If you are looking for an app, that can help you to invest in the US stock market from India, then you’ve probably heard about the Indmoney app. This app provides investment opportunities from India to the US stock market. But everyone has doubts regarding its legitimacy, whether it is real or fake. Therefore, we will cover this topic throughout this blog post today.
INDmoney App Details
The Indmoney app helps Indians to invest in Indian stocks as well as US stocks simultaneously. Moreover, as their official page claims, you can invest directly in US mutual funds and fixed deposits. However, you can start building your portfolio with as little as 100 rupees for mutual funds and 50 rupees for SIPs in Indian stocks. It also provides personalized analysis reports on your portfolio, stocks, and market trends, which differs from other apps.
INDmoney App Features
US Stock Investment
- INDmoney allows Indian investors to invest in US stocks without charging any commission.
- You can buy stocks listed in Dow Jones, NASDAQ, and S&P500.
- Fractional share investments start from $1, and the app provides daily and weekly portfolio analysis through its dashboard.
Mutual Fund Investment
- Execute mutual fund investments with a single click.
- Auto-import mutual fund details from brokers, banks, and apps like Groww and Zerodha.
- Zero commission rate for mutual fund transactions.
FD Facility
- Open FD accounts in various banks and NBFCs.
- Earn higher interest rates compared to other banks.
- Analyze credit and risk conveniently.
Monitoring Progress
- Easily track financial activities and assets.
- Collect portfolio details from top brokers like Zerodha and Upstox.
- Access stock advisory benefits within the app.
- Monitor EPF, NPS, and other investments seamlessly.
Rewards Feature
- Earn rewards by referring friends to the platform.
- Spend on US-based companies using credit cards to receive free US stocks.
- Get crypto coins as rewards for good financial performance.
Premium Features
- Personalized financial advisory services.
- AI-based investment decision-making based on data points.
- Tax planning services (premium feature).
- Risk management for your portfolio.
- Robo advisory for automatic investment goal setting and asset allocation.
INDmoney KYC Details
Completing your KYC (Know Your Customer) process with INDmoney is straightforward and paperless. Here are the steps you need to follow:
Sign Up
- Begin by signing up with your mobile number on the INDmoney platform.
Personal Details and Aadhaar Verification
- Enter your personal details.
- Upload your Aadhaar card for verification.
Selfie Video Verification
- Record a selfie video to complete the KYC process.
Documents Required for KYC
- PAN card
- Aadhaar card
- Bank documents (if required)
INDmoney Charges Details
Account Opening & AMC
- Zero account opening charges.
- No annual maintenance charges (AMC).
Equity Brokerage
- 0.05% of the order value or ₹20, whichever is lower.
F&O Brokerage
- ₹20 per executed order.
Pledge
- Zero charges for pledging.
- ₹20 + GST per ISIN per request for unpledging.
Other Charges
- Depository Charges: ₹13.50 + GST per ISIN for debiting shares from your demat account.
- Securities Transaction Tax (STT): 0.1% on both buy and sell transactions.
- Exchange Transaction Charges: Vary based on the stock group (e.g., 0.00375% for certain groups on BSE).
- SEBI Charges: 0.0001% of turnover.
- IPFT Charges (Investor Protection Fund Trust): 0.0001% of turnover.
INDmoney App Is Safe or Not?
Indmoney collects data on your details from email, bank details, etc. Moreover, the app is registered with SEBI under SEBI investment adviser. However, investing in the US stock market through this app can vary losses, fraud, and high exchange charges. Otherwise, the app is very good and well-designed. The interface is also simple to navigate.
Therefore, the app is safe to use, when investing in the Indian stock market online. Conversely, if thinking of investing in the Indian stock market, then there are other applications on the Internet to start with in minimizing the investing.
Summary
IND Money
Summary
The Indmoney app is a reliable platform to start your journey in stock investment. However, investing in US stock via the app can be difficult and expensive. So, I would recommend you start with the Indian stock market via the app or use other alternative apps to minimize the high cost of charges. If you’ve already used the app, then share your thoughts with us in the comments below.