Intuit launches Indian money management tool

Intuit launches Indian money management tool

Intuit has moved to woo India's rapidly expanding middle class with the launch of a Web-based money management service specifically designed for the country.

Last month the US firm outlined plans to develop and sell products specifically aimed at the fast growing market, establishing a global business division in the country.

Appointing Umang Bedi as managing director of Intuit India, the company was rumoured to be preparing an invest of over $45 million in fiscal 2010, increasing its headcount in the country to 600.

It has now launched its first product for the market in association with financial information site Moneycontrol.com.

The Intuit Money Manager personal finance tool lets users view their information from multiple accounts in one place, tracking income, savings and outgoings. In addition, the tool helps customers track investments and calculate taxes. Deals have been struck to integrate data from most major banks in the country, including ICICI and HDFC.

Intuit is offering a ninety day free trial, after which the service costs Rs1 a day.

Says Bedi: "Those who have tested the product give it high ratings. More than 85 percent of early users say they would recommend it to others. Products like this can help people save more money, and stimulate the economy by leading to more informed spending decisions."

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