Tarrakki launches instant redemption facility

By Morningstar |  25-10-19 | 

Ahmedabad based Fintech start-up, Plutonomic Savtech  has launched an investment product - Tarrakki ZYAADA in association with  Nippon India Mutual Fund that enables investors to park their money in the Nippon India Liquid Fund.

With this product, investors could earn higher returns than their savings bank accounts or fixed deposits, without locking in their money, said a release issued by the company.

Tarrakki ZYAADA offers instant redeem feature that is powered by HDFC Bank Visa debit Card (Zero Balance, lifetime free debit card offered to Tarrakki ZYAADA customers). Using this Card, investors can use their invested money to shop, travel, buy movie tickets, and more at all VISA merchant outlets. This card can even be swiped at ATMs for instant cash. Investors can use up to 50% of their investment portfolio for shopping, Travel or ATM withdrawals.

"Company aims to disrupt the traditional bank savings market with this product which essentially means, investors can now transfer their monthly earnings directly from their bank accounts to Tarrakki ZYAADA, earn more interest, and spend freely," said Saumya Shah, Founder of Tarrakki.

Tarrakki which operates under the brand of Plutonomic Savtech has built an Artificial Intelligence based wealth management app. Started with mutual fund, company aims to build Tarrakki as a comprehensive wealth management app into a wide gamut of asset classes such as mutual funds, equity advisory, P2P lending, insurance, and loans over the time.

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