All that you need to know about ICICI Bank Money Coach

ICICI Bank Money Coach is the best personal finance guide you can find. It helps in managing your finances effectively for life. This product assists individuals meet their financial targets, guides them on their financial health, and organises their investments in mutual funds, thereby enabling them to manage their finances absolutely free of cost.

Money Coach from ICICI Bank analyses the financial transactions you have undertaken with ICICI Bank before generating a report on your financial health. The guide measures the readiness of an individual in times of emergencies, keeps a track of their credit card usage, monitors their expenses and income, and evaluates their ability to repay loans. When an individual routes his/her financial transactions via ICICI Bank, they can get in-depth information regarding their financial health.

One of the most crucial things to get ahead in life is to establish your financial goals and come up with ways through which they can be achieved. Money Coach helps in doing just that. Through the guide, you can set your goals, avail unbiased suggestions on your investments, and achieve your goals at a quick pace. The guide also enables individuals to track their investments in real-time. Moreover, in case your targets go off-track, it offers rebalancing suggestions to correct them.

If you want to make investments in mutual funds, one of the best ways to do so is through ICICI Money Coach. The guide ascertains your risk profile, offers unbiased and automated suggestions on mutual funds, and monitors your investment portfolio round the clock to help you maximise profits.

Features and Benefits of ICICI Bank Money Coach

• The automated financial and investment management platform provides individuals a comprehensive view of their finances ranging from expenses, income, financial goals, EMI payments related to credit cards, emergency funds, etc., making it a truly trustworthy guide.
• Money Coach helps in making strategic investments in mutual funds by offering automated suggestions and monitoring your portfolio on a 24x7 basis.
• Money Coach prepares you for emergencies. Regardless of the surprises life throws at you, you can have adequate savings to ensure that your expenses are covered for a minimum of six months, even if your main source of income is lost.
• Money Coach helps you in achieving your financial targets by defining your objectives and suggesting investments. The fact that it can rebalance your investments in case they are off-track helps in ensuring that your goals are achieved conveniently.
• The guide helps you make the most of your existing investments. Once your investments across fixed deposits and mutual funds are tagged with ICICI Bank Money Coach, your goals can be achieved at a much quicker pace.
• Money Coach enables you to monitor your expenses and income. You have a better chance of making well-informed decisions regarding your finances as the guide tracks your spending behaviour. It also draws comparisons in spending behaviours between you and other people like you, thereby finding where you have scope to improve.
• Money Coach helps in ensuring that you are wise when it comes to using your credit card. It essentially analyses your repayment behaviour and card spends to ensure you don’t go off-track.
• In case you have availed a loan, the guide will analyse your capability to repay the loan through EMIs. It monitors your EMI spends before analysing your ability to make repayments.

Getting Started with ICICI Bank Money Coach

ICICI Bank Money Coach can be accessed on iOS and Android devices. Here is the step-by-step process to get started with Money Coach on Android:

1. Download the application on your phone and use your four-digit PIN to login.
2. Click on Investments, Insurance & Tax Payment.
3. Click on Investments – Money Coach.
4. Click on ‘Let’s get you started’ to commence with investments in mutual funds.
5. Swipe right and go to ‘My Goals’ and create your goal.
6. Swipe right and go to ‘My Financial Health’ to check your financial health report.

Money Coach on iOS:

1. Download the mobile application and use your four-digit PIN to login.
2. Click on Invest and Insure.
3. Click on Money Coach, Insurance & Tax.
4. Click on ‘Let’s get you started’ to commence with investments in mutual funds.
5. Swipe right and go to ‘My Goals’ and create your goal.
6. Swipe right and go to ‘My Financial Health’ to check your financial health report.

ICICI Money Coach Frequently Asked Questions

1. Do I have to pay anything for using Money Coach?

No. The guide is totally free, but commissions will be charged for mutual funds.

2. Does ICICI Bank earn a commission if I make mutual fund purchases?

The sale of funds will give ICICI Bank a commission, and you can access this information on the ‘Commissions’ link on the Order Confirmation page prior to authorising any transaction.

3. Can I make changes to my SIP or stop it at any time?

Your current SIP can be stopped from the Fund Details screen or the Systematic Transactions screen of the respective fund.

4. How are suggestions made by Money Coach in My Goals?

Here are the steps involved with the creation of a portfolio:

• Risk profiling: It is based on five questions that you will have to answer, after which your risk profile will be assigned.
• Goal creation: You will have to choose the goal tenure and the goal amount to create a goal.
• Asset allocation: It will be based on your risk profile, goal tenure, and goal amount.
• Suggested portfolio: After the completion of asset allocation, the computation of category-wise allocation will be done and one or two schemes will be suggested for each category.
5. What is the least amount of money I require to start making investments via Money Coach?

Individuals who are interested in making investments through Money Coach can do so with an amount as low as Rs.100 based on the scheme and fund house in which they wish to invest. But if you want to make investments in a suggested portfolio, a portfolio with a minimum investment amount will be displayed based on your risk profile. The minimum investment amount for systematic investments is usually between Rs.5,000 and Rs.10,000. The minimum investment amount for one-time portfolio ranges from Rs.33,000 to Rs.67,000.

6. How can I update the details of my nominees?

If you are creating a new portfolio, the nominee details that you enter on the Nomination screen shall be updated. But in case of existing portfolios, no changes can be made to nominee details by adding another nominee when carrying out a transaction via Integra/portal/Money Coach/tab.

7. How does a Flexible Investment Plan work?

A Flexible Investment Plan, or FIP as it is called in its abbreviated form, enables individuals to start an investment of any frequency they choose. The frequencies available include annual, semi-annual, quarterly, monthly, weekly, and daily. The tenure of the plan can also be chosen by the investor and it will be registered with the Asset Management Company as a purchase.

8. How does Money Coach compute my credit card health?

The average amount of money spent on your credit card will be divided by your average monthly income, thereby computing your Credit Card Spend Ratio. Your payment behaviour along with your Credit Card Spend Ratio will then be compared with the same parameters of people similar to you so that you get a final rank.

9. How can I delete my goals?

To delete your goals, you will have to select the Edit action button present on the Goal Details screen.

10. What kind of transactions can I carry out through Money Coach?

The following are the different kind of transactions that can be carried out through ICICI Bank Money Coach:

1. Purchase
2. Sell
3. Systematic Investment Plans
4. Flexible Investment Plans
5. Switch
6. Systematic Transfer Plan
7. Systematic Withdrawal Plan
8. Stop Systematic Withdrawal Plan
9. Stop Systematic Investment Plan
10. Stop Systematic Transfer Plan
11. Stop Flexible Investment Plan