Fundsindia site - Q & A Forum

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illi asked 9 years ago

Hello Mr.Srikanth, Let me first compliment you on your patience and quick response in resolving the hundreds of queries of the common public. Then i would like to Thank you for reply's to my own queries earlier. i have one more one! (i opened an account with Fundsindia some time ago thinking i will start some MFs, though i haven't yet!) Fundsindia site is showing an ad offering a super saving account with more than 8% interest. is this like a regular bank account. what exactly is their account and how does this work out for public safety wise? how different is this from a regular bank account? Thanks and regards

1 Answers

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Sreekanth Staff answered 9 years ago

Hi, Thanks for the appreciation! No, it is not a regular savings bank account. If you opt for it, your money will be invested in a Liquid fund (reliance fund). So, the risks associated with normal Debt funds are applicable for this scheme too. It is not safe as your bank savings account. For more details on this, you may read below article written by my friend and co-blogger ; https://www.basunivesh.com/2017/02/21/reliance-money-manager-fund-is-it-an-alternative-to-bank-savings-account/