All About IndMoney App Review 2023: Is IndMoney Safe for US Stocks | All Charges

What is IndMoney App? What can I do with IndMoney?

IndMoney is a Super Finance App. We can manage all our financial assets in one place which assets are bank accounts, insurance, stocks and etc. We can use this app to invest in 1. Indian stocks 2. US stocks 3. Mutual funds 4. ETF 5. FD 6. Insurance But this app is popular for investing in US Stocks easily because transactional charges are comparatively more moderate than other platforms. I mentioned all charges below. We can buy a fraction of US stocks. You don't need the total amount to buy one full stock. It is the main advantage. FD interest rates are higher than 6% here in this app. 1. Shriram FD (Upto 9.00% p.a) 2. Bajaj FD (Upto 8.19% p.a) 3. SBM FD (6.6% p.a) We can invest in the above Fixed Deposits from this app. We can maintain all our credit cards in this app. We can also check credit scores.

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Is IndMoney Safe for US Stocks?

IndMoney partnered with two US Brokers. They are 1. DriveWealth 2. Alpaca IndMoney creates an account with these US brokers. All your US stock transactions will happen through these brokers. These brokers are regulated by FINRA (US Regulator) and a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims of cash). So regulations and US brokers wise, It is absolutely secure.

Is IndMoney SEBI Registered?

INDmoney Private Limited is registered with Securities & Exchange Board of India ("SEBI") bearing SEBI Registration No. INZ000305337, Trading and Clearing Member of NSE (90267, M70042) and BSE, BSE StarMF (6779) ('Company'). IndMoney Terms & Conditions here.

All Charges in IndMoney US Stock Account

1. Account Opening Fees for Trading Account - Rs 0 2. Profile KYC and Identity Verification - Rs 0 3. Brokerage on all US Stocks Trading - Rs 0 4. Annual Maintenance Charge - Rs 0 5. SIPs in US Stocks and ETFs - Rs 0 6. Track Live US Stock Prices - Rs 0 We don't need to pay any amount for all the above-mentioned processes. There are no transactional charges from IndMoney for transferring Indian money to a US broker as a US Dollar. IndMoney initialised Direct funding to our US Stock account. So you can transfer money from your Indian savings account to your US Stock account to buy/sell US stocks. So there are no charges for fund transactions from IndMoney. But your bank may charge some fee. You have to check that. Because you can transfer money from your Indian savings account to a US stock account through net banking. But your banks should allow direct fund transfers for international fund transfers. I mentioned the way to add funds to a US account in this article below. The disadvantage is the money withdrawal charges. We have to pay 5$ as a charge to withdraw our money from the US account to our Indian savings account. 5$ means between Rs 400 to 500 INR. You may see brokerage charges for our buy/sell from those two US brokers. It is not a charge from IndMoney. It is what US Stock brokers charge for our trading and investment. Dividends are taxed at source at a rate of 25%. So the money you receive in your US stock account as a result of the dividend payment will be post deduction of tax. You can however offset this tax deducted in your yearly income tax filings in India and get full credit for the same. Tax Collected at Source Above Rs 7 lakh: 5% TCS (Can claim tax credit while filing) There is no other hidden charges in IndMoney.

What is IndMoney SBM Bank & Its Super Saver Account?

IndMoney partnered with SBM Bank India which is a subsidiary of the State Bank of Mauritius. If we created an account on IndMoney, then we will get 2 in 1 account one US Stock account and one zero-balance savings account. That zero bank savings account is a super saver account on IndMoney offered by SBM bank. Before IndMoney used this super saver account to transfer money to US stocks. We have to add money to the SBM super saver account and then we can transfer money to the US stock account. But RBI asked SBM bank to stop outward remittances (on Jan 23). So IndMoney opened direct funding to the US stocks account. But we can invest in SBM FD on IndMoney. It provides 6.6% p.a as an interest.

Why IndMoney Federal Bank Savings Account?

IndMoney is back with fast remittance to your US account. Before IndMoney did this fast remittance and zero transactional charges with SBM bank. But RBI asked SBM bank to stop this remittance. Then IndMoney introduced direct money transfers from your Indian savings bank to a US account. But it may cost a transfer charge + exchange rate + GST. But Now IndMoney partnered with a well-known Federal bank to do zero transfer fee fast remittance to your US account. So we don't need to transfer the charge. We have to pay the exchange rate + GST only. In this way, we can get Zero cost Federal bank savings accounts and more dollars for your Indian rupee. So this is the better way to add money to our US stock account.

How to Add Money to US Stock Account on IndMoney?

Open IndMoney ---> Invest ---> US Stocks ---> Add Money We can do with two way. Method 1: Through IndMoney Federal Bank Zero Cost Savings Account. By this way, we can avoid transfer fee. Method 2: The transaction is a direct fund transaction from your Indian savings account to your US stock broker account. Your Indian savings account bank should accept the international transaction. Then only we can do transactions. All transaction details will be provided on that window for the US recipient account. If you did a transaction, it will take some time to add it to your US account. The timeline will be mentioned while doing transaction. Note: As of now HDFC and Axis Bank doesn't support direct fund transfer to ALPACA Securities LLC broker. So we have to select any other banks. It is a drawback for HDFC and Axis Bank Account Holders.

IndMoney vs Zeroda

We can't do US stock investment using Zerodha. But IndMoney is a popular app for US Stock investment from India. It is a main difference between IndMoney and Zerodha to consider.

Can we get dividend for US Stocks If We used IndMoney for US Stock Investment?

Yes. Your dividend amount will be credited to US Stocks a/c Balance. Then you can withdraw that amount or re-invest in US Stocks. But You will get a dividend after post-tax deduction from the US government.

Easy to Explore US Stocks & Easy to Analyse US Stocks

IndMoney provided easy-to-explore US Stocks collections. So we can easily identify stocks to build and diversify our US Stocks portfolio. We can easily analyse stocks in IndMoney. IndMoney the below key information for each stock to analyse. 1. Key Statistics of Stock 2. Analyst Recommendation for that Stock. 3. Recommendation Trend 4. Institutional Holdings for that Stock 5. Company Information 6. Insights into that company With this information wise we can give 5 stars to IndMoney. This information is necessary for beginners to invest in US Stocks. I mentioned some US Stocks collections below. Top US Stocks Collections to Analyse: 1. Top Tech 2. Top Brands 3. By Market Cap 4. High Growth 5. Celebrity Holding (Like Warren Buffet and Others) 6. Popular Basket of ETFs 7. High Profit 8. Top Disruptors 9. Hot Stocks Top US Stocks Themes to Analyse: 1. E-commerce 2. Social Media 3. Electric 4. Sports 5. Metaverse 6. Travel 7. Healthcare 8. AI 9. Digital Assets Top US Stocks Screeners to Analyse: 1. Profitable Mega Cap 2. Undervalued Tech 3. Analyst Picks 4. Revenue Rich 5. Mega Cap Low P/E Note: We can use those collections, themes and screeners to easily analyse stocks.