Online Investments – To be or not to be!
There was a time when we were sceptical about ordering groceries or clothes online. Don’t we all still remember that? Now that has become such a normal behaviour. In fact there is always a wider range of things available at every price point, when one is shopping online; and all of us have mastered the art of online shopping. Whether it be sizes or quantities, we hardly ever go wrong. The whole process comes so naturally to us that we don’t even stop to think that only 5/6 years back we were going to shops or markets for ALL our purchases.
Online investing is a new fintech product which is very similar to online shopping in many ways. It is a new method through which we can build our wealth and generate income. Like online shopping it can be confidential and convenient. But since it is a recent development, there are bound to be doubt and misconceptions around online investing.
Let us first deal with issues of online investing in general. (Would like to emphasise here – these are genuine concerns faced by our investors. Now happily, sorted and on their way to financial freedom with FIKAA!)
1. What happens to my investment in the event of my demise?
We at FIKAA think that this is a very serious question. So before you start your investment journey we make sure that you have added a nominee for your account. As with any other investment, your nominee will be your beneficiary in case of your demise. And if you have not added a nominee by any chance, the investment gets redeemed and the amount is remitted to your linked bank account.
2. What are the measures in place if my device is lost?
The FIKAA app is linked to your registered phone number and not your mobile device. In the event of loss of your phone or even change of instrument, as soon as you have a new device with the same registered number, you are good to go. The OTP is sent to the registered number when you login. So nothing is lost and you can go on building your wealth!
3. Do we have to reveal our salary in order to invest?
Not at all! Your income amount need not be disclosed at any point of time when you invest online. Your income from all and any source need not be shared. SIP or lumpsum investments can be made with whatever amount you choose to invest irrespective of your total income.
There were some FIKAA specific questions from our investors. We are glad that people are thinking about the authenticity of the platforms before they invest their hard earned money. At FIKAA, we can assure you that our app has your best interests at the forefront. We are here to make your investment journey as seamless as possible.
Simple answer is – No! Your money is invested in the Mutual Funds chosen by you. It is accessible from any online portal or broker you are registered with. The Digital Gold that you invest in, is kept for you in custody by Augmont in your name. FIKAA is a facilitator for you and acts as your broker. We are service providers for you.
2. What will happen to my investments if FIKAA shuts down?
Again short answer is - It will not! But rest assured, your investments will always be secure. The Mutual Funds are with AMFI and can be accessed from any other platform also. Digital Gold is with Augmont - they send you an invoice online which is on the app. Augmont is India’s leading refinery and bullion company. Whether through FIKAA or otherwise, your investment will always be accessible to you.
3. How can I verify the authenticity of the app - FIKAA?
We are proud to share that FIKAA is backed by Keynote Financial Services. It has been a full service investment bank and brokerage house for over 30 years! FIKAA has their experience and expertise to draw upon at any point of time. Also even as a start-up we know that we are also in it for the long run. Therefore we have all the required accreditations. We are SEBI regulated and a registered Mutual Fund distributor with an ARN number.
s Digital Gold is a relatively new product and therefore it is natural to have questions and doubts. Once you are convinced and opt to invest in Digital Gold, you have begun your portfolio diversification in the best possible way!
1.What is the minimum investment requirement for gold? OR How can I invest in gold with a minimal amount?
You can even invest Rs.100 in Digital Gold! Unbelievable but true. One cannot get physical gold at Rs.100 but you can start as low as this and progressively build up to a larger amount. That is the beauty of a Digital Gold investment, you can benefit from the gold price boom at whatever amount you wish to start with!
2. Will I get my gold delivered?
We are currently working on this very aspect on our app. Our Gold partner - Augmont is storing the gold that you invest in. The day you choose to take delivery, Augmont would be beholden to deliver that gold to your doorstep. The only factor this depends upon is the quantity – it should be physically possible to have that grammage of gold in case of very small investments. Till this feature is activated, you can redeem the same amount in your linked bank account.
3. What is the purity of the gold that we purchase from FIKAA? Is there a certificate?
When you buy Digital Gold from FIKAA, you get an invoice for your purchase. This not only gives you the amount and grams of gold purchased but also indicates the purity of the Digital Gold held in your name – 999 - 24K. This is equivalent to a certificate since Augmont is India’s leading bullion refinery.
Women shouldn't shy away from discussing finance. This is the only way to break the walls and set a level playing field. Let's be unstoppable. We've all heard the saying, "Be the change you wish to see in the world." This is for all the ladies out there, come join FIKAA to empower women so they can learn, invest, connect, and grow together.
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