- Hi and welcome. We are going to talk today about financial investments. What is mysiponline.com?
MySipOnline is an online mutual fund portal, which allows the customers to avail expert advice and invest in the schemes of all AMCs as per their investment objectives. A customer will not have to maintain separate accounts for investing in the schemes of different AMCs. Also, we provide a hassle-free, transparent mechanism and unbiased advice, which supports them to take their financial decisions freely. Customers can track the portfolio at any given point in addition to hiring a financial consultant.
- How did you come up with the idea to start a business in this field?
I was looking for investment options and found Mutual Fund as the best way to grow your money. The process of investing was very tedious, and a local advisor depended. I was sure that most of the people do not know Mutual Funds, and even some of them know, finding an easy way and trustworthy advisor is a big challenge. That is how this idea came, and after that, our research team has scrutinized the market and the conditions of the customers closely through various methods such as questionnaires, interviews, etc. We drew some conclusions, which majorly included the problem of maintaining accounts for each AMC and separately operating them, over and above unbiased advice with good services. The customers took a lot of time while comparing the funds and calculating the amount, which is required to be paid as their monthly investment to generate the desired corpus. We had an idea of building up a site, which would overcome all such issues and create a robust platform for the same.
- For the nonfinancial savvy, I have to say terms are a bit confusing. What exactly are SIP, Mutual Funds, and Tax Saving?
These three terms may seem to have a complex appearance but, in reality, are very easy to understand.
SIP is a simple method of investing in mutual funds, which allows the customers to invest little by little in their selected scheme for accumulating wealth over a period. And the best part about the Systematic Investment Plan is the compounding effect.
Tax Saving, through mutual fund investments, has become a measure of wealth creation where you get tax benefits on your income, which was earlier just a way of preventing your income from being nailed through the massive tax slab of the government.
Mutual funds reflect a pool of money that is collected from different customers as per their investing capacity, and these funds are further traded by the professionals hired by the AMC.
- Most people are comfortable knowing they have money in the bank, and they get a “safe” revenue from their savings. When is the point where you decide to invest in something else?
It is a widespread trend to keep the money surplus in saving bank accounts without even realizing the fact that one gets a negligible interest rate over it. Moreover, the ease of withdrawal from the saving bank account tempts the customers to spend that money for the things they want but don’t need. On the contrary, mutual funds, along with providing exhilarating returns, help the customers to make the best possible use of their money. They can easily plan for their future expenses and unforeseen. Also, this investing avenue provides you different schemes as per your requirements like capital appreciation, tax saving, fixed income, etc. One has the liberty to invest in mutual funds either through SIP or Lump Sum, depending on their investing strategies.
- But are banks safer than investments in the markets? Can you do more with your money?
Undoubtedly mutual funds are more than a substitute for saving bank accounts. Also, to protect customer’s interests, they are highly regulated by two government bodies. I.e., SEBI (Securities and Exchange Board of India) and AMFI (Association of Mutual Fund India), which makes them transparent and reliable as well. There are various schemes, which are a proxy to savings in bank accounts, namely, liquid schemes, which give 7% to 9 % and you can use it for daily transactions. Similarly, as per individual goals, there are multiple options to grow money.
- What is the minimum investment you can make, and is there a “most efficient amount to invest”?
One can start investing in SIP from as low as Rs. 500 and can increase the amount as per their capacity. Thus, one can clearly observe that the investment in mutual funds can be adopted by each and person at par with their income and financial status. There are no restrictions as to how much each customer should invest; it is up to their willingness and financial planning.
- Doesn’t knowing how to invest your money become a second job? How much time should you invest in knowing how things work?
Yes, it is not an expert task, and we have a team of experts who are always on their toes to help you make the best possible use of your money. Although it is true that mutual funds are managed by experts, it will take you less than a day to understand the entire process. You can track the investments on a daily basis and also compare between different funds easily. This will give you the required knowledge of investing and earning.
- Let’s say you think about investing. What is the first step you do, and how does mysiponline.com help?
It is highly necessary to understand your investment goals further; depending upon those particular criteria; our financial experts would create a diversified portfolio that best suits you. Also, a dedicated expert is assigned to monitor a single account further, which eliminates all confusion and overlap.
- Is everything online with mysiponline.com? Some people need to know in person their financial advisor.
On our portal, we have every process online; in addition, we have a team of experts to study and track an individual’s portfolio. The customers can seek the help of our team as and when they require, which makes the portal completely transparent and worth using. We have a dashboard on our site through which it becomes easier to monitor the schemes. In case any clients want, they can hire dedicated financial advisors to monitor their portfolio regularly.
- Why should you choose mysiponline.com? And does it work only in India?
Talking about our industry competency, here are a few that set us apart, firstly the absence of service charge one-click transaction report download. There are various other options available the which are easy redemption, STP (Systematic Transfer Plan), and SWP (Systematic Withdrawal Plans), which makes it is easy for the customers to switch their schemes and make the best possible use of their finances. We have a dedicated corner for the NRIs, making it possible for the Indians residing outside to invest in their country. It means that we serve not only the residents but also the customers outside India. As per the rules applied by the Indian Government, residents of Canada and the USA are not allowed to invest in the Indian mutual fund industry. Thus, we have a global approach towards investing in mutual funds.
- And how does it work? How do you choose an investment plan, how do you pay, and how can you cash out?
The customers can easily evaluate different funds with the help of compare funds options available on the site. An individual can track the past performance of every scheme, and after proper analysis of the same, he can take up the respective scheme for investing in mutual funds. The schemes could be picked up according to the risk profile of individual customers. One can also seek the help of our investment consultants in case of any trouble related to the field. The payment method is even simpler. One can pick any of the online methods for paying the amount directly to the respective AMC and not to us. We also have an online redemption process that makes it easier to withdraw your amount as well.
- Let’s say you have invested, and you need to cash out quickly. How long does it take to sell your assets and get the money into your account?]
The nature of the scheme decides the outflow of money. It means that if a customer has invested in liquid funds, then the amount can be fetched within 30 minutes of filing for redemption. For other schemes, it may take three days also. So, the time varies from scheme to scheme. But before investing, it clearly reflected that what is the time frame of money reaching your account.
- What would be considered a safe approach to investing? How much you invest, how much you save at the bank, and how much you expect, like a pension?
Before commencing any scheme, it is important to understand your financial goals, which would guide you to make the correct decisions as well. As soon as your targets are clear, you should decide the amount you are ready to pay for achieving it. One should also fix an appropriate amount, which is neither very less nor does it lay a burden on his pockets. Thus, an accurate scheme and amount can make you work towards your financial targets and better wealth creation.