Frequently Asked Questions.
The App is not working for me. Who should I get in touch with?
If you have any complaints, suggestions or feedback we are happy to help. Send us an email at email@example.com providing details of the issue/s you are facing.
How do I track my investments on the App?
You can track your investments right on the App. Go to Home –> Your child’s education plan
What documents do I need to get started?
The one time process is digital and takes only a few minutes. All you need is the following:
- PAN Card image
- Address Proof image (Passport / Driving License / Voter ID)
- Cancelled cheque image
- Signature image
- Passport photo
- Verification of OTP via a video recording (In only KYC non compliant users)
What is the minimum investment amount, I can invest?
You can start investing with just Rs. 100 every month, in Indian mutual funds (SIP).
Will I get investment confirmations from asset management companies?
Yes, you will receive confirmation on your email registered with us, from individual funds that are part of your portfolio when you invest in Mutual Funds.
Can I invest on behalf of a minor?
Currently, we do not provide this option.
What will happen to the mutual fund investments when the minor attains major status?
Since we don’t offer any plans for minors, currently, mutual fund investments can only be made by you for your child. You can transfer the money obtained from these funds from your account to your child’s bank account, when he/she attains major status.
Can I cancel my SIP anytime?
Yes, you can. If you want to stop investing on a monthly basis you can send a ‘Stop’ request to us on the app itself. We will initiate with the respective mutual fund and get your payments stopped. Since this process may take a few days, your next SIP payment maybe processed before the SIP is cancelled. So please take the processing time into account, when you cancel your SIPs.
What does EduFund charge?
Please visit our pricing page for more information
What if EduFund shuts down?
At EduFund, you have complete control over your assets. The money you invest goes directly to the AMCs. If EduFund is no longer in business, your money will remain with the AMCs unless you wish to redeem, which you can directly do at any time.
How does EduFund’s advisory fee work?
EduFund’s pricing is transparent and clear without any hidden fees. We charge an annual advisory fee that is 0.4% of the money you invest with EduFund. This amount is billed quarterly once you start investing on our app and agree to this pricing. To avoid any confusion, we have made sure that we don’t deduct it from your investment amount and charge it separately.
My money is successfully transferred but the investment transaction failed, when will I get the refund?
If the transaction failed, then the money will get reversed to your bank account. This is done automatically and should happen in 24-48 hours. In the rare case that the amount does not reflect in your account, you can get in touch with your bank to get the issue resolved.
How do I redeem my investments?
Redemption option is available on the app for mutual fund SIPs. Every mutual fund will have a different timeline for processing redemption requests.
How is EduFund regulated?
The investment advice provided on the EduFund platform is by a Registered Investment Advisor (RIA), licensed under Securities and Exchange Board of India (SEBI).
How is this different from investing in mutual funds or ETFs on any other platform?
Unlike other goal-based platforms, EduFund is an advisory app, focused on education. Our proprietary investment algorithm offers customized investment options based on your goals. Navigate through the rising costs of education with the EduFund College Calculator. To give you a realistic estimate, our unique College Calculator takes into account many important factors like-
- Inflation rate
- Country you choose
- Degree or preferred Program
- Preferred University
Additionally, you can track your progress and celebrate milestones using our app.
I already save in a children's plan with a top Indian FI, do I still need this?
If you want to give your child a future full of opportunities, having a dedicated corpus foryour child’s education is important. EduFund gives you personalized investing optionsbased on your child's education goals.
Is it legal to invest abroad?
Yes, it is legal to invest abroad. As per the RBI’s Liberalized Remittance Scheme (LRS) guidelines, an Indian resident can remit up to USD $250,000 abroad on an annual basis, without requiring prior approvals from any government agency. The LRS specifies the countries that you can send money to or spend in and also the types of activities that are permitted. You can invest in shares/debt instruments within the mentioned limit.
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What is an ETF?
An exchange traded fund (ETF) is a collection of assets —such as stocks—that often tracks an underlying index, similar to an index mutual fund. However, ETFs can be traded on stock exchanges like stocks unlike MFs that only trade once in a day. ETFs may use various strategies and offer different options to investors, but the most popular ones are the ones that are built based on the composition of an index. E.g. – NIFTY50 and NASDAQ-100 Index-Tracking Stock.
Why should I invest in dollars for my child’s education?
The dollar has consistently shown good performance against various currencies, worldwide. Investing in dollars improves your chances of getting higher returns, over a 15-20 year period, compared to investing all your money in rupees. So, returns in dollars, will help you in sending your child to the best colleges, globally.
Does EduFund allow me to invest in different currencies?
Yes, you can now diversify your portfolio with the EduFund app. You will be able to invest in US dollars into US Markets where your returns too would be in dollars.
How do I fund my US brokerage account?
You can fund your US brokerage account from your Indian bank account. We assist you in the entire process of setting up this account from start to finish, without any hassle. You can start investing abroad from the comfort of your home.
Do I need a bank account overseas? I only have Indian bank account
An Indian bank account is all you need. You don’t need an overseas bank account to invest in ETFs. In case of ETFs based in the US, you will need an account with a US broker dealer and we will help you set it up, easily.
Do I pay tax in India and USA both?
No, you only pay tax in India, as per the government regulation on the instrument you are investing in. This is applicable to all your investments – Indian and foreign, unless you are an NRI residing outside the country. It is highly advisable to speak to your tax advisor too who would be aware of any specific tax clauses that maybe applicable to your specific circumstances.
What is the right age of my child to start planning for their higher education?
The best time to start planning is now. The sooner you start investing the better it is. Even small investments you make every month, grow significantly over a period of time.
My child is young and I’m not sure which university or country to select. How can you help?
EduFund gives you access to highly-experienced and reputed counsellors who will personally guide your child and clear any confusion. Login to the EduFund app and schedule a session with an expert counsellor of your choice.
Is all of my data safe?
At EduFund, we value your trust over everything. Your account is protected by state-of-the-art security measures. Transactions made through the app are done with 128-bit SSL security. With bank-grade security in place, your data with EduFund is completely safe.
What is Digital Gold and how does it work?
Digital Gold is a new-age investment instrument offering a trouble-free way of buying, selling, and holding gold online. The gold bought can be sold back online at the market-linked gold rate.
Where is the physical gold stored?
On your behalf, the physical gold is kept safe and insured at Sequel's vault, used by a number of Indian institutions and several Asset Management Companies (AMCs) for their Gold ETFs.
Where does EduFund secure the gold from?
With an aim to provide the best in the market, EduFund’s partner Augmont Goldtech Pvt will be directly overseeing all gold-related transactions on our app. Augmont is a pioneer in the GoldTech ecosystem, merging the power of technology and the investment strength of gold to provide customers easy access to the yellow metal.
What is the quantity of digital Gold that I can buy and sell back?
You may buy any amount of gold, with a purchase of Rs.10 being the minimum. However, you are only permitted to sell the gold that you purchased from EduFund. For security reasons, you may sell the gold only after 48 hours from the time of purchase.
Are there any charges that I will have to bear while selling back the gold?
You can sell back at market prices, which are updated in real-time. There are no hidden fees.
What is the purity of the gold sold on EduFund?
You may buy, sell, and redeem 24-karat gold of 999 (99.90%) purity offered by Augmont.
What are the documents required from me before investing in digital gold on EduFund?
For purchase orders less than Rs. 1.8 lakhs, EduFund requires a valid PAN card and a savings account linked to a working Indian mobile number to place your first gold order.
For purchase orders of more than Rs 1.8 lakhs, after verifying your PAN details And the redemption of gold proceeds to the NRE bank account may not be possible.
How are the gold prices decided?
The current gold rate is calculated based on the benchmark spot gold prices as per wholesale gold rates in India. The margins added to this cover standard payment gateway fees and storage, insurance, trustee, and custodian fees.
Is GST included in the quoted prices?
When purchasing gold, GST will be applied as per the prevailing rate. All our prices quoted are exclusive of GST and other applicable taxes. The applicable GST is added to the quoted price at the final stage of checkout.
How will I receive funds when I sell Gold on EduFund?
After a Gold sale order is placed successfully, Augmont will deposit funds into the designated bank account within T+1 working days. In order for the redemption to be performed effectively, please verify and confirm the bank account details before placing your sale order.
Will I get a receipt for my gold purchase order?
Yes, once your payment is confirmed, you will receive a receipt from EduFund on your registered email ID.