ICICI Bank customers alert! Money Coach is here for your investment and wealth creation
To begin a mutual fund investment, the first step is to open a Systematic Investment Plan (SIP). Your mutual fund account is generally operated by skilled professionals.
Mutual funds investment has become promising for the past many years. This type of investment work like a financial vehicle where an investor can park their money in a diversified bucket involving stocks, bonds, money market instruments, debt funds and other assets. To begin a mutual fund, the first step is to open a Systematic Investment Plan (SIP). Your mutual funds is generally operated by skilled professionals appointed by Asset Under Management (AUM) companies. However, it is always knowledgeable about your investment. You must be aware to analyze and grab opportunities in these sort of investments. Interestingly, private lender, ICICI Bank can help you coach your own investment. The lender via its Twitter account says, “From defining your goals to suggesting investments across the spectrum, #MoneyCoach is by your side at every step of the way.”
ICICI Bank’s money coach is an online mutual fund transaction and financial management platform. It provides automated, algorithm-based portfolio management advice for Mutual Funds to all ICICI Bank customers. Also, they provide a platform for creating goals and supports the goals with automated investment advisory. The real-time investment suggestions assist you to stay on track to achieve your goals.
Even though there are no fees for their services, ICICI Bank does earn commission for the sale of funds. Once you get registered, you can place order at anytime if sufficient funds are available in your account.
One of the interesting part of this Money coach is that you can place a request even on a holiday, however, your request will be processed on the following business day and the NAV would be applicable as defined in the Mutual Fund's Offer Document.
You can also invest on your choice mutual funds other than that suggested by Money Coach. If you are a first-time customer then ICICI Bank suggests a portfolio basis your Risk Profile, you can also make an investment as per your choice. Below are the 4 investment options:
1. One Time: A lump sum portfolio where you make a one-time investment in a basket of funds. You can also edit the suggested portfolio or invest in the funds of your choice by clicking on Skip Suggestions.
2. Monthly: A SIP portfolio where you invest small amount of money every month. You can also edit the suggested portfolio or invest in the funds of your choice by clicking on Skip Suggestions.
3. Tax Saving: You input the amount which you want to invest in tax saving mutual funds and the bank will distribute it amongst their suggested tax savings fund, you invest the same at a click of a button.
4. Do-It-Yourself (DIY): This section has Search Funds, New Fund Offer (NFO) and Suggested Funds sections.
A customer can redeem a fund by choosing Sell on Fund details screen of respective fund. Enter all or Partial amount/ units of the selected scheme and execute the transactions present on the cart. The transaction will be processed within 2-4 days as per the scheme TAT and the redemption proceedings will be credited directly into your Registered Savings Bank account.