Mutual fund distributor launches Rs. 100 daily SIP for people in rural areas

Mutual fund distribution platform, ZFunds, introduced the launch of Rs. 100 daily mutual fund SIP, which is conceptualised particularly for people residing in rural areas and small cities.

The initiative is launched in collaboration with ICICI Prudential Mutual Fund, HDFC Mutual Fund, and Tata Mutual Fund, ZFunds mentioned in a press release.

Also, the corporate is in talks with a number of different fund homes to counterpoint its product suite.

Through this providing, ZFunds goals to deal with the necessity hole current in tier-2, tier-3 and tier 4 cities the place people earn on a daily foundation as a substitute of getting a month-to-month earnings.

The funding quantity as little as Rs. 100 will assist daily wage earners and small enterprise house owners to begin their funding journey from their daily earnings, ZFunds mentioned.

Within a brief span of time, ZFunds has registered greater than 3,000 daily systematic funding plans (SIPs) on its platform and goals to achieve 1 lakh daily SIPs by finish of FY23.