Times Internet’s investment app ETMoney will now offer users an option to switch their regular mutual funds to zero-commission direct mutual funds (MFs). The app will also allow customers to invest and carry out withdrawal transactions in direct MFs. ETMoney claims that in India, Rs 15 lakh crore is held in regular mutual funds. It claims that switching to direct mutual funds will save customers upto 1.5% in commission each year.
In September, ETMoney opened up free-of-cost investment in over 1000 direct MFs from 20 mutual fund companies. ETMoney claims that existing users switched MFs worth Rs 150 crore to direct plans within a month.
- As of July, ETMoney claimed to have carried out 10 lakh transactions, with 2 lakh transactions per month.
- The app also claimed over 1.5 lakh users investing via the platform.
ETMoney is a personal expense management app which allows users to invest in mutual funds, gold deposits, liquid funds etc, buy insurance, manage expenses and more. In May, ETMoney entered into the lending space with the launch of a new service called CreditLine on its platform, in partnership with RBL Bank.