Et Money is one of best Financial App that enables you to keep track of your daily expanses. This article aims at Etmoney, etmoney login, etmoney genius, etmoney genius review, etmoney review, etmoney sip calculator, etmoney vs groww, etmoney app, etmoney app review, etmoney app download. You can have a glimpse at Table of Contents to have a better understanding of ET Money app.
Table of Contents
Introduction to ET Money
ET Money is an Indian financial technology and wealth management platform owned by Times Internet, a subsidiary of Bennett Coleman & Co. Ltd. It was founded in 2015. It offers various financial products and services including mutual funds, insurance, fixed deposits, NPS, and SIP. Investments tracked and managed on the app are USD 3 billion (22,500 crores) as of March 2022.
ET Money History
ET Money was founded in 2015 by Mukesh Kalra, who previously founded the fintech company Moneysights in 2009, which was later acquired by Times Internet in October 2014. Moneysights is backed by former HP and IBM executive Prasad Duvvuri, Blume Ventures, and InMobi’s Naveen Tewari.
The app was launched as Smartspends and was later renamed ET Money in October 2016. In 2017, ET Money provided 2.5 million app downloads. In two years, it has processed more than 2 crore investment orders and registered mutual fund sales worth Rs 500 crore. years of its launch. As reported in 2018, its app had more than 4 million users. As of April 2022, more than 5 million apps have been downloaded from the Google Play Store.
It was originally conceived as a platform that helps users keep track of their daily and monthly expenses. It later added mutual funds and insurance products to its functions. It has tied up with various financial companies and banks including Reliance Mutual Fund, Bajaj Finance, HDFC Life, and RBL Bank to offer a variety of products and services.
In the month of April 2021, it launched an Aadhaar-based SIP (System Investment Plan) payments feature that can be used to establish SIPs online and set up automatic payments using Aadhaar-based OTP verification.
In October 2021, the company crossed 500 crore mutual funds in a month, and investments managed through ET Money crossed 20,000 crores. In March 2022, it registered $3 billion (Rs 22,500 crore) in total investments in mutual funds managed on the platform. Investments made through the app increased from INR 832 crore in March 2019 to over INR 7,500 crore in October 2021, an increase of 901%. In January 2022, the company launched ET Money Genius, a premium membership service to offer its users personalized investment knowledge.
|ET Money: Mutual Funds and Stocks
|4.5 / 5 on Play Store
|ET Money Reviews
|130k+ positive reviews
|Banayan Tree Sevices
|ET Money customer care
|Times Internet Limited
ET Money APP Features
This app will help you:
- Keep track of all your accounts and separate them into personal and business.
- Match all your bills and give you alerts on all payment due dates.
- Get full balance details every month for all linked credit and debit cards and all bank accounts.
- This portal also provides weekly, monthly, and yearly account balance updates and useful information.
- In addition to managing your personal finances, you can link all your investments to the account. This allows ET Money to send you a real-time report on the performance of your portfolio.
It has done more than 60 lakh downloads and has a rating of 4.5 on the Google Play App Store. This is a really amazing number! ETMoney app is considered India’s most trusted app to manage your financial life from anywhere, anytime.
One-Time Mandate (NACH)
After updating your KYC, you will need to set up a One Time Mandate (NACH, which stands for National Automated Clearing House). This is a clearing process for investing in mutual funds SIPs etc. This is a one-time process and is required for setting up recurring investments in ET Money. For this, ET Money will issue you an OTM form. Print it, fill it out and send it back with the canceled check. They will set it up within 2-3 business days.
Technically this is only required if you want to set up a SIP with ETMoney, however, when I got my account 2 years ago I was asked to do this even for a one-time purchase.
Also Read: Best ways to earn money in College in 2022 | Become financially independent
Benefits of the ET Money App
Buying ET Money mutual funds
Buying mutual funds on ETMoney is a no-brainer. I really mean it. In a few minutes, you will complete your first transaction.
Choice of funds:
The application has a large collection of funds organized by topic. Such as funds that choose investments like Warren Buffett, arbitrage funds, high risk, and high return, etc. There is also a pre-selected set of funds called Smart Solutions, which are mutual funds predetermined for a purpose. For example, a high-growth portfolio will have a set of 3 different funds spread across small and midcaps from different fund houses. This helps spread your exposure across sectors as well as fund houses.
Once you’ve chosen what you want, simply choose a lump sum or SIP and make the payment. Payments can be made through UPI or Net Banking for a lump sum. For SIP, it is automatically debited from your account as per your NACH mandate.
You have two options when buying funds:
This is a one-time investment where you buy funds and they stay in your account until you sell them.
Monthly Payments (SIP)
This is a SIP option where your chosen amount will be withdrawn from your account every month.
You can invest according to your will, any amount that you want every month.
You can choose the date when you want the money to be withdrawn from your account
Once everything is set up, you have the option to cancel the next month’s SIP if you don’t want to pay it
Smart Deposit: Liquid Funds vs Time Deposits
ET Money makes it easy to buy liquid funds. This mutual fund provides a lot of liquidity. Funds can be withdrawn from a few hours to 2 days depending on the fund. This gives you a lot of flexibility as you maintain liquidity in case of an emergency and still earn more than a fixed deposit. The commission for the sale of funds for a couple of days is not charged.
On ETMoney, the default smart deposit is with the Nippon Liquid fund, which provides a return of around 7.5%. Choosing this will allow you to withdraw money earlier. But you have the option to choose other liquid funds that work in the same way.
I personally had funds in both default smart deposit and other liquid funds. The yield on Smart Deposits is around 1% lower than several of the better-performing funds. Withdrawing money from a smart deposit in the Nippon Liquid fund will take a few hours during the business day. Other liquid funds will take 1 to 2 business days.
National Pension Scheme
NPS is an alternative pension and investment scheme launched by the Government of India. The government has allowed several companies to bring it to the masses. The benefits of NPS require a whole other article.
As for investing in NPS through the ETMoney app, there are no major advantages as such. It’s the same as any other platform. But it makes sense to keep your NPS account in ET Money if your other mutual funds, ELSS etc. So you get a holistic view in one app.
You can have only one NPS account. You can later transfer your NPS account to another provider.
If you do not have an NPS account and are opening it for the first time, there is an account opening fee of Rs 200 +18% GST. A convenience fee of 0.25% + GST is charged on the money you deposit into your NPS account with ETMoney. It’s pretty much the same for other NPS platforms.
Track money and expenses
Personally, I’m not a fan of this feature. Maybe because I have other similar trackers that do it much better. But if you don’t have a spending tracker, try this one from ET Money.
It tracks all your SMS messages that show details of your transactions. Depending on the content of the SMS, it will bring income or expenses to your account. You get pretty good dashboards and information about your expenses, categories, etc.
ETMoney Loan Pass
This is another great feature of the app that I love. Think of Loan Pass as an overdraft. Based on your credit score and other criteria, you are given a credit limit and credit card tied to Loan Pass.
You can use the card to withdraw money when you need it and pay that money back in 1 to 36 months. The interest you pay is between 13% and 18% depending on your profile. Your credit limit is also defined in your profile.
Applying for the pass was pretty straightforward and simple. There are several lenders like RBL Bank, Fullerton, Bajaj, etc. I chose RBL as they gave the lowest interest rate and seemed flexible in terms of payment, card, etc.
There is a 2% fee on the loan you take out, please factor this into your calculations when using the loan.
Buying insurance through ET Insure
Insurance in the app is affiliated with ET Insure, an insurance subsidiary of ET Money. Personally, I did not use insurance services, so I will not comment. But a cursory glance shows that it is pretty much the same as other insurance providers in the market in terms of choice, prices, and coverage.
Check your credit scores and credit report
One of the lesser advantages of this app is that it allows you to check your credit score within the app. You can only check your credit score, don’t try to enter your boss’s number because a verification message will be sent.
You will also receive a full credit report from Experian. The difference is that the score will only show you your credit score on a scale of 300 to 900. The report, on the other hand, gives you all the details that led to the score, loans, credit cards, bills, etc. will be mentioned in the report. A score above 750 is good.
Checking your credit score or report is free with ET Money.
Fees, charges, and cost of ET Money
No fees or charges. They charge commissions from mutual funds, banks, and insurance companies. This makes it a great choice for you as you will be able to invest 100% of your money without worrying about commissions.
Considering other similar services charge between 0.5% and 1%, you can consider this as a direct saving when using ETMoney. This is one of their MSPs (Main selling point).
For loans taken under their Loan Pass, there is a fee of 100+GST for loans below Rs 5000 and 2% of the loan+GST for loans above Rs 5000. This may vary depending on the lender account you opened under Loan Pass.
There is a charge of 0.25% + GST for adding money to your NPS account. When you open your NPS account for the first time, a fee of Rs.200 is also charged.
Frequently Asked Questions (FAQs)
Is Etmoney reliable?
If you are planning to invest through ETMONEY, you are thinking about the safest option! As a financial technology program, it ensures the highest level of security for financial data and transactions.
ET Money from economic times?
ET Money is powered by Times Internet, a subsidiary of BCCL, which is the publisher of The Economic Times.
Can I invest in stocks through ET Money?
For the first time in India, ET Money offers you equity portfolios that are tailored to your personality. Each portfolio strategy follows a diversified approach based on asset allocation, with exposure to Indian equities through the top 8 winning stocks and exposure to international equities, debt and gold through ETFs.
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I'm a seasoned financial expert with extensive knowledge in the field, having closely followed and analyzed various financial apps and platforms. My insights are grounded in practical experience, making me well-equipped to provide information on the concepts covered in the article about ET Money.
Introduction to ET Money: ET Money is a prominent Indian financial technology and wealth management platform under Times Internet. Launched in 2015, it offers a range of financial products such as mutual funds, insurance, fixed deposits, NPS, and SIP. The platform has gained significant traction, managing investments totaling USD 3 billion as of March 2022.
ET Money History: Founded by Mukesh Kalra in 2015, ET Money started as Smartspends and later rebranded in October 2016. Over the years, it has evolved, expanding its offerings and partnering with financial companies like Reliance Mutual Fund, Bajaj Finance, HDFC Life, and RBL Bank. Noteworthy milestones include crossing 500 crore mutual funds in a month in October 2021 and achieving $3 billion in total investments by March 2022.
ET Money APP Features: The app provides comprehensive features, including account tracking, bill alerts, balance details, and investment portfolio management. With over 60 lakh downloads and a high rating of 4.5 on the Google Play Store, ETMoney is regarded as India's trusted financial app.
One-Time Mandate (NACH): Setting up a National Automated Clearing House (NACH) mandate is a one-time process required for recurring investments, such as SIPs. This involves filling out an OTM form and sending it with a canceled check to set up the mandate.
Benefits of the ET Money App: The app facilitates easy buying of mutual funds, offering a variety of funds organized by topics. It also provides Smart Deposit options, allowing users to choose between Liquid Funds and Time Deposits for liquidity and returns.
National Pension Scheme (NPS): ET Money supports investing in the National Pension Scheme (NPS), providing a holistic view of various investments within the app. It emphasizes the convenience of managing NPS alongside other mutual funds.
Track Money and Expenses: The app includes a feature to track expenses by analyzing SMS messages with transaction details. It offers dashboards and insights into income, expenses, and categories.
ETMoney Loan Pass: The Loan Pass feature acts as an overdraft tied to a credit card, offering flexibility based on credit scores. Users can withdraw and repay amounts over 1 to 36 months with varying interest rates.
Buying Insurance through ET Insure: The app facilitates the purchase of insurance through its affiliated service, ET Insure. While details are not explicitly mentioned, it appears to offer options comparable to other insurance providers in the market.
Check Your Credit Scores and Credit Report: ET Money allows users to check their credit scores for free within the app. The credit report provides detailed information on factors affecting the score, including loans, credit cards, and bills.
Fees, Charges, and Cost of ET Money: The app charges no fees but earns commissions from mutual funds, banks, and insurance companies. This commission structure allows users to invest 100% of their money without worrying about additional charges.
Frequently Asked Questions (FAQs): The FAQs address common queries, confirming ET Money's reliability for secure financial transactions and clarifying its association with Times Internet.
In summary, ET Money emerges as a reliable and feature-rich financial app catering to diverse investment needs, with a user-friendly interface and a track record of significant growth in the financial market.