SaveSmart – the best deposit account in India

What do you need in your deposit account?

We asked our users what they value the most in a deposit or a savings account.

The top two needs were  –

1/ Higher interest rate or returns 

2/ High liquidity – to be able to access the money quickly

 

When we look at the existing options, none of them fulfils both the requirements. It is always a tradeoff – if you need higher returns (FD) you need to sacrifice liquidity and lock-in your money for long durations. If you have instant liquidity (savings or current account) then you need to settle for lower returns.

 

Ideally, we would want to be able to earn more on our cash while also have the peace of mind that the money is available in case of any emergency.

 

We designed SaveSmart for this

It provides you with both of the above – a higher rate of return linked to a basket of liquid funds (currently ~6%) from the top mutual fund companies in India and instant liquidity of up to Rs 2 lakh a day. And the rest can be withdrawn in as little as one business day. Rs 2 lakh of instant liquidity will either cover all your emergency expenses or buy you enough time to get the remaining money in your bank account.

 

Finally, you have a deposit solution that you want. Higher returns linked to liquid funds, and instant liquidity of up to Rs 2 lakhs for any expense. There is no need to leave your money in low return savings or checking account or locked in a fixed deposit.

 

This is the deposit account you have been looking for.

 

How does SaveSmart work?

We have built an algorithm that invests your money in liquid funds from the largest and most reputed fund houses. This ensures your money earns a higher liquid fund returns. Our algorithm also ensures that you have the highest liquidity available to you as instant redemption in case you need the money immediately. So, while each of the liquid fund in our basket offers only Rs 50k instant liquidity, by investing in them smartly we can offer our users up to Rs 2 lakh of instant liquidity.

 

 

How do I deposit into SaveSmart?

Just go to SaveSmart page and add money to your SaveSmart amount. If you need KYC we will help you do that too. You don’t have to worry about how much gets invested in which liquid fund, we handle that. Deposit made today in SaveSmart will reflect in your account in up to two business days as per the settlement timelines of liquid funds.

 

How do I withdraw from SaveSmart?

Equally easy. Once you have made a SaveSmart deposit, go to the SaveSmart tab on your portfolio page.  Click on “Manage” and make a withdrawal. At the time of withdrawal, we will inform you how much can be withdrawn instantly. Again, you don’t have to worry about how much to withdraw from which underlying liquid fund. We optimise that for you automatically.

 

What about the risk?

Liquid funds are debt funds that invest in short-term fixed-interest generating money market instruments. These are funds that take the least amount of risk. They are widely considered to be an ideal investment avenue for an emergency fund. However unlike money in your bank, liquid funds do not have institutional risk, i.e the risk of your bank going under.

For example here is the price history of one of the liquid funds in our basket.

 

 

So what are you waiting for?

Start SaveSmart now. And #each1teach1, let your friends know too – for every new friend who joins and starts a SaveSmart account of Rs 20,000 or more we will gift you Rs 201 in Digital Gold.

 

I need a debit card too…

Oh, you read our mind. A monthly save option and a debit card option is coming to SaveSmart soon. 

 

Did we miss anything? Write to us at [email protected] and we will answer any remaining query.

 

Interested in how we think about the markets?

Read more: Zen And The Art Of Investing

 

Watch/hear on YouTube:

 

Start investing through a platform that brings goal planning and investing to your fingertips. Visit kuvera.in to discover Direct Plans and Digital Gold and start investing today.

#MutualFundSahiHai, #KuveraSabseSahiHai!


24 Responses

  • Taranath Kamath

    February 13, 2020 AT 02:00

    Understand the process of Savesmart.
    Wanted to know this. Wouldn’t the STCG on investing in liquid funds spoil the extra interest i gained via investing in Savesmart/liquid funds?


    • Gaurav Rastogi

      February 15, 2020 AT 07:31

      STCG on debt funds is taxed at slab rate which is the same as the taxation of interest earned in a bank account.


  • Shubham Gupta

    March 4, 2020 AT 12:05

    I really loved the Smart Save account but request add a feature to schedule withdrawals from the same. I have sips scheduled from my bank account and I would like to automatically withdraw money from the SmartSave account a day before to maximize my interest. It would be perfect with that feature.


    • Gaurav Rastogi

      March 7, 2020 AT 04:17

      We are building something along these lines.


      • Shubham Gupta

        May 7, 2020 AT 07:22

        When will this feature be available?


  • Shoaib Bijapure

    March 25, 2020 AT 04:26

    Can I withdraw entire amount at once if it’s below 2 lakhs in save smart account by nilling the account?


    • Gaurav Rastogi

      April 16, 2020 AT 01:39

      You can withdraw the entire amount, however large, at any time.


  • Vanesh

    April 17, 2020 AT 08:13

    What is charge of savesmart in deposit and withdrawal?


    • Gaurav Rastogi

      April 18, 2020 AT 02:48

      No charge.


  • karthi padmaraj

    April 18, 2020 AT 11:17

    Will the interest calculated on daily basis? If I’m holding fund in this account for 5 days then will I get interest for that 5day?


    • Gaurav Rastogi

      April 21, 2020 AT 03:59

      The interest will reflect in the increased NAV daily.


  • VISHAL KHAREDIA

    April 24, 2020 AT 02:29

    1. Is there any charge for withdrawal of whole money before one year like MF?

    2. Is it like saving bank account, we can save and withdraw the at any time and any sum of money?


    • Gaurav Rastogi

      June 22, 2020 AT 03:12

      1/ There is a small fee (0.07% or less) charged by the AMC when withdrawn before 7 days. After 7 days their is no withdrawal charges. We do not charge any fees.

      2/ You can withdraw any time and any sum of money.


  • Ashish

    April 26, 2020 AT 14:14

    Can I link the bank mandates for SIPs to SaveSmart Account? Can I change my bank mandate for my existing SIPs to Savesmart account?


  • Arvind

    May 3, 2020 AT 01:05

    I am quite bit impressed, but some queries
    What is the minimum time we have to deposit and how to watch/know the NAV of our investment for best withdrawal time


  • Shivram Manohar Revankar

    June 3, 2020 AT 19:36

    What’s is expense ratio for save smart


    • Gaurav Rastogi

      June 6, 2020 AT 03:50

      It is simply the expense ratio of the direct underlying liquid funds.


  • Arunava Sinha

    June 12, 2020 AT 02:30

    In Save smart, what is the tax implication
    STCG and LTCG rate and when it will be classified as LTCG


    • Gaurav Rastogi

      June 16, 2020 AT 02:32

      Same as for liquid funds – so debt classification.


  • Dipti

    June 27, 2020 AT 15:18

    Why don’t we have savesmart for NRE or NRO.


    • Gaurav Rastogi

      June 29, 2020 AT 03:24

      Insta redemption on liquid funds is not available for NRE accounts, unfortunately.