3 Investment apps for medium-income earners to reach financial goals

By Leandra Monteiro

A new year is an ideal time to set financial goals and make plans to reach the money milestones you want in 2023. The unpredictability and turbulence we have seen recently have upped the need for secure, flexible, and low-risk forms of investment. First, the pandemic brought home the fact that livelihoods can be snatched in the blink of an eye and that it is up to us to safeguard our financial interests. Then, just as the world began recovering from the after-effects of covid, came the war in Europe, driving inflation through the roof.

In the new year establishing your short-term and long-term financial goals early will help you come up with a solid plan for your income, debts, savings, and ensure you remain on track. Here are 5 investment apps and services that are perfect for small to medium-income earners and will help them feel more secure:

• MobiKwik Xtra

This flexible investment product is tailored for young, tech-savvy investors at the start of their career. With a zero lock-in period, interest credited daily at 12% per annum, and a minimum deposit of just INR 1000; Xtra is a fresh take on investments designed to suit the needs of millennials and gen Z.

Available on the user-friendly MobiKwik mobile app, it enables users to invest and earn for short bursts or extended time periods according to their convenience. For instance, if you invest some money at the beginning of the month, that money earns a daily interest till the time it is withdrawn. If the withdrawal is made on the 16th of the month, your deposit has earned an income of 0.5% in those 15 days, thus maximizing your savings.

• Siply Gold Savings 

Gold continues to be one of the safest instruments of investment. It is not subject to major price fluctuations and is unlikely to ever fall to nil. Besides, it can be easily converted to cash. However, the critical thing is to invest in 99.9% pure gold coins and bars that bear the BIS Hallmark.

Siply recently launched a scheme that makes gold accessible to all. Depending on your individual financial situation, you can choose to buy a gold coin that weighs either 0.5gm or 1 gm. Instalments start at just INR 450 per month for a 1gm gold coin and INR 250 for a 0.5 gold coin. These instalments need to be paid over a period of 10 months, but the monthly amount can be broken up into smaller parts to suit your convenience.

• Paytail 0% EMI

Paytail is revolutionising commerce by enabling instant paperless no-cost EMIs to consumers and transforming merchants’ selling experience through scalable technology solutions. Paytail enables merchants to offer 0% EMI led directly by OEMs and other sellers, leading to better sales. The Made by Bharat, Made for Bharat startup is disrupting the $1 trillion offline commerce market by bringing affordability, speed and convenience to customers.

Availing Paytail’s 0% EMI can help you save more, keep your budget intact and manage your finances better. The completely paperless EMI credit from Paytail offers you an instant credit limit with flexible no-cost EMI repayment tenures of up to 18 months.