INDMoney (earlier called INDwealth) is an app for managing finances that are gaining popularity to make the US investing in stocks from India effortless.
It is possible to invest directly into fractions of US stocks with INDMoney. It is possible to directly purchase fractional shares of stocks listed such as Apple, and Amazon which is not normally within a regular budget of an investor.
As an example, Tesla’s present share price stands at $932 (around about Rs. 70,000 in Indian rupees) which could be a challenge to put an enormous amount of capital in one single stock. However, with fractional shares, you can purchase small portions of shares in multiple parts as well as diversify your investment portfolio, which lowers risk in the market.
In addition to US stock investments, INDMoney is an All-in-one application that lets you keep track of all of your investments and expenditure in one location. It’s in addition to tracking, it also lets you invest in US stocks and IPOs Indian IPOs Direct mutual funds, bonds, fixed deposits, and fixed deposits. You can track all the items that follow in one place with INDMoney —
- Stocks (Indian and US)
- IPOs (Indian and US)
- Mutual Funds
- EPF & PPF
- NPS (Tier 1)
- Fixed Deposits
- Real Estate
- Alternative Investment Funds (AIFs)
- Credit cards
- Life & Health Insurances
- PMS (Portfolio Management Services)
Let’s talk about the ways INDMoney assists you with US stock investing in comparison to other companies.
US Stock Investment Through INDMoney Review
It is possible to invest in US stocks such as Netflix, and Tesla with as little as $1. The interface is simple to navigate similar to the way you invest in Indian stocks through Zerodha.
The first benefit is that you can transfer funds directly into the US brokerage account (powered by Drivewealth) immediately and at no cost with the IND SBM savings account.
The greatest benefit is that you can also transfer funds into your US trading account through UPI. It is a great way to avoid the difficulties of transferring money using an old-fashioned way.
When you first register to your US accounts as beneficiaries to your bank account’s net banking, and then wait a few minutes (sometimes days) for the funds to be transferred to your US account to be able to trade which is still a common practice with several players such as 5Paisa.
US trading account for stocks is also one with no balance which means you do not have to be concerned about keeping an amount of money in the US accounts for trading.
Additionally, you do not have to pay any brokerage fees for making investments in US stocks via INDMoney.
There aren’t any hidden costs when you deposit money. There is no cost to pay INR for USD exchange rates, which is an advantage since the majority of apps charge the equivalent of Rs. 500 to Rs. 1000 in foreign remittance fees per transaction.
INDMoney has also reduced charges for withdrawals from $5 to (earlier the charge was 20) in amounts of less than $2000. If you are above $2000, you aren’t required to pay withdrawal fees.
You can also make investments in US IPOs using your INDEXMoney US accounts for trading.
As we’ve talked about the main feature that everyone’s speaking about, it’s the US Stock investing platform, InMoney offers a variety of other advantages we’ll explore more in detail.
INDMoney Features & Benefits (Other Than US Stock Investment)
#1. INDMoney Super Saver 2-In-1 Account
INDMoney has partnered together with SBM (State Bank of Mauritius) bank in India to offer you an extremely feature-rich account for savings that they call Super Saver Account.
The Supersaver account of INDMoney is a great option with a variety of benefits.
- You get a Zero Balance Savings Account
- There are no conversion costs for foreign currency.
- High fixed-rate interest rates on deposits up to 7.5 percent per annum
- Additionally, you get the wealth management account which includes a myriad of functions such as a US trading account in stocks
Note SBM India is endorsed by the RBI therefore you don’t need to be worried about the safety of your funds in SBM India’s savings accounts.
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#2. Indian Stock Market Analysis
INDMoney assists you in analyzing Indian stocks with AI (Artificial Intelligence) advisory. You must connect the Zerodha and Upstocks account to Indmney and you’ll be able to access important information about the stocks you own in a separate section with other stocks on the market.
You can filter the stocks according to their performance or by sector.
Once you’ve selected a stock you can go through the comprehensive view which includes the most important aspects listed below.
- PE ratio
- Profit, NET & EPS
- Analysis of valuation (undervalued or overvalued)
- Stock momentum
- ROE (profitability)
Check out the image to see the overall image of Reliance Industries stock.
INDMoney application comes with an AI-based Robo advisory system that provides call-to-buy or sells on traded stocks based on their data calculation to prevent losses resulting from market volatility.
Alongside stocks, you can invest in IPOs with ease using the INDMoney application Joinpd.
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#3. Mutual Funds Investments
The mutual fund section of INDMoney allows investors to invest in multiple funds without commissions. You can choose from categories such as
- High Return
- Index funds
- Large/mid/small-cap funds
- Govt. sector funds
- Corporate bond funds
- Tax savings funds and numerous other
Mutual Fund Baskets
You can also make a mutual fund basket to reach your goal of wealth creation depending on your risk-taking capacity as well as the amount of investment you are willing to invest and the investment term.
If you combine the above-mentioned basic information, INDMoney gives you an overview of the amount you earn income over the next 10 years.
For instance, I could include a balanced investment strategy that includes an investment of Rs. $50,000 lump sum initial investment and Rs. 5,500 monthly SIP. The INDMoney website showed the results below:
That would mean the idea of investing in the amount of Rs. 6.30 lakh over 10 years will yield me about 12 lakh. 12 lakh at moderate risk. They also advised me on how the funds could be spread across Equity Midcap, and Equity funds.
Not just stocks, but you also receive data-driven advice regarding making investments in mutual funds as well as changing your portfolio’s balance based on the market’s fluctuations.
You can also take advantage of the STP feature which automatically keeps the portfolio rebalanced for higher returns. All you need to do is to make a lump sum investment.
The only problem I’ve encountered on the INDMoney mutual fund investing platform was that the information you provide about your investments like the SIP amount that you have paid, do not be updated immediately, which can be irritating.
#4. Credit Card Tracking & My Rewards
InMoney tracks each credit card expenditure and will also notify you about your next credit card transaction similar to CRED.
You can also earn INDCoins every time you make use of your credit card on services such as Uber, Starbucks, and numerous others. You can use INDCoins to purchase cryptocurrencies like Bitcoins, or Ether.
INDMoney provides you with 200 INDCoins for referrals that are successful to your acquaintances. The value of these INDCoins is 20 rupees. 20 only. Since 10 INDCoins are equal to one Rupee If you redeem them with cash.
In addition to INDCoins, INDMoney provides you with stock for free in the businesses in which you’re spending money, like Amazon, McDonald’s, Flipkart, and more. You can also avail new services through the INDMoney application.
You can see, I have spent around Rs. 572 on McDonald’s and Rs. 691 at Flipkart with my credit card. INDMoney offers me partial stocks of the native currency in exchange for my spending.
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#5. Track Your Crypto Investments
You can keep track of your most-loved cryptocurrencies like Bitcoins, Ethereum, and Cardano right within your INDMoney application.
All you need to do is enter your prior cryptocurrency investment transactions (buy and trade) in the app. The INDMoney application will notify you of the performance of your portfolio’s changes.
They’ve now started to offer to buy cryptocurrency using INDCoins.
#6. Premium Services
INDMoney has also introduced premium services, which include personal financial planning and tax planning, wealth management, and life insurance. Additionally, you can access an account for your family that monitors the entire family’s spending and investments to provide an overall picture of financial planning.
The premium plans start at the amount of Rs. 399 per month and go up to 5999 rupees per month. 5999 per month, based on the size of your portfolio. Start using the “IND Gold” plan if you want to start the “IND Gold” plan if your investments are less than the amount of Rs. 50 lakh. This costs you the sum of Rs. 399 per month.
In my investigation, I discovered that INDMoney’s customized advisory services aren’t up to the standards. Support is also not great. and this is where they could use a major improvement.
If you can reap the benefits from their free services, then why bother paying for services and no one answering your questions with a degree of expertise.
INDMoney has seen a significant improvement over the past year, and there could be possible that they’ll also be able to improve their advisory services as well as regular support for customers to provide customers an improved experience.
Is INDMoney Safe
INDMoney is seeking permission to access your emails and messages to monitor your expenditures, such as bank and credit card transactions. You may be concerned about whether your data is to be safe or not?
After doing some research I came across INDMoney as a service that is safe since it only reads messages and emails sent by banks. It doesn’t look at other messages or emails.
Highly Secure App and Web Platform
INDMoney utilizes Bishopfox to protect its application and web-based platforms. Bishopfox is highly trusted for providing secure platforms. utilized by the top players such as Zoom, Amazon, Google, and Coinbase to offer top-of-the-line security for their customers.
It means sharing your credit card, bank account, or other financial details is protected through INDmoney Reviews.
Reliable Chat Option
In addition, INDmoney Reviews offers a powerful chat option that is known as “chat with your expert” (in the case that you are an elite member) It is operated by one of the world’s most reliable and secure chat platforms “Freshchat”.
But, the absence of an internal chat platform is odd since most businesses at this scale do not use third-party apps, and instead have it designed in-house to offer safer platforms.
If you are sharing your private details with their specialists via chat, it is secure but you have the option of making your decision whether sharing information over chat that is comfortable for you, or not.
INDMoney Reviews 2022
Pros Of INDMoney
- One-stop-shop for your financial needs, including spending, investments credit cards, investment accounts as well as insurance plans
- Find a loan or home for a property with the app
- Zero balance bank account
- Free commissions on US Stock investment
- No-hassle money transfer to US stocks account
- The lowest withdrawal fee for US stock accounts
- Higher interest rates for FDs
- Highly secure platforms
Cons Of INDMoney
- Premium services are not adequate
- Average support for customers
- There is no in-house chat platform
My INDMoney Account Opening Experience
I enjoyed opening my account using INDMoney as it was fast and easy. It only took me about 2 minutes to sign-up and then open my INDmoney account.
The opening of the INDmoney Reviews account doesn’t mean that you can invest in US Stocks. You must open a US account for trading stocks through the application itself (which is hardly just a few clicks) to begin investing in US stocks.
INDmoney Reviews is an all-in-one application that tracks your assets and liabilities in a single, consolidated manner from one central location.
The US Stock Investment Platform is awe-inspiring as it doesn’t require any commission or foreign remittance fee, or withdrawal fees are extremely low.
I also loved the Rewards feature, which continues to reward you as you make use of your credit cards.
You’ll be amazed to discover your Robo advice and tools for market analysis which will assist you in giving helpful information about your investment choices by analyzing the data instead of your preconceived notions.
But, don’t just base your decision on AI-based advice You must also consider your own experience before making the final choice.
The only downside is their high-end services and support, which will also get more effective as they have significantly enhanced their support within the last year.