ETMONEY – Why should you use it ?

• 6 July 2020 | 1470 Views | By Mint2Save

ETMoney is an integrated platform that provides a one-stop-solution to all your financial needs. It makes your financial planning and investment experience seamless and personalized. Available as a mobile application on iOS and android, ETMoney provides mobile-first, on-demand insights into money-related matters, thereby empowering its users to make better financial decisions. It provides paperless transactions for direct investment in mutual funds, insurance, tax-saving schemes, loan application, and gold deposits. It also provides its users with smart features to determine a credit score, calculate income tax, and create the best SIP based on future goals.

On Android, ETMoney automatically brings together all your expenses, bills, investments, insurance, loans, cards, and bank account details into one place, making it easy for the users to track, manage and plan their finances. 

Is it good to invest through ET money?

ETMoney’s myriad of features (listed below) makes it a good investment medium for both new and seasoned investors.

Direct investment in mutual funds: Is ET Money Free?

One of the most significant advantages of ETMoney is that it allows direct investing in mutual funds i.e. investing at zero commission. This results in eliminating the commissions paid to agents in a regular investment, thus getting up to 1% extra returns on your investment every year. ETMoney users get a free-forever account to readily invest in and withdraw from mutual funds at zero cost.

Keep up with all top investments in a single account

The ETMoney app provides an updated list of top-performing mutual funds in India in real-time. It also provides investment advisory and fund-related suggestions. You can effortlessly select the most suitable MF from a vast selection under one roof. This app, thus eliminates the need to create and remember various account credentials. Redeeming investments is also extremely simple.

Helps you in choosing the Right Investment Option

The choice of an MF or other investment options depends on each individual’s investment goals (such as tax-saving, short-term returns, etc.), risk appetite, and time. The ETMoney app provides smart solutions with pre-defined combinations of curated funds to suit different investment profiles. All the user needs to do is choose and instantly buy the most suitable option available. Why do Investors Lose Money In Mutual Funds?

Switch existing regular investments to direct investments

On the ETMoney app, one can easily upload the statement of previous investments to track and manage them in one place. The app also allows us to switch past investments in regular plans to zero commission direct plans.

Security:  How Safe Is ET Money App?

The ETMoney app uses the most advanced security protocols to provide bank-level security integrated into the app. IT protects your confidential information including personal and financial data using complex encryption techniques. Moreover, in the case of MF transactions, monetary transfers take place directly between the user’s bank account and the mutual fund company’s bank account without any intermediaries, making the transaction even more secure. This makes the app safe and trustworthy for investors.

SmartDeposit feature 

Positioned as an alternative to traditional savings accounts, the SmartDeposit on ETMoney allows the common investor to invest their surplus capital in Liquid Mutual Funds with earnings of around 6-8% annually. Before ETMoney, this option was not available to the common investor as it did not make a commission for agents. To make it a replacement to savings accounts, the app also provides India’s first instant withdrawal facility to get money back into your bank account within seconds rather than the usual 24 hours.

Simplicity of Insurance Plans

ETInsure is the team under ETMoney that focuses on simplifying insurance for its users. It provides a digitized version of policy details to match it with the users’ needs and creates tailor-made insurance solutions across motor, health, and life insurance. This has made the end-to-end insurance process paperless and hassle-free for its users.

ETMoney card and instant loans

ETMoney card is just like a credit card co-created with the on-demand LoanPass solution. It provides 24×7, one-tap access to instant loans to ensure its users never fall short of funds for their needs.

ET Spends and Monthly Saver  

This feature of the app automatically aggregates all expenses in one place and categorizes them for users to track where their spending. The app also sends weekly/monthly spend-summary alerts and bill payment reminders. Interested to save via a mutual fund? Find out about the features of a Debt Fund.

ETMoney Gold Deposit 

Through this feature, the app provides a smart way to accumulate gold. One can buy as low as 2gm of 24K 99.5% pure gold at a time, without visiting a jeweler. In the ETMoney app, the gold bought is always secure without the need for paying for a locker (like in a bank). A user can also sell gold later online at the on-going market price.

In addition to the above unique features, ETMoney boasts of a strong team of tech-enabled experts who provide speedy support to their customers for solving their grievances within hours instead of 5-7 working days as on other platforms. In just 5 years of its inception, ETMoney has gained popularity among investors and has become one of the largest direct Mutual Fund investing platforms in India. While ETMoney started as a daily expense and spending management app in 2015, it has now expanded its services to include multiple fintech segments for the financially and technically mature user base.

How does ET make money?

Although, the company does not earn any profit on its mutual funds’ service, ETMoney gets access to a revenue stream from Insurance and Loan options. With these services, the company is shifting to a commission-based revenue model where the financial service provider pays a certain fee for each new customer. The company claims that 65% of its users have a credit score of over 760 indicating a good credit history and are, thus, not underserved by the traditional banking sector.

But, by adding a touch of digitation and technology to their financial needs, and driving on the Economic Times brand value, the company has been able to add a good volume of loan and insurance users on board. ETMoney has tied-up legally with more than 20 mutual fund companies (such as HDFC, ICICI, SBI, Reliance, etc.) as their distribution partners. Backed by the Times of India Group, ETMoney’s financial strength and brand is strong enough to thrive in the competitive landscape of fintech platforms.

Which app is the best for investing?

Whether you are looking to invest in regular funds or direct mutual funds, there are various mobile apps these days for mutual fund investments providing the advantage of buying and selling at the click of a button. Apart from ETMoney, other popular and to-rated apps for Indian investors are myCAMS, KFinKart, Zerodha, Groww, PayTm Money, and KTrack by Karvy. A few fast-growing start-up apps worth a mention are Scripbox, Kuvera, Sqrrl, and Goalwise. While each app provides various unique features, it has its pros and cons. The best app for mutual fund investment is based on one’s usage pattern and comfort level that can be gauged after trying the interface for oneself. Nonetheless, we have already listed the most competent apps that you can check out when you are starting.