ZFunds launches ‘Rs. 100 Daily Mutual Fund SIP’ for daily wagers
Mutual fund distribution platform, ZFunds, today announced the launch of ‘Rs. 100 Daily Mutual Fund SIP’. The initiative is launched in collaboration with ICICI Prudential Mutual Fund, HDFC Mutual Fund, and Tata Mutual Fund.
Through this offering, ZFunds aims to address the need gap existing in tier-2, tier-3 and tier 4 cities where people earn on daily basis instead of having a monthly income. The investment amount as low as Rs. 100 will help daily wage earners and small business owners to start their investment journey from their daily income.
Commenting on the launch, Manish Kothari, Co-founder and CEO, ZFunds said, “The initial concept of SIP was thought out keeping salaried people in mind who get paid once a month. While the option of daily, weekly, and fortnightly SIPs does exist, the reality is not many people opt for it. This is even though 54 per cent of non-metro India is self-employed and usually get paid on a daily basis and typically prefer to invest via chit funds. We have introduced Rs 100 daily SIP so that real financial inclusion can take place in tier-2, tier-3 cities and rural India,” said Manish Kothari, Co-founder and CEO, ZFunds, adding that the concept is similar to how Indian households save money via daily piggy bank.
“Daily SIPs with low ticket size of Rs 100 will attract low-income groups and businesses having daily cash flows and bring them into the gambit of formalized investments,” stated Abhijit Shah, Head Marketing, Digital and Customer Experience, ICICI Prudential AMC.