Mumbai/Pune, 15th July 2024: Bajaj Finserv Asset Management Limited announced the launch of Bajaj Finserv Savings+, an innovative product aimed at empowering retail investors with a smarter way to manage their idle money in their savings account. Savings+ redefines the landscape of savings and investment options available to investors today.
Bajaj Finserv Savings+ allows investors to identify surplus cash in their savings accounts and seamlessly invest 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 (as a category) delivered an impressive 7.17%* return between 1st July 2023 to 30th June 2024(‘##’). This is higher than the average savings account interest rate. Investors can also enjoy T+1 day liquidity (with an option of instant redemption of Rs 50,000 or 90 percent 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,” stated Mr. Ganesh Mohan, CEO, Bajaj Finserv Asset Management Limited.”
He further 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 digital and flexible solution provides a disciplined approach to managing the surplus money over and above the regular expense requirements of investors, 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 redefine how retail investors approach cash management, providing a seamless blend of competitive returns, liquidity, and ease of use. More importantly, it allows investors to participate in fixed income funds, something that has been traditionally used by corporates to park surplus money. It 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.
To build Savings+, Bajaj Finserv Asset Management Limited has partnered with Perfios, a B2B SaaS Fintech, as a Technology Service Provider (TSP) for this initiative. Perfios will facilitate Account Aggregator services and leverage their Personal Finance Management (PFM) solution to provide customised financial recommendations backed with speed, accuracy, compliance, and security. This will enable the company understand customer requirements and engage with them more efficiently.
Commenting on the partnership, Sabyasachi Goswami, CEO, Perfios said, “We’re honored to have such a strong, long-standing partnership with the Bajaj Group. Our association, which began in 2012, is a testament to mutual trust, commitment, and a shared passion for innovation and tech-driven development in the BFSI space. We are delighted to collaborate with Bajaj Finserv AMC on the development of the new offering, Savings+, enabling them with Perfios’ cutting-edge account aggregator and personal finance management solution, which will be greatly beneficial to users. We look forward to innovating and co-creating many more products with them, making financial services faster and more accessible for consumers.”