Idle Money – Make more with Reliance Salary Addvantage

Some time back, Reliance mutual fund had launched a product called Reliance Salary Addvantage. This certainly is something interesting and apart from the standard information that u can find at http://www.reliancemutual.com/, I am providing other information that is not available at the webs site but are interesting facts which you should consider before opening an account here.

Any idle money that you have (Typically lying in the savings account) can be invested in this scheme (Min Rs 500) which is then invested in the Reliance liquid fund (This will give higher returns than the returns that a savings bank account will have). One is then given an ATM card from using which once can access upto 75% of the funds invested through any ATM that is VISA enabled.

One is allowed one free withdrawal a month from any HDFC bank ATM, while withdrawal from other ATMS will be charged. Additional withdrawals over the single free withdrawal that is provided in HDFC bank ATM will also be charged. These charges are close to INR 10-11 per withdrawal.

Balance enquiry using the ATM on the value of the units will also be charged.

Any withdrawal from the ATM is akin to a withdrawal of some of the units of the fund and having instant cash. This card can be used at any POS machine also at a charge and can be used to buy the typically stuff that you will used to purchase anything with a debit card.

I feel that this is a good product to move the idle funds that one typically has in the savings account (maintained for emergency purposes) to this product s one gets the dual advantage of higher tax returns and at the same time has adequate instant liquidity that is required during emergency.