INDmoney Review, Features, Is it Safe? Brokerage, Fees & Charges on Stocks, Mutual Funds

INDmoney was an idea of Ashish Kashyap which reached the heights of the Indian financial market today. Here is INDmoney Review including Brokerage, Fees & Charges on Stocks, Mutual Funds. Also, is it safe? There are many creators who are promoting INDmoney on YouTube channels as well. They are talking about its vast features, especially the feature of fractional investments in stocks. This article will share details about the app and its features. We will try to solve all your queries on why to use the INDmoney app. What benefits will it give you on mutual funds and stock investments?

What Is the INDmoney App?

INDmoney app is a great idea and a successful business by Ashish Kashyap. The basic motivation of the app is to help you in your financial planning. You can invest your money in the extended limits using this app. This allows you to invest in international stocks as well as domestic stocks. We will discuss below the reviews of the INDmoney app.

INDmoney Review: Is INDmoney App Safe?

INDmoney app should be used or not? There is a lot of confusion among people about the security of using INDmoney. It is said to be SEBI registered. It also goes through the process of a BISHOP audit. This makes it a safe platform that can be trusted. The app has received a rating of 4.4 on the Play Store. The customers have given good ratings and reviews for the app. The app is said to have SSL protection and also it gives you the option of 2-factor authentification. The app has an existing user base of 50,00,000 users. So if we conclude it, it is safe for use. You can see many creators who also have accounts on the platform.

INDmoney Features:

INDmoney is said to be available with several features. Below are the important ones mentioned:

1. Option To Trade Internationally: INDmoney gives you a chance to trade internationally. You can invest your money in US stocks as well.
2. You can Trade In Portions: The best thing is that you can invest in portions. You don’t need to buy the stocks or shares completely.
3. No Charges For Opening Account And AMC Fees: You don’t have to pay any money for opening the account or AMC fees. You need to pay 20 rs for intraday trading for every order.
4. No Commision Investment in Mutual Funds: You can invest in mutual funds with zero brokerage.
5. Insurance Policy: You can also do your insurance using INDmoney. There you can choose plans from all the big and famous insurance companies such as Max Life.
6. Easy Borrow: You can take loans from the platform at the interest rate of 13-15 percent.

INDmoney Brokerage, Fee & Other Charges:

There are several charges, which are explained below as given by INDmoney on their official website.

1. Turnover Charges: These charges are divided into 2 categories based on the stock exchange used. For the NSE or national stock exchange, it is 0.00325% on all stocks. If we talk about the other one which is the Bombay Stock Exchange (BSE), it will vary depending upon the groups of stock. For example: Group, A, B, E, FC, G, GC, I, and W will have 0.00375% of the transaction amount charged on every transaction. Group M, MT, TS, MS, IF, and IT will be charged 0.00275% on the transaction amount on every transaction. Some with higher charges are Groups X, XT, and Z with 0.1% charges and Groups P and Zp will be charged 1%.
2. Securities Charges: These charges are transferred to the Government. When you buy or sell equity delivery orders, you will charged, 0.1%. If you buy or sell, Intraday orders, you will be charged 0.025%.
3. Stamp Duty: This will be charged on the buy orders only.
4. SEBI Turnover Charges: SEBI turnover charges are 0.0001% of the order value.
5. Courier Statement Charges: If you order your statement to your address, you will be charged, RS. 300 for every delivery.
6. GST: GST will be charged 18% on all the transactions.
7. Netbanking Deposit Charges: You will be charged Rs. 10 for every net banking transaction. However, it is not the same for UPI deposits.
8. Call and Trade Charges: You will be charged 500 for trading for placing orders through call or support.
9. Demat Charges: It is Rs. 250.
10. Remat Charges: Remat Charges are Rs. 250 per certificate rematerizalied.

INDmoney Refer And Earn:

This app also gives you a chance to earn money through refer and earn. This has its conditions which you follow while sharing this app with your friends can make you earn money.

1. Valid Date: This offer is valid from 1st May 2023.
2. This offer will not be available for users who have registered through the website.
3. You can avail of this option if you have registered through the mobile app of INDmoney.
4. You will earn money only if the person you have referred to will open their account using your refer link.
5. The person should complete all the processes of account opening. He/she should deposit the money in the account of a minimum of 1000 rs within the next 30 days.
6. You will get Rs. 500 per referral. It will be taxable. This will only apply to the first five referrals.
7. If you open another account to earn referral money while having the first one or by closing the first one, it will not be applicable for rewards.

Conclusion:

INDmoney is the best platform for your financial planning. This gives you the option to invest in mutual funds, US stocks, and also partial stocks. You can take insurance and also refer and earn from friends. The app is considered all save for use. You can also prefer reading the ratings on the Play Store.