IndMoney is a financial service provider that allows investors to purchase US and Indian stocks. Moreover, it lets users track their investments, loans, expenses, savings, and many more. Let’s explore more with this detailed INDmoney Review.
The application has been equipped with exciting features, which include Neo Banking, US Stock investing, Deposits, and Financial life tracking & management.
In this IndMoney Review, we will cover an in-depth analysis of this investing platform, including its features, products & offerings, and fees. We hope that the guide will help you in making a better understanding about the platform.
What is IndMoney?
IndMoney is an investing platform that allows you to trade in US Stocks & Indian Stocks, Mutual Funds, and Fixed Deposits. It also helps in managing all your funds under one roof. The best part of IndMoney is that users can track a record of their finances. Also, the platform provides suggestions to users on how to save money by managing finances in a better way.
IndMoney: Is It Safe or Scam?
INDmoney is a legit finance platform as it is regulated and controlled by the Securities Exchange Board of India (SEBI) for stocks. However, for US Stocks it is regulated and controlled by the Securities Exchange Commission for US Stocks.
Apart from that, the finance service provider company is accolades with various achievements that are as follows:-
- NASSCOM India Awards – India FinTech 2021,
- Excellence in WealthTech StartUp 2021 from Assocham India,
- CBInsight Top 20 FinTech 2020
Top Security Features
IndMoney has implemented top security measures to protect the confidential information of users. The website assures that the personal details of users are kept secure within the platform
- Virtual Private Cloud on Amazon Web Services
- HTTPS protocol is being used in the website and mobile applications
- 256bit encrypted HTTPS protocol
- One-Time Password (OTP) authentication
Available Investing Instruments on INDMoney
While writing this IndMoney Review, we realized that the platform is offering a wide range of financial instruments that are mentioned below:-
Mutual Funds
- Don’t Charge any commission fee
- Start Investing Instantly with doing any paper formalities
- Don’t Charge anything on buying and selling
- Track all your mutual funds at one place
IND Stocks
- Live Market Rates of the top trending stocks
- Categorized in different sections such as hot stocks, top gainers, most traded, top losers and At 52 Week High
- The categorization of Indian stocks and live market rates helps traders in which stock they have to invest.
US Stocks
- The IndMoney does not charge any fee for buying US stocks.
- Get a chance to earn more dollars in exchange of rupees.
- Start investing in US stocks instantly within a few minutes without any paperwork
- IndMoney does not charge any fee on remittance in respect of buying or purchasing US stocks
Fixed Deposits
- IndSuper Saver FD provides interest in the range of 4.25% – 7.1% p.a at low risk.
- Shriram Transport Finance provides interest rates between 6.78% – 8.8% per annum at low risk
- The interest rates of Bajaj Finance Ltd lie between 6.36 % – 7.75% per annum at low risk.
IndMoney: Charges & Fee
IndMoney Charges may vary from product to product as we have mentioned in the table below for further understanding:-
| Account Opening | Account Maintenancecece | Brokerage | KYC | Withdrawal | |
| IND Stocks | Zero | Zero | 0.05% | NA | NA |
| US Stocks | Zero | Zero | NA | Zero | $5 |
| Mutual Funds | Zero | NA | Zero | Zero | NA |
| Fixed Deposits | Zero | Zero | Zero | Zero | NA |
It is worth noting that INDmoney does not charge any kind of fee on account maintenance, account opening, KYC, rebalancing in all product offerings. However, there is a withdrawal fee of $5 for US Stocks, which claims to be the lowest fee in India for investing in US stocks.
Anyone can create an account on IndMoney without paying any charges and can purchase US and Indian stocks on one platform.
Charges Outside Of Indmoney
The FinTech platform charges different money on financial instruments outside India;-
US Stocks
- Taxation
Long-term gain is charged at 20% depending on the income slab rate.
- Dividends
Dividends are being taxed at a rate of 25%.
- TCS
Tax Collection at Source levies at 5% on income above 7 lakh.
Mutual Funds
- Expense Ratio
In order to minimize expense ratios, mutual funds don’t charge a commission (distribution).
- Stamp Duty
If you sell equity mutual fund units, you are entitled to pay an STT of 0.025%.
- Exit Loads
Within one year of buying, equity mutual fund schemes typically charge an exit load of 1%.
- Taxation
In the case of a sale within a year, TCG tax is 15%. Tax on long-term capital gains @ 10% (sold after one year). The first Rs 1 lakh of LTCG is exempt from tax.
- Dividends
Investments are taxed at the investor’s income tax rate.
Features of Indmoney
Track Your Money
- The platform allows you to track your money in any form, be it loans, investments, taxes, and expenses, under one roof.
Zero Commission MF
- Invest in Mutual Funds with Zero Commission Fee
- Direct Plan Mutual Fund
Investment Calculator
- Make your investments wisely by using a calculator
- Choose the best investment option that suits your needs.
Life & Health Insurance
Get covered and protect your life by choosing the best life and health insurance plans as per your goals.
IPO Center
Make investments in IPO with just three clicks.
Advanced Reports
Cross-check the entire family’s portfolio using advanced reports.
Investment Advisory
- Risk Profiling
- Financial Goal & Planning
- Investment Recommendations
Indmoney Super Saver Account
IndMoney has listed only Super Saver Account on its official website. The best part is that IndMoney is not charging any fee for transfers and account opening. On top of that, you don’t have to maintain a balance (zero) and offer the best exchange rates compared to other investing platforms.
How to login in INDmoney Account?
There is a query in everyone’s mind what is the investment process when he makes a firm decision? The Login Process for IndMoney Review is mentioned in the steps:-
- Visit the official website of IndMoney
- Tap on the login button, which is placed on the upper right corner of the home page
- A new window will open on your device (screen) and mention the mobile number
- A 6-digit verification code (OTP) will be sent to your mobile number for the verification
- You have to enter that OTP and then you can click ‘Continue’
- You are required to mention the details like name, mobile number, and email address. Click on ‘Create Account.
- Start investing in US and Indian Stocks, as it is a reliable investment platform that helps you earn more profits.
IndMoney Review: Learning Resources
The platform has focused more on learning and education resources which are beneficial for the beginner on how to make investments wisely.
- Blog Section consists of a wide variety of learning material on different topics which helps experts and beginners how to invest in the US and Indian Stocks.
- Each and every page has a FAQ’s section, which helps in understanding the fintech platform in a better way.
- Investment Calculator helps investors to make and plan investment decisions wisely by using IND Calculator.
IndMoney Customer Care Services
The best thing about IndMoney is that it has various desks for different instruments that handle customer complaints. You can contact to IndMoney support team through the following ways:
By dialing a call at the Customer Toll-Free Number: 1800 1033 817
Emails
- [email protected] (For Customer Support)
- [email protected] (Alternate for Customer Support)
- [email protected] (For Insurance)
- [email protected] (For Complaints)
- [email protected] (For Career)
Grievance Redressal Mechanism Issues
For General
- The client can drop an email at [email protected] for grievances or complaints.
- If in case the issue is not being solved by the customer care executive within 7 days of making complaints, then the client is entitled to write to the Compliance/Grievance Officer.
on [email protected]. - If you don’t get any response from the grievance team within 7 days, you can mail directly to the Director of INDmoney at [email protected]
- If the client is not satisfied with the solution of the director within 7 days, he/she has the right to approach SEBI at www.scores.gov.in.
Note: It must be noted that the email addresses may vary from instrument to instrument, so refer to the official website for this.
IndMoney Reviews and Ratings
Since its launch in 2019, IndMoney has made a strong presence across the globe, and currently, 5.8 billion users are using the platform. It has received positive reviews from consumers because of its exceptional services. Additionally, it is rated with good ranks on different platforms that are mentioned below:-
- Facebook: Rating: 4.5 out of 5 based on 90 votes.
- Product Hunt: 4.73 out of 5 based on 7 reviews.
- Glassdoor: Rating: 4.1 ·out of 5 based on approximately 103 reviews.
IndMoney Pros and Cons
| One-stop solution for all financial investments: mutual funds, IPO, IND Stocks, US Stocks | Chat Platform Is missing |
| Highly Secure Platform because of Amazon Cloud Based Services and OTP Authentication | Popular platforms like MetaTrader 4 and MetaTrader 5 is not available |
| Highly Safe Platform as Regulated by SEBI and SEC | Customer Support System is not upto the mark |
| No need to maintain balance in account | |
| Commission-free US Stock investment |
Comparison of IndMoney Alternatives
No doubt IndMoney is a good platform for investing and managing finances, but it has some flaws, like the unavailability of the MetaTrader4 and MetaTrader5 platforms. So, we have provided the top alternatives of INDmoney.
IndMoney Vs Vested Finance: Comparison
| IndMoney | Vested Finance | |
| Establishment Year | 2019 | 2018 |
| Regulation | SEBI and SEC | RBI’s Liberalized Remittance Scheme (LRS) |
| Commission Fee | 0 | 0 |
| Withdrawal Fee | $5 on US Stocks | $5 |
| Financial Instruments | IND Stocks, US Stocks, Mutual Funds, Bonds. | Stocks/ETFs, Trends, Vested |
IndMoney Vs Groww: Comparison
| IndMoney | Groww | |
| Establishment Year | 2019 | 2016 |
| Account Opening | 0 | 0 |
| Account Maintenance | 0 | 0 |
| Withdrawal Fee | $5 on US Stocks | $5 on US Stocks |
| Financial Instruments | IND Stocks, US Stocks, Mutual Funds, Bonds. | Mutual Funds, Stocks, Futures & Options, US Stocks, IPO, Fixed Deposits |
Comparison of Zerodha V/S IndMoney
| Zerodha | IndMoney | |
| Establishment Year | 2010 | 2019 |
| Financial Instruments | Stocks, Mutual Funds, Futures & Options, IPO, Gift Stocks, FD’s | US Stocks, IND Stocks, Bonds, IPO, Mutual Funds |
Account Opening Charges |
Start making investments with Zerodha on zero charges |
You can create on IndMoney for free and explore the great opportunity |
| Regulated | SEBI | SEBI & SEC |
| Security Features | two-factor authentication (2FA) login, biometric authentication, OTP for verification | Password Authentication, Amazon Cloud Based Servers and BishopFox, |
IndMoney offers Web-Based and Mobile Application Platform
The web-based app is one of the most convenient ways which allows users to access IndMoney on desktop and laptop.
Moreover, the users can also access the app on their Android Phones and iPhones by installing IndMoney respectively from the Google Play Store and Apple App Store.
Let’s look at the features of the IndMoney Review, which include live market rates of stocks and other financial instruments, customer support, and educational resources. The users can make investments conveniently through mobile apps.
How To Earn Rewards with IndMoney?
You can get rewards on IndMoney by referring the platform to your friends. Follow the step-by-step guide for earning rewards:-
- Refer IndMoney to your friends
Share your referral link or code with your friends by clicking on any card labeled. You can earn rewards once they have joined INDmoney and funded their US stocks account.
- Track your Credit Card
Get rewards by tracking your credit card for the first time and earn 1.5x referral bonus. From the second time, you will always get the rewards all the time whenever your credit card statement is parsed.
- Good Financial Actions
Auto-track your investments and invest in India stocks through IndMoney. Also, you can reduce your home loan and save taxes with the smart finance platform.
Conclusion
The in-depth analysis of IndMoney Review shows that the platform is good for investing in the US, IND stocks, and other financial instruments.
IndMoney is known for offering exceptional services as the platform does not charge any fees on account opening, account maintenance, and zero commission. But the platform also has some drawbacks, like it is not providing the facility of MetaTrader 4 and MetaTrader 5 platforms which might not be suitable for investors. However, you can consider a legit and trustworthy platform like Capitalix.
FAQ’s
Is Indmoney Safe To Use?
Yes, IndMoney is safe to use. The finance investing platforms has used advanced security measures, including One-Time Password (OTP) authentication, BishopFox, Virtual Private Cloud Amazon Web Services. HTTPS and 256bit encrypted protocols. These measures help in protecting the confidential and personal details of clients.
Is Indmoney Registered By Sebi?
Yes, Indmoney is regulated by SEBI and SEC, which is responsible for making all finance-related decisions and has full authority to take any action regarding finance.
How Can I Delete My IndMoney Account Permanently?
Are you wondering how to Delete your IndMoney Account? Follow the process mentioned below:-
- You must send a deletion account mail to INDmoney customer support.
- Login with your registered mail on the IndMoney account “Compose” or create a new mail to delete the account.
- Make it Title “Request to Delete IndMoney Account.
- Compose your mail by mentioning that you want to permanently delete or close your account.
- After writing an email, forward it to [email protected]
It is worth mentioning that once you have deleted your account from the INDmoney database, you won’t be able to recover it in the future. So, think twice before deleting the account.
Who is the owner of INDmoney?
Ashish Kashyap is the Founder and CEO of IndMoney.
How Can I trust INDmoney?
Yes, you can trust IndMoney as it is a reliable investing app. Also, it has been awarded three prestigious awards, including NASSCOM India Award, CBInsight Top 20 FinTech 2020, and Excellence in WealthTech StartUp 2021 from Assocham India. Moreover, IndMoney makes its reputation in the finance market by maintaining 5 million users.
How to LogIn IndMoney?
The Login Process of IndMoney is similar to other platforms. Follow the process mentioned below:-
- Type IndMoney on your web browser.
- Click on the Log-in Tab, which is placed on the upper right corner of the website’s home page.
- Mention the mobile number, and you will receive a 6-digit code for verification.
- Tap on ‘Continue’ and mention the required details such as name, email address, etc.
- After providing all the details, you start investing with IndMoney
