Smart savings account is a digital banking solution built on top of your existing bank account and Liquid Mutual Fund for all your personal banking needs loaded with features of your regular bank account. You can add money to this account from your bank or ask your employer to transfer your salary directly to this account and start using it for bill payments, funds transfer and investments.

Plus you shall be able to manage your expenses like a pro, get tailor made offers from our business partners and earn upto 100% more interest than your regular bank account.

It is the smartest way of banking trusted by our smartest customers.

Before we answer this question, we would like to explain you about what happens to your money kept with a bank in your savings account.

Every bank has to follow certain guidelines in terms of managing their liquidity, i.e. making the money available to their account holder whenever required or matured. And since the money kept by you in your savings account can be withdrawn by you at any point of time, the banks has to make sure that your money is invested or is given as a loan to highly liquid and safest instruments like Treasury Bills, Top rated Commercial Papers, etc.

These highly liquid investments are also made by these banks to meet various regulatory requirements of maintaining Liquidity and Cash Reserve Ratios.

Our Smart savings account shall follow the same guidelines of banking by making your investments directly in your ownership in the instruments like Treasury Bills, Top rated Commercial Papers through a Liquid Mutual Fund which is a debt instrument (not equity) and are considered to be the best alternative to a savings account.

Since your money is invested in debt instruments through a liquid mutual fund, your money shall not get effected by the daily volatility of equity market (Stock Market) and provide you with an interest income of upto 6% per annum.

Using a Smart savings account is very simple. You need to complete a one time KYC process through the mobile app which is completely digital.

You must be a citizen of India holding a Permanent Account Number (PAN), having an address proof (Any one of the following: Aadhaar, Valid Driving License, Valid Passport, Election Card) and an operational bank account in your name.

Your KYC registration will be checked from a SEBI approved KYC registry agency (KRA), and based on the status you will need to complete your Video KYC verification (Full KYC) to start using your Smart savings account.

P.S. Data Security Guaranteed.

Firstly, the money kept in your Smart savings account never touches our bank account. We are providing a platform for your banking needs, but smartly.

What about your investmets in Liquid Mutual Funds?
Your investment in Liquid Mutual Funds do come with a disclaimer of "Mutual Fund investments are subject to market risks" but Liquid Mutual Funds are considered as the least risky investment in the entire spectrum of Mutual Funds.

Liquid Mutual Funds provide a stable return throughout your investment period which is close to the Repo Rate announced by RBI.

Your Smart savings account comes with a feature of instant withdrawal of funds to your bank account. You can instantly withdraw upto INR 50,000.00 or 90% of the total funds (whichever is less) and the balance shall be credited on the next buisness day.

The funds added to your Smart savings account shall be available for you to use after 1-2 days based on the time you have added the funds as the same is invested on your name in the Liquid Mutual Fund.

With your Smart savings account, you can make bill payments, funds transfer and investments. We provide you with all the features that is available on a regular bank account through our smart banking solutions.

However, the payments from Smart Savings Account shall have a restriction on the instant transaction limit of upto INR 50,000 or 90% of your balance (whichever is less).

To overcome this restriction, we are bringing an out of box payment system, mytra pay(coming soon) which shall help you make payments at different online e-commerce platforms, book flight, train and bus tickets, pay at your favourite restaurants and many more.

Using Smart savings account is absolutely free. There is no minimum balance requirement, you can add as little as INR 100.00 to start using Smart savings account.

There is no lock-in period for withdrawal of the funds. However, there is a small exit load applicable, if you withdraw your funds during the first 6 days (1st day: 0.007%; 2nd day: 0.0065%; 3rd day: 0.006%; 4th day: 0.0055%; 5th day: 0.005%; 6th days: 0.0045%) which is charged by the Liquid Mutual Fund company.

Though we do not charge you any fees for using Smart savings account, we get a small amount of commission ranging in betweeen 0.05% to 0.07% from the Liquid Mutual Fund company.