Better to Gain, Lesser to Lose, Use Invest the Change

Better to Gain, Lesser to Lose, Use Invest the Change

if you have loose change and want to invest that amount and get returns from it then there is good news for you. Yes, you heard it right. If you always want to save money on each and every rupee spent, use Invest in Change.  Invest the Change is plan to assist and encourage regular savings and investments for new and small investors who have not yet formed the habit to make big investments on a regular basis.

What is ‘Invest the Change’?

Invest the Change is a simple way to save and invest money. This is the digital age equivalent of taking all the extra change from your purchase and saving it in a jar until the jar is full and then taking the whole jar of change to the bank for investment.

With this feature in our app, we are aiming to equip our users with the tools they need to build their financial future. Often, when it comes to finances, people don’t know where to start. Investing, saving and other similar things can seem confusing and unreliable.

We are set on changing this by making saving and investing simple, enjoyable, and accessible to all. There are many apps in which we can make such investment, one of them is Niyo

NIYO X

NiyoX is the best app for investing.  NiyoX is a 2-in-1 Wealth Plus Savings Account by India’s leading Digital Banking Fintech – Niyo has started ‘Invest the Change’ which allows the customer to convert their loose change into investments. The concept of the app is so interesting that within 150 days of a start-up, around 5 lakh customers have joined it.

The objective behind starting this app is to make the habit of saving and investing among Indian millennials by making it simple and fun. The app NiyoX’s feature ‘Invest the Change’ allows customers to round up all of their expenses (food orders, cab fares, subscriptions, fund transfers, etc.) with NiyoX to the next 10, 50, or 100 and invest the loose change in it. 

Basically, all the amounts debited from the account fall under the category of expenses – these include transactions done in person at a store, online, through UPI, or even through fund transfers. The loose change that is collected every time the customer spends, gets accumulated and when it crosses Rs 100, it gets automatically invested in a pre-selected mutual fund of the customer’s choice.

Let’s understand with an example:

Suppose, in a month, you use your NiyoX account for the following transactions –

Transaction	Amount
Electricity bill	1291
Restaurant	1198
School fees	2591
Grocery	2183
Fuel	897
Gas bill	988
DTH bill	470

Here’s how the concept of ‘Invest the Change’ would work and round off your purchases (in this case to the next ₹ 100):

Transaction	Amount	Rounded off amount	Change amount
Electricity bill	1291	1300	9
Restaurant	1198	1200	2
School fees	2591	2600	9
Grocery	2183	2200	17
Fuel	897	900	3
Gas bill	988	1000	12
DTH bill	470	500	30
Total	9600	9700	100

Point of convergence

• Automatic investment
• You can safely withdraw your money at any time without any hassle.
• KYC document requires

Other App For  Invest in Change

Spenny

Spenny is another app for ‘Invest the Change’  available in the market.  it is only available for Android but as soon as it becomes available for iOS as well.

The concept of ​​the spenny app is quite straightforward. Whenever you make any transaction spenny will round up your amount to the nearest  10 and automatically invest in the various portfolios. You might not even realize that you are paying anything extra but those small investments will become big after a certain amount of time.

Point of convergence

• Automatic investment With Autopay, just link your bank account once and all your investments will be done automatically.
• Invest in Gold& Mutual Funds With Spenny, you have an option to invest your roundups into either Digital Gold or Mutual Funds
• Withdraw any time there are no lock-ins. So, you can safely withdraw your money any time you want without any hassle.
• KYC document requires

Jar: Daily Savings in Gold

Jar app concept is quite straightforward this app helps you invest your money in Digital Gold. It automatically invests the loose change from your everyday online transactions into Digital Gold. The jar is the first Made in India app that has come up with such an innovative solution to save money every day and invest in Digital Gold.

For example, if you spend Rs.395 on Google Pay, the jar will round up to the nearest 10 i.e. Rs.400 & the difference of Rs.5 would be automatically invested in digital gold

Jar gives you real-time updates on gold rates with our ‘Gold Price Tool’. The chart refreshes automatically and the price is updated every minute. Easily check gold price and purity today. You can also check the 1 gram gold rate and 24KT gold price today exclusively. Check out today, 6 months, 1 year, 3 years, and 5 years gold price performance for Indian Rupee.

Point of convergence

• Automatically investing the loose change in digital gold
• Jar saves money daily for you at the best gold rate.
• ‘Withdraw funds’ option to instantly sell gold accumulated in your Jar account, & get money directly to your e-wallet. Jar gives you the best gold rates to ensure hefty savings.
• Require KYC documents 

 What is Roundup?

Round-up is a feature presented by some financial companies in which each time a customer makes a transaction, that amount is rounded up to the nearest 10, and the change is deposited into a savings or investment account. eg  you pay Rs.395 on the electricity bill, it will round  up to the nearest 10 i.e. Rs.400 & the difference of Rs.5 would be automatically deposited in saving or investment account.

 

 How does Roundup work?

• Every time you make a transaction, your bank will send you a confirmation message on your phone. The app will automatically pick up the transactional messages that you receive and will understand the amount from there.
• This amount will then be rounded off to the nearest 10, and the difference of amount will be calculated as the loose change, once all the loose changes reach the minimum limit of 100/-, the amount will then be automatically debited from your linked bank account. is debited and invested in his portfolio.

 

Which transactions would be rounded up?

All transactions that happen through one of these sources would be rounded up and invested successfully:

• Debit Card
• Credit Card
• UPI apps (like Google Pay, PhonePe, Paytm)
• Netbanking
• Online transactions (Zomato, Uber, Amazon, etc.)
• ATM withdrawals

 

Benefits of Invest the Change

The concept of ‘Invest the Change’ is a favorable one, especially for small investors who are unconfident of how much is the right amount to invest. Some of the main benefits are –

1. Investing in mutual fund schemes for wealth formation even with deficient savings
2. This is a systematic method for savings where the accumulation and investment process is automated so that your money is automatically saved with each and every spend
3. The investment is simple and convenient allowing even the idlest investors to enjoy the benefits of mutual fund investing
4. The option of selecting a mutual fund scheme is in your hands. It allows you to choose a scheme depending on your financial goals, investment perspective, asset allocation, and desired risk.
5. You can simply track your spending, the accumulated change, and the future investments at your fingertips
6. You can withdraw your money without any hassle.
7. Buy one-time invest a lump sum amount directly into a Mutual Fund Basket of your choice – starting with as low as Rs. 10