FAQ Archive - Page 2 of 6 - fisdom

Why do you need a photograph of address proof?

As part of the KYC process, regulations require you to provide a snap of address proof: like passport, Aadhaar Card, Voters Identity Card, Driving License, Utility Bills (telephone bills for landline only, electricity bill, gas bill not more than 6 months old), bank account statement (not more than 6 months old).

However, if you are already a KYC verified customer, you don’t need to provide this document.

Why do you need a photograph of cancelled cheque leaf?

This is a snap of your cheque leaf with ‘Cancelled’ written across it. Regulation necessitates that your bank account for routing investments is on your name. To do this, we require a cancelled cheque leaf with your name pre-printed on it. If your name does not appear on the cheque leaf, then you can photograph your latest account statement from the same bank.

All investments will happen through this bank account.

What percentage of my salary should I save?

As Warren Buffet has said, “do not save what is left after spending, but spend what is left after saving”. The percentage usually depends on your goals that you want to achieve, timeframe for the same and your monthly commitments. However, we highly encourage a 30% savings if you are single and 15% if you are married.

How can I make more money than my fixed deposits, without taking more risk?

There are several bonds and what are called debt mutual funds in the market. They often earn as much as, or higher than fixed deposits, at a very low level of risk. Additionally, the tax rates on these are often lower than that on fixed deposits. So your money works for you that much better.

Once you are comfortable investing, and if you don’t need money soon, you can earn much better returns in stocks and related products. However, we will introduce them to you only once you are comfortable. At all points, you can override our recommendation and stick to bonds / debt, if you are not comfortable with the stock market.

How do I grow wealth/make more money?

You grow your wealth by making your money work for you. There are several aspects to this:

  • Setting aside a fixed amount every month towards investments
  • Making sure your money is not sitting idle in savings bank accounts
  • Making sure your money is earning the best possible returns – for e.g. ensuring it is not earning sub-par returns as in fixed deposits
  • For the above, getting and investing in a good set of recommended products
  • Periodically ensuring someone reviews your money and makes sure it is working for you

What does making your money work for you mean?

It means intelligent investing. It essentially means investing money with an expectation of obtaining an additional income or profit. It also means not letting your money idle in bank accounts, or earning poor returns in fixed deposits.

Can I close my fisdom account anytime? What happens to my investments?

Yes. You can close your fisdom account anytime.

Your investments are always held in your name with the mutual fund and you can interact with them directly or choose to transfer to the ARN (AMFI Registration Number) of another broker, etc.

Does fisdom charge a fee for its services?

fisdom does not charge any fee or subscription. We earn commissions from the mutual funds for the money that you invest through us.

What research does fisdom do?

We take various factors into consideration before making our recommendation like your financial objectives, tenure, performance and management data of the fund, tax implication, fees, etc. To learn more refer to fisdom Investment Methodology

Does fisdom assure a minimum return?

No we do not assure any minimum returns. Investor can get a guidance based on historical performance of the fund. However, the same is not a guarantee for future performance.