INDwealth (INDMoney) Super Money App – Best personal finance app?

Super Money App. That is what this wants to be for Indian investors. Let us do a quick and short review of INDmoney or INDwealth app and see does it hold promise.

Few months back, my friend referred this app in our whatsapp group chat. He felt it is very interesting app and we should try it out. He was very excited about some features INDwealth app was offering. That’s how I got interested.

I downloaded app from Play Store and started trying it out. Even today, I am sticking to Kuvera as my primary Mutual Fund investment platform. But I am using INDMoney as my primary portfolio tracker app and sharing my reasons here.

What is INDWealth all about

It is one single App for all personal finance needs. Be it investments (Mutual Funds, Stocks, PMS, US stocks) or Loan or Credit Card or even expenses and taxes. Everything under one umbrella.

Concept is really good. No doubt. They want to make it a #SuperMoneyApp. Let us see if it lives up to it.

History of INDwealth

Personal Finance is just next to personal health. So we should care to check who is behind any application or scheme that we share our details with.

So who is INDwealth brain child of. Company behind this application is Finzoom Investments. It’s founder is Mr. Ashish Kashyap.

For those who need his introduction, he is Founder & X-CEO of ibibo (Goibibo & redBus), India’s leading online travel group. He also served as country head of Google India in past. So strong credentials.

App was launched in Mid 2019. So still in young stage. Not sure why they have two brands INDmoney and INDwealth. If you know the difference, do let me know in comments.

Fees for INDwealth

You can use INDwealth free. If you wish to use their advisory services, you can get yourself upgraded to paid version called as IND Gold. Since I myself is CERTIFIED FINANCIAL PLANNER, I did not felt need for the same. But you can try it if your portfolio is large enough.

Good thing to note is that there is no telemarketing calls or so for upgrade. I am using it for free for long time now and no marketing as such.

Their paid model fees depends on your AUM. So based on total of stocks, PMS, Mutual Funds, AIFs, they would let you know fees (in your app itself).

For me they are showing Rs 999/ month plus GST. I felt its bit on higher side.

Paid service has dedicated team of research analyst, tax consultant, customized investment proposals, advance tax fillings and recommendations, risk monitoring of your portfolio, monthly audit etc.

Overall package seems to be good but since I am yet to try it out, cant comment. Harsh from shoutmetech has tried and seemed to be overall satisfied.

For now, let us continue with my experience about free services.

Portfolio Features of INDWealth

One of the best Portfolio Tracker – Even if you are using other apps for various investment activities, I would suggest try this out at least to track portfolio. It is rare to have app that has all financial products tracked under one place. Be it stock, pms, mutual fund, bonds, bank deposits, you name it and you have it here.

Credit card Tracking – You can see all your credit cards automatically visible in app with outstanding dues. Very useful if you are person with multiple cards. You really don’t need to manually add any, it fetches details from CIBIL based on PAN number.


Credit score and Loan Tracking – You can track your outstanding loans as well. Again no need to manually add. Of course you can also any other loan manually. It also advises of any alternative loan which could be available cheaper.

Mutual Fund Tracking – Based on consolidated statement from CAMS or KARVY, it can quickly import portfolio and track it for you.

Stocks & Bonds in demat format – It allows you to connect to your stock broker and you can import it in your portfolio automatically. No manual data entry needed. Even US stocks can be tracked but you need to open a different account for same.

EPF – You can use your UAN number to connect to EPF and track your EPF balance here.

PMS – Now this is what I have not seen in other apps. INDwealth allows you to connect and track PMS as well.


NPS – Again this was something unique, INDwealth is able to automatically track NPS balance from your gmail account (if you grant that access). So no need of manual entry.


Fixed deposits, Corporate deposits, PPF, real estate, AIFs can also be tracked but by manually entering information.

If you allow read access to your SMS, it can start tracking your online expenses as well though I have not enabled it for now. I generally don’t allow SMS access to apps to prevent OTP getting read. This is not just for INDMoney but for any apps.

Only option I did not find here was Gold. If you have physical gold investment, then you may need to add amount under some other section.

According to me, this is one of very detailed and useful dashboard I have seen. Even better than Kuvera app that I use as my primary app for mutual fund investment. Let us see what we can do with this app just as Portfolio Tracking App

If you drill down portfolio, you can get some interesting insights about your investments. I will try to cover them in full review but just to give a trailer, lets see few

If you wish to sign up with INDMoney, Sign-up on the INDmoney app using this link and claim 1000 INDcoins. 

Product Distribution

Quick and simple view of how your money is invested across various instruments

Asset Quality

You could see how your debt allocation is from credit quality perspective

Portfolio performance against inflation

This is useful to show you reality. Is your investment style able to beat inflation or your are just about managing along. Good insight which will help you decide on your asset allocation.

You could see my XIRR last five year not great in last 5 years in absolute term but if you compare with inflation, it is not that bad.

Stocks in your portfolio

We invest across multiple mutual funds and many of the funds have some common stock but in different proportion. So its an interesting view to know your exposure across various mutual funds.

This is useful for deciding in investing in new fund especially when you are tempted to invest in a sectorial fund say Pharma fund or IT fund which are doing good currently. If you know what is your current exposure, then that can help you decide better.

There are many more insights but will cover them in full review later.

What else you get Free with INDwealth

Some of the features I found useful are listed below

Investing in direct plans of mutual funds

Once you are done with setup, you should be able to invest in direct plans of Mutual Funds from this application. I think other apps like Kuvera and Groww also allow you same. You can click on links and read my reviews.

Periodic review and recommendations

What I found little different is analyzing my investments and suggesting better schemes. They seem to have some robo advisory software underneath.

It periodically keeps suggesting which fund should be switched to which other fund and how much I would benefit in long run.

Its too early for me to say if that is correct recommendation or otherwise but you do have some feature which periodically assesses portfolio automatically.

Corporate FD – Investing made easy

For people who invest in corporate FD, all hassle of paper work is gone. One can invest in click of button in top corporate FDs running offers at that time.

It will show credit rating, interest rates etc and one can invest easily without any middle man. I could see Bajaj Finance, HDFC, Mahindra Finance, LIC. ICICI, PNB FDs. So wide range.

It has filter to select monthly, quarterly, annually payout FDs to choose as per individual needs. Just to avoid making this blog lengthy, I have separate article on details of FD features here. Checkout if need more details.

Investing in Bonds

Gold bonds, RBI bonds, corporate bonds or even from banks or Public sectors. You name it and you will have it here.

PMS

This is interesting area. First time I could see multiple PMS schemes, their characteristics, returns etc at one place.

You can go through details and if you like one, you can click on Apply button for particular PMS. Someone from INDwelath will get in touch with you for next steps.

I clicked button accidently just for this review. 🙂 Let us see what unfolds.

Investing in US Stocks

It lets you open account quickly and online with Drivewealth if you wish to buy US stocks directly from India. I invest via International Mutual Fund so was not interested.

But if you want to buy Google, Apple or Facebook, you can do it here.

Market Valuation and recommendation

It provides analysis of various popular indices like BSE Sensex, Nifty 50, Next 50 so and so forth. At high level, it opines if valuation is cheap, expensive or fair. It will also provide its recommendations.

It also gives insights like FII, DII inflows / outflows into index stocks

Within indices, it divides stocks in bullish, neutral and bearish groups and you can drill down further to individual stocks for analysis.

You also get regular sector , macro economics, stock recommendations, IPO analysis etc. If you directly invest in stocks, you could get useful insights for your research and analysis.

As with any other direct mutual fund investment app, INDwealth also has its recommended mutual funds. But unless you are going for paid service, I would suggest to sticking to your personal financial advisor.

Similar to Groww, you can compare 2 funds here as well.

Reports

INDwealth gives you few reports some of them are

  • Holding report – Excel report for all your holding. Could be handy if you wish to print and file things for later reference
  • Performance report – providing performance details of portfolio
  • Capital Gain & Loss report – Very useful report that gives mutual fund scheme wise transaction details in current year plus calculation of STCG and LTCG. It is excellent report that you can share with your CA for tax filing. I would say not for anything else but at least for this report, you should register in this app.

Conclusion

Overall I like this app a lot for tracking portfolio. It does show lot of promise. Customer service is little slow however as response to queries are not very prompt (at least for free users).

However at this stage I have no hesitation in recommending this to use for Portfolio Tracker. With all assets and liabilities in one place, it will give you a good view.

So do give it a try and share your experience.

If you wish to sign up with INDMoney, Sign-up on the INDmoney app using this link and claim 1000 INDcoins. 

Few updates as of 2nd Nov 2020
  • Mutual fund portfolio gets auto updated every month.
  • Got some useful alerts like below. Since I had moved lot of money in liquid funds during crisis period and it was there for long time, this alert gave me good perspective to move it to some better debt funds. Many times we invest in a fund like below looking at short term requirements but don’t realize of this could impact us if we don’t switch in timely manner. Useful.
  • Getting many not so useful alerts like below. Getting information on companies in your direct stock investment is good but if these are part of some of my mutual funds portfolio, it is of little practical use to me.

Update of 24 May 2021 on crypto currency – lets have some fun

App rewards you for good wealth habits with their INDCoins. Like if you use above referral link, you can get upto 250 INDCoins. You can use these coins to buy crypto currencies virtually. You can see below, list of options available including Bitcoin

You can decide on specific currency and purchase it virtually using your INDCoins. You can see below, I purchased Bitcoins using my 580 INDCoins

Value of crypto currency would change real time in line with actual crypto currency. In below screen, you can see that my 580 became 583 in few mins.

At any time, you can decide to share these with your friends to get actual amount credited to your account or you can directly redeem to your bank account them as per then INDCoins valuation.

Its fun to able to buy crypto currencies virtually without any investment for now. Innovative reward program. I think techies like me would enjoy it.

19 thoughts on “INDwealth (INDMoney) Super Money App – Best personal finance app?”

  1. I have recently created my account on INDmoney app and I really find it useful. But I am concerned about the security of our data as we are giving out lot of personal financial data.

    Reply
    • Do agree with your concern Puneet. However nature of a portfolio app is such that unless you input all details, you will not have full picture. Since lot of things are getting auto updated, we can not keep it anonymous like say portfolio on moneycontrol.com where you could create a fake id. May be we should check with INDMoney how they keep our data secured as well as confidential. Will update if I get any response from them.

      Reply
      • Hi Puneet & TechNFinance Team, Thank you so much for reviewing INDmoney app.

        A few points about data security & safety policies at IND –

        We are committed to the safety and security of users’ data. We utilize various in-house security processes as well as state of the art technology to ensure that our systems are protected and stay safe against any security breach.
        We have been using the best-in-class cloud infrastructure provider, Amazon Web Services (AWS) to manage our cloud infrastructure, in compliance with the AWS Well-Architected Framework.

        Stored data is protected by an authenticated encryption. Additionally, we are audited by Bishop Fox – A Google Partner for security assessment.

        More on these are available at the IND platform/app https://www.indmoney.com/security – hope this helps.

        Reply
    • Please take your judgement call. In today’s world difficult to confirm if okay or otherwise. If you are worried, better not to provide access and manually update data say monthly basis.

      Reply
    • Dear VKP: Hi, Thank you so much for reviewing INDmoney app.

      A few points about data security & safety policies at IND –

      We are committed to the safety and security of users’ data. We utilize various in-house security processes as well as state-of-the-art technology to ensure that our systems are protected and stay safe against any security breach.
      We have been using the best-in-class cloud infrastructure provider, Amazon Web Services (AWS) to manage our cloud infrastructure, in compliance with the AWS Well-Architected Framework.

      Stored data is protected by an authenticated encryption. Additionally, we are audited by Bishop Fox – A Google Partner for security assessment.

      More on these are available at the IND platform/app https://www.indmoney.com/security – hope this helps.

      Reply
  2. I have created an account. Have been using ScripBox and some of my funds are with brokers. Is managing the mutual fund free in Indmutual?.
    Also Techfinance request your feedback on using the app/site. You were plannin to post the detailed feedback after use.
    Thanks
    Prince

    Reply
    • Hi Prince,
      Nice name you got there. Apology for not posting detailed review yet. It will take some more time as I am busy in my CFP certification currently so not able to put lot of time here. My blogs also have reduced. But I hope I will be back sooner. I am currently using Kuvera as my primary mutual fund app and its free. You may see my review if you wish to switch from current app. INDMoney I primarily use for portfolio tracking and lot of insights on my investments

      Reply
    • You can uninstall app and discontinue use but I did not see any option to deregister as such. In fact this is problem with any other app as well but I don’t think once you uninstall, they would continue to fetch/refresh data for you (just my feeling. No evidence as such)

      Reply
  3. Hello
    Ind money does seem to be a very well formulated app.
    I would like to ask about the option in which it advises (probably by using AI) to switch from one given fund of a particular cap category (let’s say mid cap) of one AMC to to the same cap category of another AMC , which would offer better returns especially in the long term investment horizon.
    My question is that will it be a direct switch without a redemption first to your registered bank account or will it be first redemption and then re-investment into the recommended AMC’s similar category,if it’s the former then it’s a new mode of operation but is it valid and safe
    Overall I am beginning to like it’s comprehensive details provided in their platform
    Thank you

    Reply
  4. Hi, i have icicidirect account which I use for investing in shares. I use cams for MF investment. Icicidirect has global investment(in US stocks) option. Should I use that or INDmoney to buy shares of US companies. Rates and Brokerage is not very clear.

    Reply
    • Hi Karthik
      I have not used that feature of INDMoney so apology but can not comment. Let us wait and see if someone else has done it and they can share experience.

      Reply

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