FinTech startup, Sqrrl, wants to redefine how Indians invest through simple and intuitive solutions.
To quote their mission statement,
Sqrrl is a platform aimed at helping young Indians save their earnings while keeping things simple. With Sqrrl, it’s not about putting away large chunks of your salary, but rather small sums with just a couple of clicks! Everyone hates to see their hard-earned money go into taxes. Along with helping you save, Sqrrl also loves to make tax savings simple and effortless for you. All this with the aim to help young Indians prosper!
According to the company spokespeople, Sqrrl is a lifestyle brand that aims to help people realize their any to every kind of dreams, by getting them into the habit of investing, and through that, growing their savings. They’ve positioned their brand as non-finance, because they feel saving and growing money, they feel, is more of a lifestyle thing than a finance thing, per se. And this also happens to be their value proposition.
Product Offerings:
Sqrrl has a host of different product offerings, customized for different sets of users, to meet different goals. Here we’ll have a look at a few of them.
Sqrrl Away
Sqrrl Away allows users to put away small amounts of money into a virtual savings nest. The biggest benefit that you can get with Sqrrl Away is that while a typical savings account gives you a meager 3.5% returns, stashing your money in Sqrrl Away will generate approx. 6-7%, by investing in only those mutual funds that have performed better. You can start with as low as Rs 100. And can set up weekly payments and even top up your savings. Finally, you can withdraw your money 24/7 and 500 – 50,000 instantly or 100% of the amount on the next business day morning. It doesn’t come with a lock-in period either.
Search & Invest
This feature was designed keeping in mind, specifically the more educated users, who have good knowledge of investing and markets, in general. With an option to invest in over 2100 mutual funds and schemes, search and invest is an ideal feature for anyone wanting to invest in the funds, only of their choice. The feature carries almost every information that an investor might require before zeroing in upon a particular fund, such as the fund rating, risk, fund manager, 1-3-5 year returns, fund type, investment plan, and a lot more.
Axe Tax
Axe Tax is tax saving product, geared towards helping you make the most of your allowed tax rebate and reduce your tax liabilities. The government allows you 1,50,000 of tax rebate and by putting your money in Axe Tax, it’ll help you claim the full rebate. Basically, Axe Tax can guide you to the total amount you need to invest to claim the full Income tax benefits.
Apart from this the company also offers a lot of other investment options in gold funds, SIP, lump sum, etc.
How to get started?
With a very clean, vibrant, and user-friendly interface, Sqrrl has indeed managed to keep things simple. Let’s have a look at the step-by-step procedure to know how they do it.
Step #1: Download the Sqrrl app from the Google Play Store/iOS store. Once installed, click open the app and you’ll be greeted with the welcome screen.
Step #2 Sqrrl was the very 1st Mutual Funds app, in India, to have the vernacular capability, and it currently supports 9 languages (English + 8). In the second step, you’ll be presented with those nine languages and you can proceed ahead, after selecting one.
Step #3 Click on the get started a tab at the bottom (you can also explore what all the app is capable of) and enter your phone number to start the signup process.
Step #4 After this, you’ll receive an OTP and once you feed that in, you’ll be taken to your profile building screen.
Step #5 The next step will require you to enter your name and email id (and a referral code, if you have one) and you’ll be taken to your bank verification screen.
Step #6 In the bank verification screen, the app will ask you to set up set up your account through 2 very quick but important steps – PAN & KYC verification and Bank & Additional Information. Here you’ll also be able to see the whole host of options via which you can begin your investing journey, along with information on what the respective options are.
Step #7 You’ll be asked to enter your PAN details in the next screen – your name, PAN number, and date of birth. And then, confirm your details. This will make you a KYC-Certified user.
Step #8 The final screen will ask you to enter your bank details wherein you’ll be asked to enter the account holder’s name, account number, confirm your account number and IFSC Code. Once done, verify your details in the next screen and hit proceed.
Its all about Sqrrl saving and investment app.
Conclusion
The firm is regulated by SEBI and comes under the purview of AMFI with 128-bit encryption and bank grade security. Backed by a highly credible team of experts, with a collective experience of over 60 years in the mutual fund’s industry, Sqrrl is one app you should look at, for all your investing needs.
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