ETMONEY: Mutual Funds & SIP 4+

Great app for with ease of features

It’s a great app , great features and ease of investing into mutual funds to insurance. The navigation is pretty user friendly and gives you update on a daily basis. This also gives you CIBIL score and tells you the history of credit to where do you find yourself as far as “ Good or excellent “ in various categories of credit history “. This will help you improve your score as well.
Opportunities- Other investments that you have made in other apps / institutions are not getting updates here - shares / investments in FD / Investments in Housing , loans taken from other banks etc. if you can give access to upload the statements of various institutions will definitely help in ensuring that this is a single app for tracking all your investments.

Good App with prospects but needs work.

The app is definitely a positive in so far as convenience is concerned and helps bypass long paperwork and processes. At the same time the KYC process is simple enough for even a first timer to follow and register. The app needs development in terms of providing more options in SIPs. Currently the app only provides for High Growth High Risk option, Tax Saving option and SIPs with Balanced Returns option. That being said options like ETF based SIPs are currently not being provided. Second, as the SIPs do not provide details as to which are the portfolios the current Funds are invested in. Further there should be an option to ascertain what is the current market value of my investment so that investors can take an informed decision in case they require liquidity.

In so far as money market options are concerned, the process as to what happens when money is invested in the money market and the risks associated with money market investments are not properly laid out. Unless one is made aware of the risks involved in money markets, attracting investors may be difficult.

Definitely an app I would use as it makes my life easier but would want more optionality and features if the intent is to make it the sole one stop shop for making investments.

Developer Response ,

Hi, first of all thank you so much for taking time out and giving us such a detailed feedback. We are working on many new features that will cover almost all the suggestions that you have given. We would love to hear your valuable feedback on our upcoming new features as well. Regards, Team ETMONEY

Bad App-

I have been using this App for over a year and have had multiple bad experiences:-
-my SIP was getting cut every month but this money invested was not showing in the ET money records/holding data for over two months. I have written to them multiple times , but it has still not been updated and I have no clue where the money has gone
-customer support is really bad with no reply given for upto three days . The firms crib is that it’s because of Covid. These are reasons given by some third world government organisations and not expected from a private firm where people’s valuable money is being invested (interestingly they did have the time to update the User Interface of the App three days back in the middle of the second wave of Covid 19 in India!!)
-if you want to withdraw money it gets credited only after 5 working days, and that too after contacting them and reminding them (though in the App they claim it will get credited in 3 working days which is laughable)
-I totally agree with another person who said that it’s not clear what are the hidden charges that get deducted when you want to withdraw your money

Developer Response ,

Hi Uday, we deeply regret for any inconvenience. One of our team members had attempted to speak to you today. Unfortunately, we couldn't connected as the number registered with us appears to be "Out of Service'.

Further, as checked, all your emails were timely addressed with proper information. However, with reference to your concern on the unit allocation time is based on the date & time of fund realization at the respective MF Houses. Hence, we are unable to mark the transaction completed on the day of investments. Apart from this, the withdrawal you have referred in your email, was from a fund which invests in 'International Equities' and hence has the turn around of time transaction plus 7 business days. The 3 working days is applicable to the funds which invests in domestic equities.

Please note, the redemption turnaround time is different from fund to fund between Transaction plus 1 business day to 7 business days.

Kindly, email us your alternate number to have a detailed conversation and address your doubts accordingly.