Moneyjar FAQ's
Absolutely! Except for tax saving (ELSS) schemes which are mandated to be locked-in for 3 years, Moneyjar allows you to withdraw your funds whenever you wish to. There might be a specific mutual fund house mandated exit load on certain funds if you withdraw them before a certain time period.
Yes. Upto 90% of the current jar value can be withdrawn under the partial withdrawal option. If you would like to withdraw more than 90% of the total jar value, the “full withdraw” option has to be selected. When you fully withdraw money from a jar, the entire amount gets credited to your bank account in 2-3 business days and all your existing SIP’s in that jar are stopped.
It typically takes 2-3 business days for the money to be credited to your account once a successful withdrawal request is made.
Yes, one of the best parts of investing with Moneyjar is the ability to setup the SIP online. Once you invest in a jar through an SIP, go to the Documents section where you will find information on how to setup the SIP by adding a biller in your net-banking console. Can’t figure it out? Contact us and we will help you get set up in no time!
If you have already set up a SIP in a jar you are invested in, you can:
– Increase the monthly SIP amount
– Stop the SIP anytime you like
When you stop a SIP, the amount already present in your jar remains. No further instalments would be debited from your account. However, if you stopped the SIP very close to the debit date there is a chance that one more instalment could be debited from your account.
When you create or increase a SIP on the Moneyjar platform, you are starting SIP’s in multiple mutual funds that are part of your jar. As each fund might have different debit dates or times, you might see multiple debits in your bank account. However, the total amounts of debits will always match the SIP amount you have set in your jar.
This event would occur if you do not have adequate balance in your bank account on the SIP debit date or the SIP Setup has not been approved yet. While missing a SIP instalment is not recommended and has its obvious disadvantages, it does not pose a serious issue transactionally. The payments will continue normally from the next month and there is no fine or penalty on the missed SIP. However, do note that some mutual fund houses stop your SIP if more than 3 months of the SIP instalments are missed.
The NACH mandate is generated and required to be signed and sent to us anytime you start a new SIP or increase your SIP amount. It allows the mutual fund companies to debit the amount entered by you automatically from your bank account. The NACH form is present in the ‘Documents’ section of your dashboard. We now allow you to setup your SIP online too, if you so wish. This eliminates the need for sending us any paper-based forms.
The NACH mandate form takes about 15 working days after we receive it to get approved. Unfortunately, this is bank specific TAT and there is nothing we can do to expedite this process. You can help reduce the total time to start your SIP by sending us the NACH mandate as soon as you place a SIP Order. We now allow you to setup your SIP online too, if you so wish. This eliminates the need for sending us any paper-based forms.
If the jar had been setup using a lumpsum investment: You can top up your jar by making additional lumpsum investments, setup a SIP and partially or fully withdraw the money in your jar.
If the jar had been set up by starting a SIP: You can top up your jar by making additional lumpsum investments, increase your SIP amount, cancel your monthly SIP and partially or fully withdraw the money in your jar.
On Moneyjar, a jar is a single pre-packaged investment opportunity. Each jar consists of one or more mutual funds hand-picked by our financial experts with your goals in mind. Simply pick a jar, add money to it, and we’ll put it to work!
All the money you invest in a jar goes directly to the mutual fund houses and you receive allocation statements shortly thereafter.
We believe in order to understand investing and benefit from it, it is important to simplify the process. We are just carrying that forward in a structured way. We prefer you focus on your specific goals rather than focussing on individual mutual funds. This way each jar corresponds to a goal – eg. house, retirement, car etc. or process (for eg. saving tax, investing in international markets, etc.) and can be fulfilled with ease and simplicity.
We have two kinds of jars for you to invest in. The Goals Jar allows you to invest knowing you have a certain goal in mind while all other Jars offer standard solutions that can help many users with similar needs or thoughts.
Goals allow you to input your exact requirements – investment timeframe, risk appetite, target amount (if any) and whether you want to do a lumpsum investment or start a SIP. If you enter a target, our algorithm will suggest you an appropriate amount that you should invest today or invest every month in order to reach your target within the given timeframe. Once we receive these inputs, our recommendation algorithm will generate a jar with mutual funds that is exactly customised to your circumstances.
All other jars are pre-constructed jars that you can self select based on what it offers, enter your investment amount and method and invest in a matter of seconds!
Of course! Contrary to popular belief, there are mutual funds that have similar risk profiles to fixed deposits called debt mutual funds. They provide a more tax efficient and a rewarding alternative to keeping your money lying idle in savings accounts or inefficient fixed deposits.
On Moneyjar, we have several pre-made jars like the Safe Jar which are specifically meant for shorter term investments. In addition, when you are building your own jar, you can specify a shorter timeframe and Moneyjar will help you construct a jar appropriate for that timeframe.
Goals jars allows you to customise the jar to your exact requirement by letting us know your investment timeframe and the investment risk you are comfortable with. All othr jars are for specific needs and all you need to enter is the mode of investment (lumpsum or SIP) and a target amount, if any. Once you build your jar, you can fund it using the payment gateway if you are making a lumpsum (one time) investment or by setting up an SIP (monthly investment).
There are two ways to fund a new or existing Jar:
Lumpsum: This is a one time investment/top-up and will be executed through the internet banking page of your registered bank account. Investments done using this method are typically allocated in 2-3 business days.
SIP: You can set up automated monthly investments that will be debited from your bank account. In order to enable this automated debit, you need to sign and send us the NACH form located in the ‘Documents’ tab on your dashboard. Once you have set up a SIP, you can increase the monthly amount or stop it anytime you want. We now allow you to setup your SIP online too, if you so wish. This eliminates the need for sending us any paper-based forms.
Different jars will have different minimum amounts based on the minimum investment amounts of the mutual funds present in the Jar and on the mode of investment (lumpsum or SIP). We will clearly tell you the minimum amounts for lumpsum and SIP in a jar when you are setting up your jar or making any followup investments.
Absolutely not! The money goes directly from your account to the Mutual fund company who in turn allots units to you in the mutual fund scheme chosen.
A jar can primarily be in the following three states:
Pending: A jar is in pending mode when it has not been funded yet. Clicking on ‘Continue Construction’ will allow you to edit any parameters if required and then take you to the payment page for funding your jar.
In Process: A jar is is in process after it has been funded for the first time. If you chose the lumpsum mode of investment, the jar typically remains in process for 2-3 working days until we receive your allocation details. If you selected the SIP mode of investment, the jar remains in process until the first SIP instalment is debited from your bank account.
Active: A jar in active state allows you to make any follow on actions such as investing additional money or withdrawing money from your jar.
The allocation of your investments is dependent upon the TAT’s for processing by the fund houses. Moneyjar sends the investment details to these fund houses through BSEStar and the respective RTA’s and displays them on your dashboard as soon as we receive details of the allotment of your investments. This typically takes about 2-3 working days.
There is no limit to the number of jars you can create! In fact we encourage you to have different jars for different goals or needs in order to stay true to the “Jars” philosophy of investing.
Of course! Contrary to popular belief, there are mutual funds that have similar risk profiles to fixed deposits called debt mutual funds. They provide a more tax efficient and a rewarding alternative to keeping your money lying idle in savings accounts or inefficient fixed deposits.
On Moneyjar, we have several pre-made jars like the Safe Jar which are specifically meant for shorter term investments. In addition, when you are building your own jar, you can specify a shorter timeframe and Moneyjar will help you construct a jar appropriate for that timeframe.
Your bank account details are required so that we can register the same with the mutual fund houses. They need the details to ensure that you are investing from your account only and also to credit back the money when you redeem your funds.
Giving your bank account is completely safe as no one can withdraw money from your account by just knowing your bank details. Additionally, we use bank-grade security to keep your personal information safe.
To ensure authenticity, it is essential to verify the contact details of the person under whose name the investments are being done. This ensures identity proof as well as ensuring sanctity of information.
A KYC compliant investor does not need to provide any documents! A KYC non-compliant investor will need to submit a proof of address (Passport/Voting Card) in addition to PAN. You can either upload the documents on the website while going through registration or email/WhatsApp them to us!
Changing your PAN Number is not possible in the existing investments. Please contact us at care@moneyjar.in for any other changes.
We have certain factors in place to qualify the different funds along with the needs of the client. It is not a straightforward process but requires considering fund performance markers – quantitative factors (Historical Return, Drawdown %, Credit Quality, Portfolio P/E, AUM Size) and Qualitative Factors (Fund Manager, AMC Reputation, Fund Outlook, etc.). As any good financial advisor will tell you, merely looking at a fund’s past performance does not guarantee future performance. Thus, you can be assured that every recommendation that we make is thoroughly researched with an aim and target.
We not only make recommendations on the most ideal mutual funds to invest in but also advise you the proportion that you should allocate to each fund. Optimal allocation of your money to best-of-class funds based on a defined objective helps your jars outperform in the long run.
Mutual funds are tax efficient and you get access to professional management at a very low cost. They provide built-in diversification of investments and in the Indian scenario, make available a wide variety of themes to choose from. They are also extremely easy to buy and sell.
Unknown to many, other than equity funds, there are also debt/liquid mutual funds which present a compelling alternative to fixed deposits and keeping your money in savings accounts.
Moneyjar is only an advisor and facilitator of investments. At no point does your money pass through our bank account. It goes directly into the pool account of the mutual funds, which is promoted by huge financial conglomerates like HDFC, ICICI, SBI, etc. Your investments are in your name and you can even withdraw directly through the Mutual Fund House.
Our technology partnership with Bombay Stock Exchange and BillDesk allows us to make quick transactions and execute it. You can be assured of the safety and transparency when investing through us.
We hold the security of your money possibly more dearly than you do. We are fully aware of dealing with life-savings of our esteemed users. The Moneyjar website is fortified with enhanced bank grade Extended Validation (EV) SSL security certificate. Transactions are done through BSEStar, which is operated by one of the largest stock exchanges in the country.
In the unlikely event that we shut down, your investments will still be secure and active as we do not take your money into our accounts at any point and they are directly invested with the mutual fund house. We facilitate mutual fund investments but the investments are always held in your name.
You would be able to control your investments directly with the mutual fund house where your investments are held.
You can contact us in a variety of ways. You can reach us by email at care@moneyjar.in or you can call us on our helpline at +91 7977467996 (11AM- 7PM on weekdays) or even WhatsApp us at +91 7977467996. Please refer to the Contact Us page for more details.
Transactional queries take precedence with a 24 hours turnaround time (TAT) while non-transactional queries will be responded to within 48 hours. Although these are our standard TAT’s, we make every effort to get back to you on anything you need as soon as we can.
We welcome a personal interaction through a phone call and will arrange one once you drop us a message at care@moneyjar.in or on our Contact Us page.
Our CEO is happy to hear from you directly at rohan@moneyjar.in.
All mutual fund houses, where your investments are held, will send you statements at periodic intervals. Additionally, you will be sent a Consolidated Account Statement (CAS) every month by the Registrar Transfer Authority (RTA) that will have details of all investments that you have made. You can download the CAS on demand by visiting https://www.camsonline.com/InvestorServices/COL_ISAccountStatementCKF.aspx and entering relevant details.
Your registered bank account is where all redemption credits are made and from where all your investments are done. Please email us at care@moneyjar.in to initiate a change in bank account details. Investments that are made following the bank change can be done from the new account and withdrawn to the same; however for existing investments the redemption will happen in the old bank account unless a specific request is given to each fund house where investments are held. We will be happy to guide you through this process if required.
We would be sad to see you go but you can close your Moneyjar account anytime you want. Please send us an email on care@moneyjar.in and initiate the proceedings. As explained previously, your mutual fund investments will stay unaffected and you can choose to either continue with the investments or withdraw them completely.
Moneyjar is a new age wealth advisor that helps you make investing your savings easy and rewarding. It turns your thoughts and life goals into actionable advice, which can then be seamlessly executed on it’s online transaction platform. And what’s more, Moneyjar constantly monitors your portfolio after you’ve invested, sending you alerts to replace and rebalance as and when needed.
Moneyjar challenges the status quo of wealth management. We believe that managing your savings should be simpler and more rewarding than it is currently. With a fresh approach that looks at investing through your eyes, you can prepare to bid goodbye to tedious hours spent researching the ‘top’ mutual funds to invest in and dealing with untrustworthy bankers.
Moneyjar’s services are completely free to our users and we do not deduct any money from your investments. We earn our revenue through a small fee received from the mutual fund houses that you invest in.
Nope. Demat accounts are only mandatory for direct trading of shares and are not needed for mutual fund investments. Mutual Fund units are stored electronically and a tally of your units can be seen through your Moneyjar dashboard or the statements that the Mutual Funds send to you directly. You get to save on time and costs of opening and maintaining a demat account!
While we understand the ease of mobile use, presently we offer our services solely through Moneyjar’s web platform. We recommend you access our website from a laptop or desktop only. We aim to introduce iOS and Android apps very soon. So stay invested and we will keep you updated!
At Moneyjar, our founding ethos is that the company is only as good as the people that work for it. We are always on the lookout for driven and talented people. Please check out our Jobs page or email your resume to hr@moneyjar.in. Come, be a part of our ever growing tribe!
As of now, only individuals who are Indian tax residents can invest on Moneyjar. Currently, we also do not allow joint accounts. However, you can create a separate accounts for your spouse, siblings or parents. Additionally, you can also appoint any one as a nominee in your account.
If you are an NRI or a corporate entity and would like to use the Moneyjar platform, please email us at care@moneyjar.in and we will provide you instructions in order to set up a customized account with us.
Step 1: You need to sign up and complete a short registration process post which the account is activated immediately for KYC compliant investors.
Step 2: Choose a Jar based on your goals or contact us to help you select one. Enter how much you want to invest.
Step 3: Invest through net-banking or setup an SIP (where money gets automatically invested from your account every month).
You’re done! Sit back and watch your money grow 24/7 on your Dashboard.
All investments done by you on the Moneyjar platform are held in your name only. Also, as per regulatory policy, the bank account from which investments are made has to mandatorily be in the name of the investor. If you want to invest using a family member’s bank account, you will have to create a Moneyjar account in his/her name and consequently the investments would be held in the account holder’s name.