Paytm Money – India’s largest online platform for mutual fund investments and the wholly owned subsidiary of One97 Communications Limited that owns & operates Paytm, is now offering several optimized solutions to individuals for saving income tax.
On Paytm Money, users can discover several ELSS (Equity Linked Savings Scheme) mutual funds from 38 leading AMCs (Asset Management Companies) in India at multiple discovery points. There are specially curated Investment Packs consisting of 4 ELSS mutual funds, starting at a minimum investment amount of Rs. 2,000. These are ideal for users who wish to diversify their tax saving led investments portfolio. ELSS schemes start at a minimum of Rs. 500 with simplified payments through 190+ banks via UPI, Netbanking, Debit Card and AutoPay.
Investors can invest up to Rs. 150,000 and save up to Rs. 46,800 annually as per Section 80C, Income Tax Act, 1961 with Tax Saver Investment Packs either via lump sum option or via SIPs. Alternatively, investors can also access ELSS funds other than the ones that are part of the Tax Saver Investment Pack.
Paytm Money also provides free-of-cost instant ELSS tax statements, which can be requested directly from the Paytm Money app. Upon submitting the request, the statement is sent as a pdf document to the user’s registered email address. This statement also serves as an investment proof that users can submit to their employer for income tax computation purpose.
Within a few months of its launch, Paytm Money has crossed over 1 Million users mark to become the largest platform for mutual fund investments in India offering commission-free investing in direct Mutual Funds. The company is fast innovating its product & technology offerings to simplify mutual fund investing experience for its users. Recently, it enabled mutual fund investing via UPI, consolidation & tracking of all mutual fund investments, register SIP & pay later and many such features aimed towards simplifying the investing experience for its users.