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Frequently Asked Questions

About Pesave

What is Chutta?
Chutta is service which rounds up, any digital transaction done via any bank or wallet, to the nearest multiple of Rs. 5 and helps you invest that rounded of money.
Why should I use Chutta
If you are like us and are not able to save money, chutta is a nice method to use to help you make savings a small and daily habit.
How does Chutta work
Every time you transact digitally, your bank or wallet sends you a SMS, upon receipt ofthe SMS the application triggers a savings

Chutta Related

Which accounts does chutta work with
Chutta works with all bank accounts and wallets. As long as they send you a SMS we can help you save money.
How much money is invested via chutta?
Every transaction is rounded of to the nearest Rs. 5, so if you do 3 transactions a day, all three transaction are rounded of and that value is invested
Why only Rs. 5? It is so less.
We understand that the amount you invest is less, but we have kept this amount less so that you can save this money easily and make savings a habit.
How do I increase this rounded of amount?
Currently you cannot increase the amount. As soon as launch a feature letting you do this we will let you know.

Security Related

How secure is Pesave?
Very secure. We deploy bank level security to both your money as well as your data. Which is very safe with us.
Do you store my Aadhar data?
NO. We do not store any Aadhar related data. Under the Aadhar act no private entity can store the Aadhar number.
How do I reset my passcode?
You can visit the settings section in the app and click change the passcode option
I have forgotten my passcode how do I change that?
You can visit the settings section in the app and click change the passcode option and then follow the “forgot passcode” section.

Investment Related

Where does my money go
Your money is invested into a relatively low risk mutual fund run by ICICI Prudential As-set Management Company Limited or as publicly known as ICICI mutual fund
Can I change the mutual fund company?
No you cannot change your mutual fund or the mutual fund company
Do I need to do KYC ?
Yes it is mandatory for all people who want to save and invest in Chutta or for that matter any mutual fund to do KYC. It is mandated by the law of the land
I already invest in mutual funds. Do I still need to do KYC?
No. In this case just enter your PAN card and we will check with the Central KYC reg-istry, once we verify your KYC status, you need to enter your bank accounts details (forwithdrawals) and some data which is required by ICICI mutual fund and you can start Investing
I have just done my KYC and activated Chutta. Which date NAV will I get?
Incase you have just completed the KYC with us and activated chutta, we need to ver-ify the documents which takes about 1 working day. After verifying your documents the amount will get invested in the next working and that days NAV will be applicable
Which days NAV is generally applicable?
Your money gets invested the next working day upon us receiving your money. That days NAV will be applicable.

Withdrawals

How do I withdraw my money?
You can visit the withdrawal section in the application and place a request for with-drawal there.
How much money can I withdraw at one time?
Minimum withdrawal amount is Rs. 1 and maximum amount is the total value of your investment
When can I withdraw the money?
You can request a withdrawal at any point 24x7
When will the money be credited to my account?
The money will be credited to your bank account within 2-3 working days upon your receipt of the request
I have just invested the money today. Can I withdraw money today?
If you have an earlier investment then that amount can be withdrawn at any point, if you want to withdraw the amount which you have invested today, you can place a re-quest and it will be processed the next working day.
Where will my money come?
The money will be remitted to the bank account entered by you at the time of doing KYC.
I want to change my bank account for withdrawals
You cannot change that from the app. You will need to contact ICICI mutual fund and ask them to change that. It generally involves tedious paper work and a visit to the branch. We’d recommend that you withdraw the money to the old account and then make changes to the bank account.
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