Savings scheme

Siply Launches Affordable Gold Savings Program With High Returns For The Masses

The unique program is designed to make participation in Gold Savings programs a reality for underserved Indians, with very low monthly payments and above average returns.

BENGALURU, India, March 24, 2021 / PRNewswire / – The Siply micro-savings fintech platform, which offers “sachet-style financial services” for 40 crores Underserved Indians, announced today the launch of the Siply Guaranteed Gold Savings Plan. Available to all users on their app, it is a one-of-a-kind program with many distinct features, as follows:

  • The investment can be as low as Rs. 100 per week
  • The duration of the plan is three months
  • An investor can earn an additional 10% gold in three months compared to the current market rate of 8.33% offered by most jewelers (11-12 month programs)
  • Pan-India access, available in urban and rural areas
  • Highest purity 24k gold offered

Gold as an investment option is considered safe and ambitious by most Indians. The prohibitive price of the metal, however, makes it nearly impossible for financially weaker sections of society to trade or invest in gold. Taking advantage of this huge unmet demand, Siply introduced the Guaranteed Gold Savings Program, which addresses the specific needs of underserved Indians. The entry point was intentionally kept at a very low level (minimum 100 rupees per week), facilitating the participation of blue and gray collar workers, odd jobs, micro-entrepreneurs and small business owners, among others. Customers from the most remote areas of India now have access to a 24-karat gold program, designed to be financially inclusive, flexible and convenient for all.

Speaking of the Siply Guaranteed Gold Savings Plan, Sousthav Chakrabarty, co-founder and CEO, Siply observed, “With this program we have taken a step forward in our vision to create a more financially inclusive India. A large part of Indians, who until now were unable to save or invest due to limited financial means and a lack of practical options, can now do so thanks to Siply’s microfinance offerings. . This Guaranteed Gold Savings Plan is one of them. We will continue to introduce more pioneering financial solutions for 40 crores Indians who have not yet been able to take advantage of the various financial products available on the market today. “

Anil Bhat, co-founder and CTO, Siply, offered an overview of the technology behind the platform that brings these products to life. He said, “To make this even more accessible, Siply is creating a platform that businesses can easily connect to and offer micro-savings options directly to their staff. users. “

The Siply app is available for download from the Google Play Store, in English and other regional languages. It is easy to use, as users do not need to provide additional documents, as the Siply Guaranteed Gold Savings Plan is directly linked to their phone numbers. Siply’s mutual fund offering also features a fully digital eKYC-based enrollment process. Since its launch at the end of 2020, there are already 80,000 registered users on the Siply application. Company worth Rs. 25 crores has already been carried out on the Siply platform and the number of transactions has crossed 3 lakh.

About Siply

Founded in 2020 by veterans of the financial services and technology industry, Siply is a technology platform that provides microfinance services to underserved Indians through its mobile app and website. He strives to instill a saving behavior in Indians with limited financial means, in order to help build a financially stable and productive society. India.

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