Detailed Review of ET Money

ET Money: Detailed Review

Started in 2015, ET Money is a brand strongly associated with personal finance and wealth management in India. This Detailed Review of ET Money highlights its journey, which began when Mukesh Kalra founded the platform in January 2016 under the name Smartspends. It was later rebranded as ET Money in October 2016. Before building ET Money, Kalra had founded Moneysights in 2009, a fintech venture that was acquired by Times Internet in 2014. This acquisition laid the foundation for what would grow into one of India’s most successful fintech platforms.

The mission of the company was quite straightforward right at the beginning: to make the financial process less complicated for the average Indian customer. Having a profound understanding of technology, mobile, and financial services, there are also competent entrepreneurs, IITians, and designers in the team of ET Money, who are defying the established norms of the financial services environment.

ET Money has a wide range of financial products and services. It enables one to invest in mutual funds, take insurance, open fixed deposits, and participate in the National Pension Scheme (NPS) and Systematic Investment Plans (SIPs) by just tapping a few times on their smartphones. In a major development, in April 2021, the platform launched an Aadhaar-based SIP payment option, making it easy to begin SIPs online using Aadhaar-based OTP authentication.

The game-changer behind the use of the platform has been its zero-commission model of buying and selling direct mutual funds, which has attracted millions of end users. By March 2022, ET Money had investments of up to 3 billion dollars, representing an incredible surge since its inception.

Nowadays, ET Money is evidence of the power of fintech in India. Having had an excess of 5 million downloads of its applications, the company has had to handle over 2 crore investment orders and has registered [?]500 crore sales in mutual funds in only two years since its launch. The expansion curve of ET Money is impressive because the total investments in mutual funds managed within the platform grew between [?]832 crore in March 2019 and over [?]7,500 crore in October 2021.

In January 2022, ET Money opened ET Money Genius, their premium membership service that provides personalised knowledge on investing to its customers. This service is also another move to enable people make informed financial decisions.

As ET Money keeps changing, it has been determined to stick to its vision of making the financial journey easy for millions of Indians. ET Money is not only a platform but also an empowered and financially literate India movement that has its core in technology.

Pros and Cons of ET Money

Pros of ET Money Services

• Zero-Commission Mutual Fund Investing: ET Money has a strong offer to investors in mutual funds by offering them an opportunity to invest with zero commission. The aspect enables users to invest in mutual funds without adding extra costs, which may boost the total returns on investment.

  
  

• Expense Management: The site offers powerful expense management options that allow users to monitor investments and costs effectively to ease personal financial management.

  
  

• Investor Personality Calculator: Risk tolerance is an important aspect that an investor should understand before investing in the stock market. The investor personality study provided by ET Money can help the user to choose an investment persona that will assist them in creating a financial strategy that best fits their risk profile.

  
  

• Usability: The ET Money platform is user-friendly, and signing up and navigating it is not difficult even in case a person, on the one hand, is not high-tech. The registration is simplified, and the platform has a variety of applications to help its users to manage their money well.

• Fund Report Card: This option aids the user to know how worthy a mutual fund is through the evaluation of several aspects that include the consistency of the returns, the returns adjusted by the risk involved and stability. They may be very valuable in making informed investment choices.

  
  

Cons of ET Money Services

• Internet Dependency: The ET money services need a stable internet connection, like most of the digital platforms. This may be a disadvantage in locations where there is low connectivity or when there are technical inconveniences.

  
  

• Cybersecurity Risks: As more and more cyber attacks are being committed, the financial data of the user may be compromised. Although ET Money has taken security protocols, the risks posed by online platforms cannot be fully removed.

• Lack of Physical Presence: To users who need the personal touch in their financial transactions, ET Money is not a physical presence company.

  
  

• Risk of Overspending: Sometimes, electronic transactions will cause impulse purchases. The users must learn to discipline themselves to prevent excessive expenditure using the platform.

• Flexibility among the Older Users: The technological nature of the platform can be a problem for older users or individuals who are not more at ease with technology-based interfaces.

  
  

ET Money is a new product that offers people to easily manage their funds. The platform's strengths are based on a zero-commission model, all-inclusive financial tools, and an easy-to-use interface. Nevertheless, users also need to take into consideration the possible limitations, including the security problems in cyberspace and the necessity to have the internet all the time. Like any financial service, users have to consider advantages and disadvantages depending on their situation and investment the ability objectives in investment.

Fees and Charges

ET Money is a leading financial services platform that provides different products and services to users. Taking into consideration the fee structure of such sites is essential to investors and users who want to use such services successfully. This is a breakdown of the charges and charges charged by ET Money.

Investment in Earn

Earn is one of the products provided by ET Money. It is a fully free product. ET Money does not charge any fee to invest in Earn.

Mutual Fund Investments

ET Money is one that has zero-commission mutual fund investing. The investors do not incur fees when purchasing units, monitoring returns, and redeeming their investments in mutual funds.

Monthly Subscription Fee

In some of its services, ET Money has a flat pricing mechanism. It charges 249 rupees per month, inclusive of GST, billed after every three months. The first three months are, however, offered at just 49 rupees per month.

NPS Account Charges

In the case of opening an NPS account with ET Money for the first time, the account opening fee is Rs. 200 plus 18 per cent GST. Besides, ET Money charges a convenience fee of 0.25 per cent on the amount of money you contribute to your NPS account.

Other Services

Other services, such as buying insurance, taking loans, Expense Manager, and creating credit reports, are also provided on the platform and are free of charge.

ET Money Application Process: A Step-by-Step Guide

Step 1: Download and Open the App

This is achieved by downloading the ET Money app from your own app store. After installation, it will open the application on the home page, where you will find an upper left corner that you can navigate. Under this, you will see the Set up now option next to the Investment Account section.

Step 2: Choose Your Investment

Once you have done the clicking on set up now, you get presented with a selection menu for the fund you would like to invest in. You enter the amount of money you are planning to invest, and this will be the starting point of your investment with ET Money.

Step 3: Enter Personal Details

The second thing to do is to input your Permanent Account Number (PAN). It is an obligatory procedure for all the financial transactions and investments in India.

Step 4: Bank Account Details

Then, you will be required to fill in your bank account information and provide evidence of your bank account. This may be a cancelled cheque, bank statement or your passbook, depending on what is asked.

Step 5: Identity Verification

You will be requested to adopt a photograph and a live video of yourself to comply with the Know Your Customer (KYC) regulations. You will also include your signature and have a document of address, and it can be your Aadhaar card, driving license, voter ID or passport.

Step 6: Application Review and Verification

After you have completed the form, your application will be reviewed, and the ET Money team will have to work on verifying your KYC information. You will get updates on your application status via email and notifications.

Step 7: Investment Processing

Once your account has been confirmed, your investment will be complete. That is the last stage of applying to use, and you are now free to invest your money in ET Money.

Its operation is made easy and simple to understand so that even new investors can find it simple to navigate through the process. You are not only spending money with ET Money, but you are also spending your money on something that believes in the simplicity and transparency in financial management.

Conclusion

ET Money is an ideal personal finance application that is simple and efficient enough to address the various financial needs of users. The interface is easy to use, and with the help of its intuitive interface, the user is able to manage investments, expenses, and future financial objectives with ease. The app is also strong in the fact that it has a wide range of features which involve mutual fund investments, insurance, loans and credit card management among other things, all in a single location. The fact that ET Money offers personalised recommendations and an intelligent portfolio analysis is also beneficial, as this can allow users to make smart choices.

The priority comes before security and privacy, and the app uses strong encryption measures to protect the information of users. Moreover, its collaboration with ET Wealth and Economic Times offers quality financial information and news, which makes it one of the sources of financial news and information.

Nevertheless, similar to any other tool, ET Money can use some enhancements, including bugs that appear now and then, as well as more individualised and customer-focused customer support options. Although these are small disadvantages, ET Money is still a strong candidate for any citizen who intends to make the process of financial management easier. Its intuitive interface, advanced functionality and high level of security are an invaluable asset in the contemporary digital finance environment. ET Money provides the resources and knowledge required to help an advanced or a beginner investor with their investment goals.

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