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What is Sqrrl?

Sqrrl is your buddy you can count on to help you save and grow your money, effortlessly! You can get your journey started with as little as Rs 100 and setup yourself for bigger dreams. Money you save with Sqrrl gets invested intelligently in best Mutual Funds.

Why is the brand named Sqrrl?

"Sqrrl" - pronounced "squirrel" is an animal known to be nimble, social, responsible and above all it is known to save in summers for the winters. These are the attributes that we want to stand for.

Is Sqrrl free?

Yes, Sqrrl is free.

Who is Sqrrl meant for?

"Sqrrl" is meant for everyone who needs help with savings and investing in mutual funds. Having said that we believe young Indians in the age group of 25-35 who are in early phases of their careers will like the most. These are the ones who are being conspired by the ecosystem to consume with mindless spending. While spending is fun, Sqrrl will help you become a mindful spender.

Why should I trust Sqrrl with my money?

That’s a great question. While "Sqrrl" is a financial services firm which is regulated by SEBI and comes under the purview of AMFI. In essence your monies never touch Sqrrl banks account they are always directly invested with one of the largest, AMC's regulated by SEBI. The details of these are always made known to you at every step of the process. Sqrrl earns a distribution fee from these AMC's and we are very transparent in disclosing how much we earn.

How does Sqrrl make money?

Sqrrl is registered as a Mutual Fund Distributor and receives distribution fee from the AMC's, as mark of transparency we are very happy to share with you how much money we make from your investments.

How is Sqrrl better than recurring deposit?

Sqrrl makes savings easy fun and effortless. We believe it is more important to start rather than waiting for the best to walk past you. We encourage you to start the journey, experience it and see it for yourself.

How do I contact someone from Sqrrl?

We are always there for you, just drop in a "Hi" at happy2help@sqrrl.in and we get back to you pronto.

Can Sqrrl be used like a mobile wallets (like Paytm and Mobikwik)?

Partly Yes, Partly No. We seek to offer a Visa Debit card to all users of Sqrrl Away and one can use that card to withdraw from ATM and also use it at POS machines.

Whom can I contact to know more about Sqrrl?

Simple, just drop in a "Hi" at happy2help@sqrrl.in and we get get back to you pronto. Look forward to hearing from you.

What documents do I need to open a Sqrrl Account?

Sqrrl wants to take away all your paperwork pain, therefore we have built a paperless onboarding journey. However, you may need to upload/share digital copies of the following documents which you may want to keep handy while setting up your Sqrrl account : 1) PAN No, 2) Aadhar No 3) Address Proof 4) Bank Information(Account No and IFSC code). 5) Cancelled copy of the Cheque. Please note that you may need all or some of them depending upon your status and regulatory requirements

What is KYC? Why do we need it?

KYC stands for - Know Your Client. As per the law of the land all individuals are required to go through this one time requirement such that the bonafide credentials are established to avoid money laundering etc.

I know nothing about mutual funds, then how can I invest?

Thanks for asking this, we are actually imagining something more basic, which is that the customer does not know the word called Mutual funds. We start the journey with you and our products Sqrrl Away/BYOD/Axe Tax are self explanatory or we are better off explaining those rather than mutual funds.

What is the minimum amount I can invest?

We need to understand this from the product perspective. In case of Sqrrl Away the minimum savings amount is INR 100. In case of BYOD the minimum saving will depend upon the type of your Dream and How soon you want it. For Axe Tax minimum savings can be INR 1000.

Are there any set-up fees/subscription charges etc?

There are no Set-up Fees/ Subscription Charges / Transaction charges that you need to incur.

Can I pay via credit card? Why is only Net Banking/Debit Card an option?

Good Question. The reason that Credit cards are not allowed presently is that this can create a scenario where one can create financial assets without actually having monies to back it up with. This can create an artificial scenario of creating investments without actually putting money. Therefore regulators do not permit us to accept credit cards.

What is Sqrrl Away?

Sqrrl Away as the name indicates is designed to help you put away small sums of money on an automatic basis and create a virtual savings nest. The added advantage of doing so is that while a typical savings bank account yields 3.5% on your lazy cash, Sqrrl puts that to work and generates approx 6-7% by investing them in Money market funds/Liquid Funds without compromising the liquidity and safety on these monies. You can start Sqrrling Away with as little as Rs 100.

How does it work?

Sqrrl Away journey can be started based on your ability to set aside for savings. You can setup weekly, top up on ad-hoc basis and just watch the money grow. Sqrrl puts that to work and generates approx 6-7% by investing them in Money market funds/Liquid Funds without compromising the liquidity and safety on these monies. They are availabe for you anytime.

How is Sqrrl better than my savings account?

Normal saving account with banks gives 3.5% on balances, Sqrrl Away invests in Liquid/Debt funds which have delivered between 6-7% without compromising the safety and liquidity of these investments. Of late there a few banks which have started to give up to 6% on savings balances, however, "Conditions Apply", like minimum balances etc. and more importantly you will need to open a bank account with them. But with Sqrrl, we work with your existing bank account and get your monies to work harder.

Is my money accessible at all times?

The product you choose defines the liquidity of your money. In case of Sqrrl Away - money is available as follows, Rs 100 to 50,000 available for insta redemption. 100% of your balance will be available on Next business day morning in your bank account.

How do I get money back into my bank account?

Well the timelines differ from product to product. In case of Sqrrl Away you are spoilt for choice, a) You can tap in the App and get Rs 100 to 50,000 instantly(max of 30 min) b) By way of Cash withdrawal or by way of swipe at a POS (point of Sale) on the Visa Debit Card which you will receive once you open a Sqrrl Away account, c) 100% on Next business day morning in your bank account.

Is there a Lock In period?

NO, there is no lock in period. Your Sqrrl Away invested money is available all the time.

What is BYOD?

BYOD - is an acronym for Bring Your Own Dreams. The idea here being to help you save for that Next Smartphone, Mac Air, the much aspired Vacation to Paris, etc etc. by breaking these into smaller goals and automating savings to help you reach there.

How does it work?

It is completely DIY(Do It Yourself) for a user. You decide what you want to save for, how much you want to save and what duration you want to go for. Our intelligent Asset Algorithm take care of deploying your money for best way to reach the target amount in the period you choose. It even tracks and keeps guiding in your journey.

Is my money accessible at all times?

The product you choose defines the liquidity of your money. In case of BYOD, the investments are set up depending upon your duration of your dream as specified by you. However, these monies are also redeemable any time but may be subject to a small early redemption charge, called exit load in some cases and the money will be available back in your bank account in maximum of T+3 days, T being the date of transaction.

How do I get money back into my bank account?

Well the timelines differ from product to product. In case of BYOD, the investments are set up depending upon your duration of your dream as specified by you. However these monies are also withdrawable any time, however may be subject to a small early redemption charge, called exit load in some cases and the money will be available back in your bank account in maximum of T+3 days, T being the date of you submitting the withdrawal request.

What is the lock in period?

Well the lock-in depends upon the product that you choose. for example, In case of BYOD, the investments are set up depending upon your duration of your dream as specified by you. However these monies are also withdrawable any time as explained above.

What is Axe Tax?

Making money itself is tough why should saving taxes add to woes. Axe Tax helps you save hard earned money by helping you invest in most optimal tax savings instruments with minimum lock-ins.

How does it work?

We guide you in this process to the amount you need to invest to save taxes. There are some easy questions that you need to answer and we reccomend how much to invest. Once the amount has been decided, you can go for one time or invest on a monthly basis based on your comfort.

Is my money accessible at all times?

The product you choose defines the liquidity of your money. In case of Axe Tax, as stipulated by law these monies are locked for 3 years from the date of investment for you to get tax benefit and are available for redemption post 3 years on T+3 days.

How do I get money back into my bank account?

Well the timelines differ from product to product. In case of Axe Tax, as stipulated by law these monies are locked for 3 years from the date of investment for you to get tax benefit and are available for redemption post 3 years on T+3 days basis, T being the date of you submitting the withdrawal request lock-in.

What is the lock in period?

Well the lock-in depends upon the product that you choose. for example, in case of Axe Tax, as stipulated by law these monies are locked for 3 years.

What happens to my money if it is locked in for 3 years?

This is basically in case of Axe Tax. All investments under section 80C are subject to some duration of lock-in as per the regulations. ELSS (Equity Linked Savings Schemes) being offered by Sqrrl have the lowest lock-in amongst all options, i.e., 3 years and historically this category has also given the best returns.

Where will my money go?

Sqrrl does not take any Investors money in its bank account, rather they are directly transferred, remitted to the underlying scheme/ Asset Management Company (AMC) which are regulated by Securities Exchange Board of India (SEBI)

Is my money safe?

This question can be looked at from 2 perspectives. Firstly is the money safe with Sqrrl? To which we would like to assure you that we are a regulated entity and no customer money ever touches Sqrrl's bank account, everything goes into the underlying schemes of Asset Management companies which are regulated by SEBI (Securities & Exchange Board of India). All transactions emanate from your Bank account and are credited back in your bank account. The other perspective of safety is the safety of these underlying investments and that should be understood product wise. In case of Sqrrl Away the underlying is being invested in Short Term Debt Funds where the volatility is less and returns are predictable. In case of BYOD the monies are invested determined by the duration of the dream you want to save for and it is subject to vagaries of the market in spite of our best intentions to keep volatilities to minimum. In case of Axe Tax the monies are invested in equity instruments and are subject to vagaries of the market, but since the holding period is for 3 years it generally evens out the short term volatilities and historically has delivered good returns for investors.

How do I get money back into my bank account?

Well the timelines differ from product to product. In case of Sqrrl Away you are spoilt for choice, a) You can tap in the App and get Rs 100 to 50,000 in 30 mins, b) By way of Cash withdrawal or by way of swipe at a POS (point of Sale) on the Visa Debit Card which you will receive once you open a Sqrrl Away account, c) 100% on Next business day morning in your bank account. In case of BYOD, the investments are set up depending upon your duration of your dream as specified by you. However these monies are also withdrawable any time, however may be subject to a small early redemption charge, called exit load in some cases and the money will be available back in your bank account in maximum of T+3 days, T being the date of u submitting the withdrawal request. In case of Axe Tax, as stipulated by law these monies are locked for 3 years from the date of investment for you to get tax benefit and are available for redemption post 3 years on T+3 days basis, T being the date of you submitting the withdrawal request lock-in.

What are precautions Sqrrl is taking to keep my money safe?

Sqrrl does not keep money in its own account and they are invested in relevant Mutual funds. Your money is as safe as you directly investing in mutual funds.

How is risk reduced when using Sqrrl products?

That's a great question. Sqrrl Does extensive research of investment opportunities and finds the most risk optimised schemes/investment opportunities for you. This Asset allocation model has been developed especially for BYOD.

Are the returns guaranteed?

No, None of the products that Sqrrl uses Guarantee any returns, but given historical performances we can arrive at reasonable estimates of returns for each product that the customer should expect. They are shared with you in the app before investing.

Can I lose money if market goes down?

Lets understand this product wise, In case of Sqrrl Away the underlying is being invested in Liquid Funds where the volatility is less and returns are predictable. In case of BYOD the monies are invested determined by the duration of the dream you want to save for and it is subject to vagaries of the market in spite of our best intentions to keep volatilities to minimum. In case of Axe Tax, the monies are invested in equity instruments and are subject to vagaries of the market, but since the holding period is for 3 years it generally evens out the short term volatilities and historically has delivered good returns for investors.

Do I need to pay taxes on my return?

The Tax liability will be determined on the basis of the product that you choose and the durations that you stay invested. We will indicate from time to time the Tax liability, if any.

How does Sqrrl select funds where my money is invested?

Sqrrl selects funds backed by research without any bias. We do take care of exit loads and tax implications. These funds are monitored on monthly basis and required changes are made if necessary.

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