Acorns is a US-based financial technology company that functions as a robo-advisor by providing automated and algorithm-driven investment services. It is most recognized for its micro-investing feature that allows users to round up their purchases to the nearest dollar and invest the spare change in the market. Investments are made into different portfolios with varying levels of risk.
The app is designed to make investing simple and available to everybody, especially those who may not have large amounts of money to invest. Acorns is a helpful tool for anyone wishing to enter the investing world because it also provides goal-based saving options and educational materials.
In this article, we will uncover Acorns’ availability and expansion plans in India, as well as provide alternative solutions.
Is Acorns available in India?
Unfortunately, Acorns is not yet available in India and it’s currently available exclusively for US residents. According to their website, Acorns “is only available to US citizens or legal residents currently residing in the United States. Exceptions are made for active Armed Services personnel that maintain US addresses and are temporarily overseas”:
The good news is that the fintech industry is continually developing, and the Indian robo-advisory business is expanding steadily. Indians have a wide range of Acorns’ alternatives available, each with its own special features and chances to assist in navigating the road to financial achievement.
Keep reading this article as we attempt to shed light on some of the top Acorns alternatives accessible for investors in India wishing to take advantage of the benefits offered by fintechs and robo-advisors.
Acorns Alternatives in India
If you are an Indian investor wishing to take advantage of the benefits offered by robo-advisors similar to Acorns, here are the top Acorns’ alternatives accessible in the Indian market.
Scripbox is a fintech company, based in India, that provides investment and financial planning services. With services including mutual fund investments, tax-saving investment alternatives, and other financial planning tools, it primarily focuses on streamlining the investment process for regular clients. Based on investors’ financial objectives, risk tolerance, and investing preferences, Scripbox offers customers individualized investment recommendations and automated portfolio management.
Key Features
Management Fees: Scripbox does not charge any annual account management or account maintenance fees. However, there are other fees such as Funds expense ratio that may apply.
Minimum Deposits: You can start investing with Scripbox with as little as Rs1,000. No monthly payments are required, however you can create a systematic Investment Plan or SIP that helps you make small investments in mutual funds at regular intervals.
Portfolio types: You can choose between 5 regular portfolio options with Scripbox depending on your financial goals and risk tolerance: - Long-term portfolio: A personalized mutual funds portfolio, diversified across equity, debt, and gold for long-term growth. - Short Term Portfolio: A personalized portfolio of debt mutual funds for all your short-term goals. - Cash Management portfolio: A personalized mutual funds portfolio to park your extra cash and get better growth than a savings account. - Tax Saver Plan: A personalized ELSS mutual funds portfolio that helps you grow wealth while saving taxes.- Emergency Fund: Designed to help you invest without having to break your FDs or affect your long-term investments.
Life goals portfolios: If you prefer Goal-oriented Investing, Scripbox helps you plan and invest for various life goals in 4 Life goals portfolios: Retire Confident, My first Crore, Dream Planner, and Child Headstart.
Asset Classes: You can invest in Equity, Fixed Income, Cash and Cash Equivalents, Real Estate and Gold.
Rebalancing: Portfolio rebalancing is done manually. With the “ Scripbox Portfolio Health” feature, the company helps you determine which funds to exit and which funds to reinvest in. It is a quarterly automated assessment of your portfolio.
Spare change Investing: Unlike Acorns, Scripbox does not provide any roundup feature allowing customers to invest their spare change in the market.
Trading Platform: Easy to navigate and user-friendly platform that helps you manage your investments and monitor their effectiveness.
Security: Scripbox is regulated in India by the Securities and Exchange Board of India (SEBI). The company holds a Mutual Fund Distributor License (MFD) and is also a Sebi-registered investment advisor (RIA).
Kuvera is a digital financial platform, based in India, that provides online financial services, wealth management, and investment services. The company is best known in India for its automated investment advisory services that allow users to invest in various financial products such as mutual funds, stocks, digital gold, and more. Like other robo-advisors, Kuvera makes investment recommendations based on algorithms that consider a user's financial objectives, risk tolerance, and investment horizon.
Key features
Management Fees: Kuvera does not charge any annual account management or account maintenance fees. However, other fees such as management expense ratio may apply. Investment in US stocks through Kuvera attracts a commission of 0.2% for each trade (up to $20).
Minimum Deposits: The minimum deposit required to start investing with Kuvera is Rs5,000. No monthly payments are required, however you can create a systematic Investment Plan or SIP that helps you make small investments in mutual funds at regular intervals.
Portfolio types: You can choose between many portfolio options with Kuvera depending on your financial goals and risk tolerance. These portfolios include - Tax saver: This portfolio has the lowest lock-ins and aims for potentially better returns. - Tax harvesting: This portfolio aims to minimize your long term tax impact - TradeSmart: Aims to lower the High Short Term Capital Gains (STCG) taxes by indicating which amount you can safely switch or redeem. You can also choose portfolios with goal-oriented investment strategies .
Asset Classes: Local and US Stocks, Mutual funds, Fixed deposits, Crypto, Digital Gold, ETFs, Equity Indexes.
Rebalancing: Portfolio rebalancing is done manually. The investor will choose which asset to buy and/or sell to return their portfolio to its initial mix of asset allocation.
Spare change Investing: Unlike Acorns, Kuvera does not provide any roundup feature allowing customers to invest their spare change in the market.
Trading Platform: Fast and easy to use platform with a user-friendly design and extensive investment tools.
Security: Kuvera is registered with the Securities and Exchange Board of India (SEBI) as an Investment Advisor (INA200005166).
Fisdom is a financial technology company, based in India, that provides an online wealth management platform. The platform employs technology and algorithms to offer tools for financial planning, including automated portfolio management and individualized investment suggestions. Users of Fisdom can invest using a variety of financial products, including mutual funds, depending on their financial objectives and risk tolerance.
Key features
Management Fees: Account maintenance fees are free for the first year. From the second year onward, the fee is Rs299 per year. In addition, there are other fees, such as Fund's expense ratio, that may apply.
Minimum Deposits: With Fisdom, you can start with a monthly investment as low as Rs500 if you choose a systematic Investment Plan or SIP. If you are making a one-time investment, the minimum amount is Rs1,000.
Portfolio types: You can choose between many portfolio options with Fisdom depending on your financial goals and risk tolerance. These portfolios include: - Income Portfolio: This portfolio relates to investments with a specific goal to generate fixed or regular income. Some types of income portfolios include fixed-income funds, dividend funds, and floating income funds. - Growth Portfolio: The main focus of the funds in this portfolio is wealth creation. Investors can invest in small-cap or mid-cap mutual funds with maximum growth potential. - Value Portfolio: This portfolio is for investors who search for value-oriented companies with high growth and profit potential but are valued less and can be bought at a relatively lower price.
Asset Classes: With Fisdom, you can invest in Equity, Fixed Income, Commodities, ETFs, Mutual Funds and Gold.
Funding options: You can choose to invest with a lump sum or through a systematic Investment Plan or SIP that helps you make small investments in mutual funds at regular intervals.
Rebalancing: Portfolio rebalancing is done manually. The investor will choose which asset to buy and/or sell to return their portfolio to its initial mix of asset allocation.
Trading Platform: Easy to navigate and user-friendly platform that helps you manage your investments and monitor their effectiveness.
Security: Fisdom is a SEBI Registered Investment Advisor (INA200005323) and is registered with the Association of Mutual Funds in India (AMFI).
Final Thoughts
Although Acorns is not accessible in India, there are still plenty of other options available to assist people in achieving their financial objectives. There are many local solutions available, each catering to a different desire and set of financial goals.
Having said so, always remember that choosing the best fintech or robo-advisor depends on your personal goals and financial situation, so it's essential to stay informed about the latest developments and explore the ever-expanding range of financial tools available.
We hope we helped you in your search for the Best Alternatives for Acorns India.
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