INDMoney (earlier INDwealth) is a financial management app, that is getting popular for making US stock investment from India a hassle-free task.
You can invest directly in fractions of US stocks through INDMoney. You can directly buy fractional shares of listed stocks like Apple, Amazon which is otherwise beyond a regular investor’s budget.
For example, Tesla’s current stock price is $932 (around Rs. 70,000 in INR) which might be difficult for us to invest a big chunk of our money in a single stock. But with fractional shares, you can buy small fractions of multiple shares and diversify your portfolio that reduces the market risk.
Apart from US stock investment, INDMoney is an All-in-one app that helps you track all your investments and expenses in one place. In fact, not just tracking but you can also invest in the US stocks & IPOs, Indian IPOs, direct mutual funds, fixed deposits, and bonds. You can monitor the stuff mentioned below in one place using 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 discuss how INDMoney helps you in US stock investment as compared to other competitors.
US Stock Investment Through INDMoney Review
You can start investing in US stocks like Netflix, Tesla with as low as $1. The interface is easy to use similar to somewhat you are investing in Indian stocks on Zerodha.
The very first benefit is, you can transfer money directly to your US stock trading account (powered by Drivewealth) instantly and free of cost thanks to the IND-SBM savings account.
The best part is you can also deposit money in the US trading account via UPI. You can easily avoid the hassle of transferring money in a traditional way.
Where you first add your US account as a beneficiary in your bank account net banking and then wait for a couple of hours (sometimes days) to get the money transferred in your US account to start trading which is still common with many players like 5Paisa.
US stock trading account is also a zero balance account, so need not worry about maintaining a balance in the US trading account.
Secondly, you don’t have to pay any brokerage on investing in US stocks through INDMoney.
There are no hidden charges on money depositing. You only have to pay INR to USD exchange rates which is a plus point because most apps charge you Rs. 500 to Rs. 1000 as foreign remittance charges per transaction.
INDMoney has also reduced the withdrawal charges to $5 (earlier it was $20) for amounts below $2000 and above $2000 you don’t have to pay any withdrawal charges.
You can also invest in US IPOs from your INDMoney US trading account.
Since we have discussed the prime feature that everyone’s talking about – the US Stock investing platform, INDMoney has some other significant benefits that we’ll talk about further.
INDMoney Features & Benefits (Other than US Stock Investment)
#1. INDMoney Super Saver 2-in-1 Account
INDMoney has collaborated with SBM (State Bank of Mauritius) bank, India to provide you with a feature-packed savings account they call Super Saver Account.
INDMoney Super saver account comes with several benefits –
- You get a Zero Balance Savings Account
- No forex conversion charges
- High fixed deposit interest rates up to 7.5% per annum
- You also get a wealth management account that provides a plethora of features like a US stock trading account
Note – SBM India is approved by RBI so you needn’t worry about the safety of your money in the savings account.
#2. Indian Stock Market Analysis
INDMoney helps you analyze Indian stocks using AI (Artificial Intelligence) advisory. You have to connect your Zerodha or Upstocks account with Indmney and you’ll get valuable information on the stocks you are holding in a separate section along with the other stocks available in the market.
You can also filter the stocks as per their performance or sector-wise.
After picking a stock, you can go through the consolidated view that covers important features mentioned below –
- PE ratio
- Profit, NET & EPS
- Valuation analysis (undervalued or overvalued)
- Stock momentum
- ROE (profitability)
You can check out the snapshot to check out the consolidated view of Reliance Industries stock.
INDMoney app has an inbuilt AI-based Robo advisory system that offers buy or sell calls regarding listed stocks based on their data calculations to avoid any losses due to market fluctuations.
Apart from stocks, you can also invest in IPOs effortlessly through the INDMoney app.
#3. Mutual Funds Investments
INDMoney’s mutual fund section allows you to invest in multiple funds directly with zero commission. You can opt from categories like
- High Return
- Index funds
- Large/mid/small-cap funds
- Govt. sector funds
- Corporate bond funds
- Tax saving funds and many more
Mutual Fund Baskets
You can also create a mutual fund basket to achieve your wealth creation goal depending upon your risk appetite, investment amount, and tenure of investment.
When you add the above said basic details, INDMoney gives you an overview of how much would you be able to generate money in the next 10 years.
For example, I add a balanced investment approach with Rs. 50,000 lumpsum initial investment and Rs. 5,000 monthly SIP. The INDMoney showed the results as below –
Which depicts investing Rs. 6.30 lakh in 10 years would generate me around Rs. 12 lakh with moderate risk and also guided me on how the money would be diversified in Equity, and midcap funds.
Not only stocks, but you also get data-based advisory on investing in mutual funds and rebalancing your portfolio based on the current market volatility.
You can also avail STP feature that automatically keeps on rebalancing your portfolio for better returns, all you have to do is just invest a lumpsum amount.
The only drawback I found in INDMoney’s mutual fund investment platform is that your investment details, like the SIP amount paid, don’t get updated instantly which is annoying.
#4. Credit Card Tracking & My Rewards
INDMoney keeps track of your credit card expenditure and also reminds you regarding your next credit card payment just like CRED.
You also earn INDCoins whenever you use your credit card on platforms like Uber, Starbucks, and many more. You can use these INDCoins to buy cryptocurrencies like Bitcoins, Ether.
INDMoney also gives you 200 INDCoins on successful referrals to your friends. The monetary value of these 200 INDCoins is Rs. 20 only. Because 10 INDCoins is equal to 1 Rupee if you redeem in cash.
Apart from INDCoins, INDMoney also offers you giving free stocks in the companies where you are spendings like Amazon, McDonald’s, Flipkart, or availing new services on the INDMoney app.
As you can see I spent Rs. 572 on McDonald’s and Rs. 691 on Flipkart using my credit card, now INDMoney is offering me partial stocks in the native companies against my spending.
#5. Track Your Crypto Investments
You can track your favorite cryptocurrencies like bitcoins, Ethereum, Cardano right from your INDMoney app.
All you have to do is add your previous crypto investment transactions (buy & sell) and the INDMoney app will keep you updated about your portfolio’s ups and downs.
They have now introduced buying cryptocurrencies through INDCoins.
Also read – Binance vs Crypto.com
#6. Premium Services
INDMoney also has introduced premium services that include personalized financial planning and wealth management, tax planning, life & health insurance. You also get a family financial dashboard that tracks the whole family’s investments and expenditures to give your a better overall view for financial planning.
Their premium plans start from Rs. 399/month and goes up to Rs. 5999 per month depending upon the portfolio size. You can start with the “IND Gold” plan if your investments are below Rs. 50 lakh that would cost you Rs. 399 per month.
During my research, I found out that INDMoney’s personalized advisory services are not up to the mark. Their support is also average this is the section where they require a big improvement.
Since you get enough benefits from their free services and then why frustrate yourself with paying money and nobody’s responding to your queries with expertise.
INDMoney has improved a lot in the last one year, so it could be a possibility that they also improve their personalized advisory services and regular customer support to give customers a better experience.
Is INDMoney Safe
INDMoney seeks permission to read your messages and emails in order to track your expenses like credit card and bank transactions. You might be worried about if your information is going in safe hands or not?
In my research, I found that INDMoney is safe because it reads information only from the emails and messages from banks and doesn’t read other emails or messages.
Highly Secure App and Web Platform
INDMoney uses Bishopfox to secure its app and web platforms. Bishopfox is highly reputable in providing secure platforms, used worldwide by top players like Zoom, Amazon, Google, and Coinbase to provide top-notch security to their users.
That means sharing your bank account, credit card or other financial information is safe with INDMoney.
Reliable Chat Option
INDMoney has a powerful chatting option called “chat with your expert” (in case you are a premium member), which is further powered by one of the most trusted and secure chatting platforms “Freshchat”.
However, not having an in-house chatting platform looks strange because most companies at this large scale avoid third-party applications, they get it developed in-house to offer more secure platforms.
If you share your confidential information with their experts over chat, that is safe but you can make your decision of sharing over chat seems comfortable to you or not.
Pros of INDMoney
- One-stop shop for all your financial stuff like investments, expenses, credit cards, and insurance plans
- Get home or loan against property through the app
- Zero balance bank account
- Commission-free US Stock investment
- Hassle-free money transfer to US stock account
- Lowest withdrawal fee from US stock account
- Higher FD interest rates
- Highly secure platforms
Cons of INDMoney
- Premium services not up to the mark
- Average customer support
- No In-house chatting platform
My INDMoney Account Opening Experience
I enjoyed my account opening with INDMoney because it was quick and hassle-free. It hardly took me 2-3 minutes to sign up and open the INDMoney account.
Opening the INDMoney account doesn’t mean you can start investing in US Stocks. You need to open a US stock trading account through the app itself (which hardly takes a couple of clicks) to start investing in US stocks.
INDMoney is an all-in-all app to track your investments and liabilities in a consolidated way in one place.
Its US stock investment platform is amazing as you don’t have to pay any commission, foreign remittance fee and even the withdrawal charges are very low.
I also liked their Rewards feature that keeps on rewarding as you use your credit card.
You would be amazed to see their Robo advisory and market analysis tools that would help you give a useful insight over your investment decisions based on the stats rather than assumptions.
However, you shouldn’t solely decide based on AI-based suggestions, you must take your expertise into account before making the final decision.
The only con is their premium services & support that would also be better with time as they have drastically improved their services within a year.