FAQ: INDcoins and TechStars

Last updated: 19 Jan, 2021 | 10:19 am

FAQ: INDcoins and TechStars

How do I earn INDcoins?

You are rewarded for Good Financial behaviour. As a starting point, you need to have a minimum Credit Score of 650 to be able to earn INDcoins. Besides this you get rewards for various good financial actions like: Adding your family accounts ; Increasing your Credit Score ; Tracking your assets and many more behavioural actions. INDmoney wants to encourage you to have a better financial life and hence the rewards program. 

What is a credit score? 

A credit score is a SCORE that defines a person’s “Credit Worthiness”. This Score comes from RBI-regulated credit bureaus. The credit score ranges between 300 to 850. 850 is the highest score. Higher the score, better is the credit worthiness of a user so as to access various credit facilities including Credit cards, loans etc. On the INDmoney app the minimum credit score has to be 650 to be eligible to participate in INDcoins and TechStars. 

I am not able to get my credit score? 

You do not have a credit history. Hence you are not eligible to participate in INDcoins program. However, you can start building your credit score by applying for a credit card and utilizing the same, paying the bills on time and hence become credit worthy. 

I do have a credit score but on INDmoney you are not able to show me my credit score? 

INDmoney works with a set of RBI regulated credit bureaus who are unable to provide us with the information. Please write to support@indmoney.com to raise your concern. We will forward your issue to the credit bureaus. 

You are showing a wrong credit score on INDmoney app.

INDmoney works with a set of RBI regulated credit bureaus who are unable to provide us with the information. Please write to support@indmoney.com to raise your concern. We will forward your issue to the credit bureaus.

My credit score is below 650. What do I do? 

You are not eligible to participate in INDcoins and rewards programs. You can increase your credit score over a period of time by some good steps. Some of the recommendations are: You need to ensure that you pay your loans and credit card bills on time. Never miss your EMI or credit card bill payment. You also need to maintain your credit utilization of 30% of your credit limit. Keep your oldest credit card active. If you do not have a credit card then get one to improve your credit score. At the same time do not apply for too many loans and credit cards at the same time. These are some of the tips and not guarantees. 

Can I buy INDcoins?

At present we do not have this facility. This is a rewards and referral program. 

How do I use INDcoins? 

You can use INDcoins on TechStars, a virtual exchange to buy-sell cryptos. TechStars is the first offering for you to use your INDcoins. We will be introducing more offerings soon with the aim of helping you learn and enjoy your financial life. 

How do I redeem INDcoins on TechStars? 

You need to sell your virtual holdings to be able to redeem your INDcoins on TechStars. You can choose to sell your virtual holdings and 

  • Transfer them to a friend. When a friend claims your virtual holdings, you will receive real cash in your savings a/c; OR 
  • Credit the real monetary value of the INDcoins to your bank account

I have transferred my TechStars to a friend but why is it still not counted as success? 

The friend must meet the following conditions to be eligible to claim your virtual holdings: 

  • They must have a 650+ credit score; AND 
  • They must be new to INDmoney

What is the Expiry of INDcoins? 

INDcoins expire within 60 days after they are credited. 

When do I get my rewards money credited into my bank account? 

Upon successful redemption by a valid user with Credit Score >= 650, your equivalent cash will be automatically credited to your bank account within 48 hours for amounts less than ₹1,000. For higher amounts, the credit will take place after due compliances and can take up to 21 days.

What is the minimum unit of crypto I can own? 

You don’t need to buy 1 full unit of crypto to be an owner, You can buy just a fraction of the crypto. In fact you can buy up to 0.00000001 of a crypto (up to the eighth decimal)

What is the value of INDcoin? 

The value presently for redemption on TechStars is 10 INDcoins = ₹1. However, please note per our Terms and Conditions these are subject to change. 

Why have you changed the terms/ rules for INDcoins or TechStars? 

This is a rewards and referral program which we have developed so that you can learn to improve your financial life. Per our terms and conditions, we can change/modify the program at any time. Click here for detailed terms & conditions. 

Why is my account blocked? 

Your account is blocked because of suspicious activities or activities that are against the policies of TechStars and INDcoins. Please write to compliance@indmoney.com to raise your concern.

Finzoom Investment Advisors Private Limited (Brand Name - INDmoney, INDwealth, IND.app, IND.money, INDsave.com) makes no warranties or representations, express or implied, on products and services offered through the platform. It accepts no liability for any damages or losses, however, caused in connection with the use of, or on the reliance of its advisory or related services.

Past performance is not indicative of future returns. Please consider your specific investment requirements, risk tolerance, goal, time frame, risk and reward balance and the cost associated with the investment before choosing a fund, or designing a portfolio that suits your needs. Performance and returns of any investment portfolio can neither be predicted nor guaranteed.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Marketing and distribution of various financial products such as loans and deposits are powered by Finzoomers Services Private Limited.

INDmoney, INDwealth, IND.app are brand and product of Finzoom Investment Advisors (P) Limited.

© Finzoom Investment Advisors Private Limited

[SEBI RIA Registration No: INA100012190] [Type of Registration: Non-Individual] [Validity of registration: December 17, 2018-Perpetual] [Address: 616, 6th Floor, Suncity Success Tower, Golf Course Extension Road, Sector – 65, Gurugram, Haryana- 122005] [Principal Officer details: Mr. Gaurav Sharma, Email id: principalofficer@indwealth.in, Contact No. 8800826254] [Corresponding SEBI local office address: Securities and Exchange Board of India, Local Office, First Floor, SCO 127-128, Sector 17C, Chandigarh-160017]

[ARN - 151913] [Platform Partner : BSE (Member code-24801)] [CIN - U67190HR2018PTC073294] [GST No : 06AADCF3538Q1Z8]