Home
>
Articles
>
FAQ: INDcoins

FAQ: INDcoins

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

FAQ: INDcoins

We had tested version 1 Rewards in January and based on the feedback, we are releasing version 2 very soon. We have reset your INDcoins (If you had earned earlier). Our aim with INDcoins is to help you improve your financial behaviour by bringing to you a simulated virtual trading feature.

Based on the feedback, version 2 will not compulsorily need you to transfer your virtual fractional shares to your friends. You will now be simply able to redeem to either your INDcoins wallet or your savings account.

How do INDcoins work

  • INDcoins are earned as a part of INDmoney’s rewards program. You are eligible for the program if
    • You have a valid Credit Score of 650 or above 
    • Your account is verified on the INDmoney app
  • What is this credit score? 
    • The credit score is a score or rating that determines a person’s “Credit Worthiness” or ability to take credit or loan and repay it. This score is generated by RBI-regulated credit bureaus. Credit scores range between 300 to 850. You can track your Experian or CRIF credit score on the INDmoney app
  • How can you earn INDcoins?
    • You can earn INDcoins through good financial actions. For example, you will earn INDcoins for tracking your investments, loans, and expenses, and when your credit score improves. This is to encourage you and your family to have a fulfilling financial life
    • You can also earn INDcoins by referring your friends to join INDmoney. You and your friend(s) both get INDcoins for every referral. To be eligible to get referral rewards: 
      • Your friend needs to have a valid credit score* of 650 or more
      • Your friend needs to complete his/her account verification on the INDmoney app
  • How can you use INDcoins : 
    • You can buy and sell virtual fractional shares with INDcoins. You can use your INDcoins to become a virtual shareholder in the world’s top tech companies. 
    • You can choose to sell your virtual shares and
      • Credit the real monetary value  of the INDcoins to your bank account; OR
      • Use the INDcoins so earned to buy more virtual fractional shares.
    • Visit virtual fractional shares section to learn the rules of the program by clicking on “how does it work”. 
  • What is the value of INDcoins:
    • You can redeem your INDcoins into cash upto a maximum of ₹2500 per month in your bank account
    • The value of INDcoins differ with the redemption option and are subject to change without any prior communication. For virtual fractional shares rules, please visit virtual fractional shares feature. 
  • What is the validity of INDcoins?
    • Your INDCoins expire within 60 days from the time they are credited to your INDcoins balance. 
    • You can only earn referral INDcoins once per friend. 
  • By participating in INDcoins, you are agreeing to the terms and conditions of INDcoins rewards program and other similar programs on the application. Click here to read the details
  • Read FAQs here

How do the virtual fractional shares work

  • On version 2, you can buy and sell virtual shares of the world's top tech start-ups with your INDcoins.
  • What are virtual shares? 
    • A virtual share is just a virtual representation of the actual real-time value of a share. It is not part of the real stock. A virtual share, then, is essentially a method for calculating a value that is granted in the form of INDcoins.
  • What is a fractional virtual share? 
    • A fractional virtual share is a part of one virtual share. 
    • You can buy even a fraction of the virtual share. In fact, you can buy up to 0.00000001 of a virtual share (up to the eighth decimal).
  • How does trading virtual fractional shares work?
    • Step 1:   Virtually invest in tech startups using your INDcoins.
    • Step 2: Track your INDcoins grow or reduce depending on the real-time value of the share prices of the tech start-ups.
    • You can choose to sell your virtual shares and
      • Credit the real monetary value of the INDcoins to your bank account; OR
      • Use the INDcoins so earned to buy more virtual fractional shares.
    • You can Redeem your INDcoins into a maximum of ₹2500 (in real money) per month in your bank account.
  • What should I keep in mind for participating in the rewards program?
We are a SEBI registered investement advisor