10th August, 2022, Bangalore: Jupiter, India’s own home-grown neo banking and financial services platform, has announced its much-anticipated entry into the world of investments. Its first wealth creation offering is zero-commission Direct Mutual Fund investments with No-Penalty SIP as a unique offering in the market.
The No-Penalty SIP is a landmark feature, a first in the industry, for the Indian investor. Banks typically charge between Rs 250 and Rs 750 as penalty each time a SIP AutoPay mandate fails due to insufficient bank balance. With Jupiter, these unfair charges are now a thing of the past. The No-Penalty SIP has been built to smartly auto-skip any such charges. If the user’s Jupiter bank balance is running low, their SIP mandate is automatically skipped.
All it takes to set up an SIP is a single swipe. If the user would like to skip their SIP payment for the month, or cancel the SIP completely, that can be done with just a swipe too.
Investing in Direct Mutual Funds allow users to save up to 1.5% in commission fees every year, which would have otherwise been paid out as commission for regular mutual funds. So, with no commission being earned by the platform, Jupiter users end up earning extra returns on their Mutual Fund investments, and thereby, generate greater wealth over a period of time.
Prithvi Raj Tejavath, Business Head of Investments at Jupiter said, “We believe that being disciplined with your SIPs are a great way for young investors to build wealth, and with just one comprehensive platform for banking and investing, Jupiter had an opportunity to slash down any penalties on missed SIPs due to low balance in your linked bank account. Our No-Penalty SIP auto-skips when your balance is running low, so you’re never charged for faltering on your Mutual Fund investments.”
Moreover, should the consumer choose to invest before 2 PM on working days, they can also get the NAV (Net Asset Value), which is shown on the Jupiter app. All they have to do is download the Jupiter app, and look for the “Investments” tab on the app home screen to open an investment account with the platform. It takes approximately three minutes to open a Jupiter savings account, and about 20 seconds to start investing on the platform. In the last 10 days, we’ve onboarded about 25,000 users.
The feature is currently available to people who have Mutual Fund investment accounts already. In a few weeks, everyone who’s completely new to Mutual Fund investments will also be able to open their investment accounts on Jupiter.