INDmoney App Review: is it safe for investment?

INDmoney app got popular for introducing hassle-free US stock investment for Indians.

The INDmoney app allows you to invest in a variety of financial products, including mutual funds, stocks, loans, term and health insurance along with AI-based Robo-advisory. It is a comprehensive platform that provides a one-stop solution for all your financial management needs.

Let’s take a closer look at the INDmoney app’s features, and benefits along with its Pros and Cons. You’ll also come to know if the app is safe to share your personal and financial information or not.

INDmoney App Features

1. US stock investment 

The INDmoney US stock Investment Platform provides you access to a wide range of US stocks and ETFs. You can access more than 3,500 US stocks, including popular tech companies like Apple, Tesla, Amazon, and Google. 

The platform provides you with the flexibility to buy fractional shares of stocks, which means that you don’t have to buy a full share of stock. Instead, you can buy a portion of a share that suits your budget.

For example, if you want to buy Tesla stock and one share of Tesla is worth $195 (Rs. 15,990) but you have only Rs 1,000 to invest, you can still buy a part of Tesla’s share worth Rs 1,000 only. You can go through our article on How to buy Apple shares in India which will guide you to use INDmoney for US stock investment.

INDmoney has collaborated with Vested (a US-based brokerage company) to provide US stock investments in India.

One of the key features of INDmoney charges a very nominal brokerage charge of 0.15% per order on investing in US stocks from India. INDmoney also charges a platform fee of 0.75% which is capped at Rs 1000 and a withdrawal fee of $5 per transaction while withdrawing money from a US account to an Indian bank account.

2. Indian stock investment

INDmoney has recently started demat and trading account services for the Indian share market at a discount brokerage.

You have to pay a lower of 0.05% or Rs 20 per executed order while investing (equity delivery) or doing Intraday trading in stocks through INDmoney. Plus, you don’t have to pay any account opening and AMC fees. The fee structure quite resembles Upstox however, INDmoney doesn’t offer F&O, currency or commodities trading. 

You can also read our latest Upstox vs Zerodha article to know more about both discount brokers.

3. Direct mutual funds investment

INDmoney allows you to invest directly in mutual funds without paying any commission. You can select mutual funds based on different categories like Tax saver, high returns, better than FDs and many more.

Read our list of best brokers for mutual funds investment to know about top brokers to cater to your mutual funds’ investment needs.

4. Zero balance savings account

INDmoney app has collaborated with the Federal Bank (Earlier it was SBM Bank) to offer a zero balance account with Zero forex conversion charges and the fixed deposit rates are as high as 7.5% per annum. 

5. Track your money

You can add your bank accounts, demat accounts, and credit card details to gather transactional data in real-time. This data is then automatically categorized and analyzed using advanced algorithms and AI, to provide you with an accurate and detailed picture of your financial health. 

INDmoney also gives you suggestions on taxes after analyzing your income, expenses and investments. You can also diversify your investment portfolio with small amount of 15 lakhs to earn monthly income with low risk and high risk investment plans.

6. Health and Life Insurance

INDmoney has also started providing health and term insurance plans on its app. They provide you with multiple insurance options based on your overall financial health. 

INDmoney has collaborated with the top players in the market such as HDFC Ergo, Care and Max life to provide hassle-free insurance plans to its customers.

7. InstaCash

INDmoney also offers a personal loan based on your CIBIL score. You can take the loan at around 13-15% per annum interest rate and there are no foreclosure charges so you can settle the loan earlier if you have funds without paying extra charges.

If you want to learn options trading, you can start investing Rs. 5000 as an initial investment.

Benefits of the INDmoney App

1. User-friendly Interface

The INDmoney app has a user-friendly interface that makes it easy to navigate and use. The app is designed to cater to both beginners and experienced investors, with a wide range of investment options to choose from.

2. AI-powered Investment Recommendations

One of the key features of the INDmoney app is its investment recommendations. The app uses an AI-powered algorithm to recommend investment products based on the user’s financial goals and risk appetite. This feature makes it easier for you to accelerate your research and make informed investment decisions.

If you want to get more investment ideas, then read how to invest your salary article.

3. Portfolio Tracking

The app also allows you to track your investments and monitor your portfolio performance in real-time. This feature gives you a clear understanding of your investment returns to help you make informed decisions about when to buy or sell your investments.

4. All-in-One personal finance shop

The INDmoney app is your one-stop shop for all your personal finance needs. When it comes to investing, the app offers a wide range of options, including stocks, mutual funds, and fixed deposits. 

The INDmoney app also offers health and term insurance options, making it easy to protect yourself and your loved ones in case of any unexpected medical emergencies or accidents.

Additionally, the app offers instant personal loans, allowing you to get access to quick cash whenever you need it. The app uses a proprietary algorithm to determine your eligibility and offers customized loan options based on your financial profile.

If you want to do option trading, you can check out our list of best broker for option trading in India.

INDmoney App Pros and Cons

You would like to check out the comparison between Indmoney vs Vested

You may like to read the list of best algo trading platforms in India.

Is the INDmoney App Secure?

Yes, the INDmoney app is secure as first of all it’s a SEBI-registered financial advisory company.

Secondly, INDmoney undergoes a thorough security audit by Bishop Fox, a renowned company that provides safe platforms. 

Bishop Fox is popular for doing transparent data privacy audits for global industry leaders like Zoom, Amazon, Google, and Coinbase. Thus, you can trust Bishop Fox for the highest level of protection for your data and sharing financial information like bank accounts and credit cards on the INDmoney app is completely safe and risk-free.

The app also uses 256-bit SSL encryption along with two-factor authentication (2FA) to protect your account. With 2FA, you need to provide a second form of authentication, like a one-time password or fingerprint scan, to access your account.

Lastly, all the INDmoney data is hosted on Amazon’s AWS Cloud which is one of the most secure clouding platform.

You would like to read how to invest 1 crore for regular monthly income in India.

VI. Conclusion

INDmoney app is a user-friendly, secure, and feature-rich platform for investing in various financial instruments. With its range of investment options, real-time market data, and analysis, the app makes it easy to invest and manage your portfolio.

If you are looking for an alternative to invest in the Indian stock market, then you can check out the Zerodha vs IndMoney comparison.

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