Question 1

What is Moneyjar?

Accepted Answer

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.

Question 2

Does Moneyjar charge anything to me?

Accepted Answer

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.

Question 3

Do I need a demat account to invest through Moneyjar?

Accepted Answer

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!

Question 4

Does Moneyjar have a mobile app?

Accepted Answer

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!

Question 5

Where can I apply for a job at Moneyjar?

Accepted Answer

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!

Question 6

Who can invest online through Moneyjar?

Accepted Answer

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.

Question 7

How do I get started?

Accepted Answer

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.

Question 8

In whose name are the investments done? Can I make investments in my name from a family member's bank account?

Accepted Answer

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.

Question 9

How can I get a statement for all my transactions?

Accepted Answer

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.

Question 10

How do I change my registered bank account?

Accepted Answer

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.

Question 11

How do I close my account with Moneyjar?

Accepted Answer

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.

Question 12

How do I contact Moneyjar?

Accepted Answer

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.

Question 13

How soon can I expect a response?

Accepted Answer

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.

Question 14

If I don’t know anything about investing, who should I call at Moneyjar?

Accepted Answer

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.

Question 15

I am not satisfied by the response I received from Moneyjar. How do I escalate?

Accepted Answer

Our CEO is happy to hear from you directly at rohan@moneyjar.in.

Question 16

Where does the money that I invest go?

Accepted Answer

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.

Question 17

What security features does your website have?

Accepted Answer

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.

Question 18

What happens to my money in the event that Moneyjar shuts down?

Accepted Answer

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.

Question 19

How do you choose the Mutual Funds that you recommend?

Accepted Answer

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.

Question 20

Why should I invest in mutual funds?

Accepted Answer

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.

Tag: featured

The Truth About Equity Linked Saving Scheme (ELSS) and SIP

Most Common Mistakes People Make While Investing

Should you invest in real estate or mutual funds?

Invest your money for a great holiday