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Detailed Review of ET Money


ET Money: Detailed Review


ET Money, a name synonymous with personal finance and wealth management in India, began its journey in 2015. The brainchild of Mukesh Kalra, ET Money was initially launched as Smartspends and later rebranded to its current name in October 2016. The inception of ET Money was preceded by Kalra's fintech venture Moneysights, founded in 2009 and later acquired by Times Internet in 2014. This acquisition laid the groundwork for one of India's leading fintech platforms.

 

The company's mission was clear from the start: to simplify the financial journey for the average Indian consumer. With deep expertise in technology, mobile, and financial services, the team behind ET Money comprises passionate entrepreneurs, IITians, and designers who are challenging the status quo of the financial services space.

 

ET Money offers a plethora of financial products and services. It allows users to invest in mutual funds, purchase insurance, open fixed deposits, and partake in the National Pension Scheme (NPS) and Systematic Investment Plans (SIPs), all with the convenience of a few taps on their smartphones. In a significant move, the platform introduced an Aadhaar-based SIP payment feature in April 2021, simplifying starting SIPs online with Aadhaar-based OTP verification.

 

The platform's zero-commission model on direct mutual funds purchase and sale has been a game-changer, attracting millions of users. As of March 2022, ET Money has managed investments worth $3 billion, marking a staggering growth since its inception.

 

Today, ET Money stands as a testament to the potential of fintech in India. With over 5 million app downloads, the company has processed more than 2 crore investment orders and registered ₹500 crore sales in mutual funds within just two years of its launch. The growth trajectory of ET Money is impressive, with the total mutual fund investments managed on the platform increasing from ₹832 crore in March 2019 to over ₹7,500 crore in October 2021.

 

In January 2022, ET Money launched 'ET Money Genius,' a premium membership service offering personalized investing knowledge to its users. This service is yet another step towards empowering individuals to make informed financial decisions.

 

As ET Money continues to evolve, it remains committed to its vision of simplifying the financial journey for millions of Indians. With technology at its core, ET Money is not just a platform but a movement towards a financially literate and empowered India.


Pros and Cons of ET Money


Pros of ET Money Services

 

  • Zero-Commission Mutual Fund Investing: ET Money offers an attractive proposition for mutual fund investors by providing a zero-commission investment option. This feature allows users to invest in mutual funds without incurring additional costs, which can enhance the overall returns on investment.

 

  • Expense Management: The platform provides robust expense management tools that enable users to track their investments and expenses efficiently, simplifying personal finance management.

 

  • Investor Personality Calculator: Understanding one's risk tolerance is crucial when investing in the stock market. ET Money's investor personality study aids users in identifying their investment persona, helping them to tailor a financial strategy that aligns with their risk profile.

 

  • Ease of Use: Signing up and navigating the ET Money platform is user-friendly, making it accessible even for those who are not tech-savvy. The sign-up process is streamlined, and the platform offers a range of tools to assist users in managing their finances effectively.

 

  • Fund Report Card: This feature helps users understand the worthiness of a mutual fund by evaluating various factors such as return consistency, risk-adjusted returns, and stability. Such insights can be invaluable for making informed investment decisions.

 

Cons of ET Money Services

 

  • Internet Dependency: Like most digital platforms, ET Money services require a stable internet connection. This could be a limitation in areas with poor connectivity or during times of technical outages.

 

  • Cybersecurity Risks: With the increasing prevalence of cyber attacks, users' financial data could be at risk. While ET Money employs security measures, the inherent risks associated with online platforms cannot be entirely eliminated.

 

  • Limited Physical Presence: For users who prefer in-person interactions for their financial dealings, ET Money's predominantly online presence might be a drawback.


  • Potential for Overspending: The convenience of electronic transactions can sometimes lead to impulsive spending. Users need to exercise self-discipline to avoid overspending through the platform.

 

  • Adaptability for Older Users: The platform's technology-driven approach may pose a challenge for older users or those less comfortable with digital interfaces.

 

ET Money presents a modern solution for individuals looking to manage their finances with ease. The platform's strengths lie in its zero-commission model, comprehensive financial tools, and user-friendly interface. However, users must also consider the potential drawbacks, such as cybersecurity risks and the need for constant internet access. As with any financial service, users need to weigh the pros and cons based on their circumstances and investment goals.


Fees and Charges


ET Money, a prominent financial services platform, offers a range of products and services to its users. Understanding the fee structure of such platforms is crucial for investors and users who wish to utilize these services effectively. Here's a detailed look at the fees and charges levied by ET Money.

 

Investment in Earn

One of the products offered by ET Money is Earn, which is a completely free product. There are no charges levied by ET Money for investing in Earn.

 

Mutual Fund Investments

ET Money stands out for its zero-commission mutual fund investing. Users do not pay any charges for buying units, tracking returns, and redeeming their mutual fund investments.

 

Monthly Subscription Fee

For certain services, ET Money has a flat pricing system. The monthly cost is 249 rupees, including GST, billed quarterly. However, there's a special offer where the first three months are available for only 49 rupees per month.

 

NPS Account Charges

When opening an NPS account for the first time with ET Money, there is an account opening fee of Rs.200 plus 18% GST. Additionally, there is a 0.25% convenience fee plus GST for the money you put into your NPS account with ET Money.

 

Other Services

The platform also offers other services like purchasing insurance, applying for loans, using Expense Manager, and generating credit reports, all of which are free of charge.


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

 

Step 1: Download and Open the App

Begin by downloading the ET Money app from your respective app store. Once installed, open the app and navigate to the top left corner on the home page. Here, you'll find the option "Setup Now" beside the Investment Account section.

 

Step 2: Choose Your Investment

After clicking on "Setup Now," you'll be prompted to choose the fund you wish to invest in. Enter the amount you're planning to invest, which marks the beginning of your investment journey with ET Money.

 

Step 3: Enter Personal Details

The next step involves entering your Permanent Account Number (PAN). This is a mandatory step for all financial transactions and investments in India.

 

Step 4: Bank Account Details

You'll then need to enter your bank account details and upload proof of your bank account. This could be a cancelled cheque, a bank statement, or your passbook, depending on what is requested.

 

Step 5: Identity Verification

To comply with Know Your Customer (KYC) regulations, you'll be asked to take a photograph and a live video of yourself. Additionally, you'll provide your signature and upload a proof of address, which can be your Aadhaar card, driving license, voter ID, or passport.

 

Step 6: Application Review and Verification

Once you've completed the form, the ET Money team will review your application and work on verifying your KYC details. You'll receive updates via email and notifications about your application status.

 

Step 7: Investment Processing

After your account is verified, your investment will be processed. This marks the final step in the application process, after which you can start managing your investments on ET Money.

 

The process is designed to be user-friendly and straightforward, ensuring that even those new to investing can navigate it with ease. With ET Money, you're not just investing money; you're also investing in a platform that values simplicity and transparency in financial management.


Conclusion


ET Money stands out as a robust personal finance app tailored to meet diverse financial needs with simplicity and efficiency. Through its intuitive interface, users can seamlessly manage investments, track expenses, and plan for future financial goals. The app’s strength lies in its comprehensive features, which include mutual fund investments, insurance, loans, and credit card management, all accessible in one place. ET Money's intelligent portfolio analysis and personalized recommendations further enhance its appeal, helping users make informed decisions.


Security and privacy are paramount, with the app employing robust encryption protocols to safeguard user data. Additionally, its integration with ET Wealth and Economic Times provides valuable financial insights and updates, making it a go-to resource for financial news and analysis.


However, like any tool, ET Money has areas for improvement, such as occasional bugs and the need for more personalized customer support options. Despite these minor drawbacks, ET Money remains a compelling choice for anyone looking to streamline their financial management process. Its blend of user-friendly design, comprehensive features, and strong security measures make it an invaluable tool in the modern digital finance landscape. Whether you're a seasoned investor or just starting your financial journey, ET Money offers the tools and insights needed to achieve your financial goals effectively.



 


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