Last Updated: February 17, 2023, 16:13 IST
Start off with as little as Rs 1,000 and as much as Rs 10 lakh in your investment account.
A person can start investing in MobiKwik for as low as Rs 1,000 and it can go as high as Rs 10 lakh.
MobiKwik, in partnership with Lendbox, has announced an upgraded version of Xtra Plus with 12.99% interest. Unbelievable? The announcement, made by one of India’s top fintech companies, assures investors of earning up to 12.99% by investing in their fixed deposits. This upgraded version of Xtra Plus introduces a 3 months lock-in period with no withdrawal charges and investment fees.
Further, no interest will be charged if the amount is withdrawn within 30 days of investment. Investors will receive 8% of interest if they withdraw the amount before the maturity period. A person can start investing in MobiKwik for as low as Rs 1,000 and can go as high as Rs 10 lakh. However, for an amount as high as Rs 10 lakh, a person has to contact the Reserve Bank of India to receive a net worth certificate before investing in the Xtra Plus feature of MobiKwik.
Eligibility
Whether a resident or non-resident, any Indian over the age of 18 or a company with a PAN card and an Indian bank account in compliance is eligible to invest with Lendbox. Another avenue for NRIs to invest in Xtra Plus is through a Non-Resident Ordinary (NRO) account.
Start off with as little as Rs 1,000 and as much as Rs 10 lakh in your investment account. As the returns from your investment amount are not reinvested, your account will be updated regularly with earnings, which you can withdraw at any time without incurring any fees.
Back in 2020, MobiKwik launched its Xtra feature with 12% returns. “Xtra is a revolutionary way of investing that is designed to address the needs of young investors,” said Mukul Saxena, CEO of MobiKwik. “It has no lock-in, daily interest credit at up to 12% annually, and a modest initial deposit requirement of just INR 1,000.” The Xtra product, which is accessible through the user-friendly MobiKwik mobile app, intends to encourage knowledgeable investors to adopt a new investment style.
Addressing the media, CEO Mukul Saxena said that 90% of Indians lack access to the appropriate financial products and the knowledge to make the most of their money. He continued that every Indian is expected to save more money with the help of Xtra, which offers the best interest rate. With Xtra, customers can invest and make money for brief periods of time or over longer periods of time.
Saxena gave an example that if A made an investment at the beginning of the month, the money will generate returns every day. The person has now earned 0.5% on the deposit in 15 days time span. Thus, maximising the savings of the individual even if the person withdraws it on the 16th of the month to cover monthly costs.
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