How Does ScripBox Work?
- 20 May 2017 | 1440 Views | By Mint2Save
Scripbox is very easy to use and a friendly investment service tool which helps you to learn about personal finance, investment, tax saving and tax planning, and aids you in mutual fund investing.
It simplifies the investment journey of everyone whosoever wants to get started with investing in whatever savings need, they might have. It is also known as the name of basket of funds and as a wealth management tool that puts your money into a basket.
By opening an online investment account at scripbox.com, one can invest in the scripbox basket, which is launched in November 2012, by downloading the pre-filled application form where you will fill the details online and then get a print out, then attach your know-your-clients documents and a cancelled cheque and then courier them and you are good to go further. This basket of your investment has to be reviewed once in a year. The basket is just an indicator so you need to buy and sell on your own from its website. Scripbox also put forward an Android app that teaches financial provisions which explain tax planning, and show different methods of wealth creation. Scripbox provides the unique features such as tax-efficient re-balancing, capital gains statement for income tax return filing etc which make you and your life trouble-free. Scripbox works for both the advanced investors and the beginners.
The Scripbox app is separated into three parts i.e. Learn, Plan, and Act. The Learn section is like an instruction manual of personal finance knowledge combined with various blogs on topics significant to the average investor. Another section, i.e., the plan includes easy-to-use calculators, sliders and charts to explain all the users that how much they could earn or get benefit from various investments, and how to account for taxes while investing.
The Scripbox also include a Wealth Check up that takes at least 3 minutes to fill out, and demonstrate users how they are doing for their age and city. Another Act section of the app, users can sign up for Scripbox using their Aadhaar or PAN number. Scripbox is the best tax saving mutual funds which is much better than PPF and insurance.
Scripbox provides a regular monitoring of the portfolio and in addition, also makes changes in the portfolio on the basis of performance of mutual funds involved within. Scripbox also provides an easy withdrawal facility and propose the maximum amount available to the investor that he can easily withdraw without paying any taxes. Scripbox suggests tax saving investments under 80C. Scripbox does not involve any hidden costs.
Scripbox gives you a ready basket to invest in. Since Scripbox is entirely online, it’s suitable for those who can purchase funds by just transferring money over the Internet. Scripbox has laid a lot of emphasis on systematic investment plans (SIP) and you can select the amounts you want to invest in each scheme. The outline is simple where your account also gives you a calculation of capital gains which is useful at the time of filing your tax returns and you also get your account summary with historical transactions.
Scripbox considers only diversified equity schemes, including large-cap schemes. This leaves out all other schemes, including mid-cap, balanced, debt and even equity-linked saving schemes. In other words, Scirpbox it caters to a very narrow set of investors, it considers only diversified equity schemes, including large-cap schemes. At present, one-time investment takes at least 3 working days for money to move out from your bank account and units get allotted to you on the 4th day. This is different from other online financial portals that let you to invest in mutual funds, but Scripbox tells us that they are working on this to make it faster.
Consumers can invest in these funds through Scripbox is an online portal at no/free charge Now a days, Indian investors have more than 5,000 mutual funds to select from and very less options for sound financial advice. But it offers a portfolio of eight scientifically preselected funds in various categories. Since it was founded in 2012 and now Scripbox has grown its customer presence in 370towns and cities across India. In the previous 18 months unaccompanied, it’s increased its customer base 10 fold. Completely 70 percent of those customers are first-time investors, and Scripbox’s goal is to give confidence to young Indians to develop a lifetime habit of sound investing and saving.