We are working on this cool micro-investments feature called ‘Invest the Change’ which will help you save and invest small amounts of money automatically as you go about your monthly spends via your NiyoX Equitas Savings account.
But, we need your help in arriving at a decision, because we, the internal team, are honestly stuck here and your opinion will help us solve this big fat dilemma.
So here’s the concept for your understanding, post which we’ll ask you to choose one of the options we’ve explained.
How does ‘Invest the Change’ work?
Whenever you use your NiyoX Equitas Savings Account or debit card for any spend - online or offline, we plan to round up the spent amount and invest the remaining change in a mutual fund of your choice automatically.
Example: If you spend ₹34, we set aside ₹6 for investing. (Rounding off to the next ten i.e ₹40)
There are many ways to go about calculating the ‘change’ and the subsequent investment amount with each spend.
And here’s where we need your help
Which of the following two options would you prefer for accelerating your investments with every spend?
Option 1: Roundup
Here you get to choose whether to round up your spend to the nearest ₹10, ₹50 or ₹100.
Option 2: Multiplier
Here the spare ‘change’ is automatically rounded up to the next ten, but you get an option to then apply a multiplier of 1x, 2x, 5x or 10x before setting it aside. This allows you to save more.
- Option 1: Roundup
- Option 2: Multiplier
- The concept is not clear to me
If you have any other ideas regarding this, let us know in the comments and we will take them to the product boardroom!