Touch ‘n Go (TnG) eWallet has introduced a second investment feature called GOinvest for its users. GOinvest is different from the previously launched Go+, where GOinvest is described as a goal-based investment that offers a higher projected return of up to 2.70% per annum. According to TnG, the investment is Shariah-compliant.
Currently, there is only one fund available for you to tap into – Principal Islamic Money Market Fund (Class D). However, there are plans to include more funds, both Shariah-compliant and conventional, in the near future.
In short, GOinvest is a goal-investing platform where you are required to create or select an investment goal when you are setting up your account. But, if you do not wish to make a specific goal, you can opt for a pre-set “General Savings” as your goal instead. Besides, you may also keep multiple financial goals at all times. The investment platform is catered for long-term investment and it can be used to save up to achieve a certain financial goal.
You can set your target amount of how much you wish to save, as well as the duration. The app will calculate your monthly required cash-in and show you the projected net return and interest rate for the period.
GOinvest is open to all TnG eWallet users above 18 years old. Users can begin investing via the platform with a minimum deposit of only RM10 – either via your TnG eWallet or FPX online banking. There is no maximum limit set to the amount that you can invest. However, you will be restricted to a limit of RM30,000 per transaction if you use FPX online banking to perform your cash-in transactions.
On contrary, GOinvest may take up to one business day to process and credit your cash-in payments, compared to GO+ which you are able to perform instant cash-in. For instance, if you successfully cash in by 1 PM, your payment will be processed using the net asset value (NAV) per unit for that business day. While payments made after 1 PM will be processed using the NAV per unit for the next business day.
According to GOinvest FAQ, cash-out transactions can be performed starting from a minimum of RM10. The money will be credited back to your bank account. There is also no maximum limit to the amount you can cash out either. It will take two working days to process your cash-out request. Similar to cash-in transactions, the NAV per unit used to process your cash-out request will depend on whether you submit your request by or after 1 PM.
Interestingly, for a first-time investor, there is a cooling-off period of 6 business days – where you are given the right to request a full refund of your first cash-in amount if you decide not to invest anymore.
To learn more about GOinvest, you can go to TnG eWallet app, tap on GOinvest and read the FAQ.
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