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FreeCharge will now allow users to invest in mutual funds

FreeCharge’s customers will now be able to invest in mutual funds through its partnership with Reliance Mutual Fund. To invest through FreeCharge, a KYC compliant customer needs to enter their PAN number, bank account number and other details and the folio of the customer will be generated. For non-KYC customers, the KYC can also be done online instantly through FreeCharge by using the Adhaar number linked with the subsriber’s currently active mobile number. The initial subscription for the mutual fund starts at Rs 500 and further investments can be as low as Rs 100. The scheme will invest in ultra-short term debt funds, which are traditionally safer and return higher post tax returns than fixed deposits and savings accounts. "We will, in future, also diversify in other financial services offerings keeping our customers’ requirements in mind,” Freecharge CEO Govind Rajan…

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