranium and adamantium do not exist in reality and of course all the other reasons that make Digital Gold more convenient to invest in.

“ Digital Gold, Forever”

Decoding KYC for you – Back to the Basics

Decoding KYC fisdom

Imagine you are Bruce Willis sweeping across with your car across the city of Chicago trying to protect your generic pretty teenage daughter who has found the secret to a terrorist’s plan who has concocted a plan of world domination through KYC. Yes, you are absolutely right to think that KYC isn’t really that exciting initially and real-life is nothing remotely mirroring KYC in that fashion. Although today’s world is fighting a silent marketing war with information and big data, with forefront players being Google and Zuckerberg’s Facebook acquiring multiple IT products with access to user information one after the other, KYC has nothing to do with that.

But, don’t sadden your adventurous heart, because the KYC that we are talking about today is for investing, which is an adventure in itself. Investing is a quest for making our financial dreams come true and shouldn’t be considered anything less than an expedition you can carry out to meander through the world of mutual funds. But where does KYC or Know Your Customer fall into this jigsaw puzzle?

KYC: Your golden ticket to investing in Mutual Funds 

In the labyrinth of investing, mutual funds generally come with the option to choose the risk appetite you are comfortable with. So, it already is customized to the fact whether you are comfortable with being an Ant-Man with lower stakes or Captain America who has to constantly deal with ‘the world is at stake’, kind of situations. So, the true adventure is being explored by the fund managers of mutual funds but at the same time, you are definitely the one in the ride although reaping the benefits from it.

KYC or Know Your Customer is that one thing mandated by the SEBI organization in India that allows you to invest in mutual funds once you have completed it. While there are KYCs in more regular situations in our lives such as telecom services or payment services, investing also requires KYC to protect the interests of all the parties involved, starting from your financial security and income tax calculations, to Government’s interest in maintaining a log to the companies in between, whether it the mutual fund plan from a particular bank or financial institution or the platform where you are using to invest in.in other words, it helps to tremendously reduce the cases of fraudulent activity in a mutual fund market. 

So, how to get KYC done?

On our mutual fund platform, the KYC process is free, user-friendly, and takes about 7-10 minutes taking for granted that you have your basic documentation ready. Here are the steps to having it done on our platform.

  1. Open our App and go to the KYC completion process section.
  2. Fill in the personal details which are asked step-by-step
  3. Upload the documentation, which can be also done with the help of the camera integrated into our platform for your convenience.
  4. Upload an IPV video, where you basically take a video of yourself stating your name and that the video has been made for the purpose of IPV solely.
  5. The signature is easy to deal with as you will be expected to simply touch and add your signature on the screen and upload it.

Once you have provided all the information and uploaded all the required documentation IPV video and your signature the information will be sent for verification, however not pausing your investment process since once you have submitted your complete KYC, you are investment ready and can start enjoying the benefits and the adventures of mutual funds, whether it is in the form of a one-time mutual fund or a monthly SIP.