Short answer: In the context of the May 2021 review, ET Money appeared to be a genuine Indian financial-services platform, not an obvious scam. But “safe to use” has four separate meanings: regulatory legitimacy, custody and transaction controls, data security, and investment risk. ET Money’s registrations and security claims do not guarantee returns, prevent losses, or make every recommendation suitable.
This is a historical review of the product described in May 2021. Features, registrations, fees, policies and user experience can change. Current registration information is dated 2026 and should not be treated as proof of the platform’s exact 2021 regulatory position.
Quick verdict
| Question | Verdict |
|---|---|
| Was ET Money an obvious scam? | No evidence in the reviewed material supports that conclusion. |
| Was it a regulated financial platform? | The current operating entity lists several relevant registrations, but its historical 2021 status must be checked against archived regulatory records. |
| Were investments guaranteed? | No. Mutual funds are market-linked; the principal can fall. |
| Was the app data-secure? | ET Money reported encryption and security controls, while Google Play currently reports encryption in transit and data-deletion requests. Neither is an independent guarantee of breach-free operation. |
| Was it suitable for everyone? | No. Suitability depended on the product, costs, privacy preferences, support expectations and the investor’s risk tolerance. |
The May 10, 2021 review described mutual funds and SIPs, fixed deposits, NPS, insurance, expense tracking, credit-card and loan recommendations, external-portfolio tracking and paperless onboarding. Those descriptions establish what the reviewer reported—not independent proof of performance, safety or regulatory compliance. Read the 2021 review.
What ET Money offered in 2021
Mutual funds and SIPs
The review presented ET Money as a way to invest in mutual funds through one app, using either recurring SIPs or lump-sum purchases. It specifically described direct mutual-fund investing and recommendations based on investment duration and risk tolerance. “Direct” refers to the plan type, not to a promise that the fund is low-risk or profitable.
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Other financial products
- Fixed deposits: access to FD products, subject to the issuing institution’s terms and credit risk.
- National Pension System: an NPS access point with market exposure and withdrawal or lock-in rules.
- Insurance discovery: insurance products presented through the app; policy benefits, exclusions and commissions require separate comparison.
- Credit cards and loans: recommendations that should be judged by interest, fees, eligibility and repayment ability—not merely convenience.
Tracking and onboarding
The 2021 article described video KYC, paperless onboarding, portfolio tracking for investments held elsewhere and expense categorisation using SMS access. SMS-based tracking can be useful, but it requires careful review of what messages and financial data the app can read. A synchronised external portfolio is a display layer; verify holdings against the AMC, registrar or depository records.
Is ET Money legitimate?
The legal entity and current registrations
ET Money is currently operated by Banayantree Services Limited. Its current registrations page lists, among others, SEBI investment-adviser registration INA100006898, SEBI research-analyst registration INH000015640, AMFI distributor registration ARN-112749, AMFI Category 1 execution-only platform registration 0002, PFRDA point-of-presence registration POP283072019 and IRDAI corporate-agent licence CA0680. These are 2026 disclosures, not automatic evidence of the same registrations in 2021. Check ET Money’s current registrations and disclaimers.
Why the registration category matters
Different registrations authorize different activities:
- An AMFI distributor distributes mutual funds and may receive distributor remuneration.
- A SEBI investment adviser operates under an advisory framework with its own disclosure and fee requirements.
- A SEBI research analyst provides research under a separate regulatory perimeter.
- A stock broker handles broking activities, which is different from mutual-fund distribution.
- A PFRDA point of presence facilitates NPS services.
- An IRDAI corporate agent distributes insurance products.
Before acting, identify whether you are buying a product, receiving advice, or using ET Money only as an execution and portfolio interface. Registration provides a framework for disclosures and complaint channels; it does not assure performance or returns. ET Money’s own disclaimer says mutual funds are subject to market risk, that principal may be lost and that registration is not a performance guarantee.
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What “safe” means in practice
Regulatory safety
Confirm the legal entity, the relevant registration and the activity covered by that registration. A regulated intermediary can still distribute an unsuitable product, suffer an operational failure or present a market-linked investment that loses value. Treat regulator status as one verification step, not as a guarantee.
Custody and transaction safety
Mutual-fund units are generally recorded with the relevant fund house, registrar, depository or other regulated infrastructure—not as cash sitting in an ET Money wallet. Keep the evidence that lets you bypass the app if necessary:
- AMC confirmations and folio numbers
- Consolidated Account Statements (CAS)
- Bank debit and credit records
- SIP mandate details
- Transaction acknowledgements and redemption confirmations
Check that the scheme name, plan, option, amount, bank account and mandate are correct immediately after a transaction. If the app is unavailable, use the AMC, registrar or other official channel to view or redeem holdings where permitted.
Investment safety
- Mutual funds can lose value; a fund recommendation is not a guarantee.
- Direct plans can reduce distribution costs but remain exposed to market volatility, taxation, exit loads and scheme-specific risk.
- Fixed deposits carry issuer and credit risk, even where a particular protection or insurance limit may apply.
- NPS has market exposure and rules governing withdrawals and retirement use.
- Insurance and loans have separate suitability, exclusions, interest and repayment considerations.
Do not infer “safe investment” from a safe-looking interface, a high app rating or a regulator logo.
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Is your personal information safe?
ET Money says it uses encryption, private data centres and independent security checks. Those are company statements, not publicly documented evidence of a complete independent audit, a zero-breach record or a universal privacy certification. Read ET Money’s security explanation.
Google Play currently reports encryption in transit and an option to request data deletion. Its data-safety disclosure is supplied by the developer and can vary by app version, use, region and age. The listing says the app may collect personal and financial information and other data. Apple’s listing similarly identifies categories including contact, financial, usage, identifiers and diagnostics, while noting that the developer supplied the information and Apple has not verified it. Google Play listing · Google Play data-safety details · Apple App Store listing.
Reduce account and permission risk
- Install only from the official app store and confirm the developer and domain.
- Use a unique password, device lock and any available two-factor or device-verification control.
- Grant SMS, location, contacts or other permissions only when the selected feature genuinely needs them.
- Never disclose an OTP, password or remote-access code to a caller or support representative.
- If your phone or SIM is lost, contact your mobile operator, bank, AMC and ET Money promptly and secure the account.
- Request deletion where available, then verify what records must legally be retained.
Fees, commissions and the “zero commission” claim
The 2021 review described direct mutual funds as having “zero commission.” That claim must be limited to the specific direct-plan context. A direct plan generally excludes the distributor commission built into a regular plan; it does not make the fund free of expense ratios, taxes, exit loads or other transaction costs.
ET Money’s current disclosures say it may receive commissions from asset-management companies for mutual-fund distribution. The platform may also earn from advisory arrangements, referrals, insurance distribution, loans, premium services or other products. Therefore, do not describe the entire app as commission-free or conflict-free.
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- 3 minute runtime and 30 minute cool down; if unit goes beyond max run time, it automatically shuts off to prevent overheating
- 4 mode control switch (auto/on, off, reverse, forward) and LED status indicators for power on, overheat and overload; easy to empty 3.7 gallon bin
- Quality tested: As part of Amazon Basics quality inspections, we test every shredder before shipping it, which means you may see some paper shreds from the testing
- Open the scheme details before confirming the order.
- Check whether the plan is labelled Direct or Regular.
- Read the expense ratio, exit-load schedule, tax treatment and lock-in.
- Review any separate fee for advice, premium features or another product.
Benefits and trade-offs
Where the app could help
- Paperless, video-KYC onboarding instead of extensive offline paperwork.
- SIP and lump-sum investing in one interface.
- A consolidated view of investments, including externally held portfolios.
- Risk- and duration-based fund discovery for beginners who need an organising framework.
- Expense analytics and access to several financial categories.
Convenience versus independence
One login simplifies tracking but creates dependence on one interface, one support channel and one set of synchronised data. Preserve independent AMC, bank, registrar and CAS records.
Recommendations versus self-directed decisions
A questionnaire can organise choices, but it cannot replace reading the scheme information document or understanding asset allocation, volatility, taxation, exit loads and lock-ins. Treat recommendations as a starting point, not fiduciary advice unless the specific service and registration clearly say otherwise.
Broad marketplace versus cross-selling
The wide product range may suit someone who wants a personal-finance hub. It may distract an investor seeking only a basic mutual-fund utility. Current Google Play reviews include individual complaints about premium-service promotion, filtering, return displays, navigation and app performance. These are user reports, not proof of a systemic problem and not evidence of the app’s 2021 condition. The listing currently shows about 4.4 stars and roughly 231,000 reviews (observed August 18, 2026); ratings change and are not a safety audit.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Failure modes to plan for
A positive feature list does not test what happens when something goes wrong. Possible failure points include:
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- Failed or delayed purchases, refunds or SIP mandate debits.
- App downtime, login trouble or loss of the registered phone number.
- KYC rejection or unexpected re-verification.
- Incorrect or delayed external-portfolio synchronisation.
- Confusion between current-period and lifetime return displays.
- Difficulty reaching support. A 2021 Google Play review alleged poor service and long waits for a failed-transaction refund; that is anecdotal evidence, not a measured systemic finding.
- Recommendations that under-explain tax, exit-load, lock-in or volatility consequences.
For every issue, save screenshots and acknowledgement numbers, confirm the debit or credit with your bank and AMC, and escalate through the product provider’s formal grievance route. SEBI’s investor-charter and complaint-disclosure framework is described in its December 10, 2021 circular: SEBI investor charter circular.
How to use ET Money more safely
- Download from the official Google Play or Apple App Store listing and verify the developer.
- Confirm the legal entity, relevant regulator registration and the service you are using.
- For each mutual fund, verify Direct versus Regular, scheme riskometer, expense ratio, exit load, taxation and lock-in.
- Confirm your AMC, folio, SIP mandate and bank details before submitting.
- Use only necessary permissions; avoid remote-access applications and never share OTPs.
- Save confirmations, CAS statements, folio numbers and bank records outside the app.
- Reconcile the app’s portfolio with AMC or registrar records regularly.
- If support fails, complain to the relevant AMC, intermediary grievance channel and regulator rather than relying only on in-app chat.
Who should consider ET Money—and who should be cautious?
Potentially suitable
- Investors who want app-based onboarding, SIP convenience and a consolidated dashboard.
- Beginners who understand that mutual funds remain market-linked.
- Users willing to verify plan type, costs, permissions and independent records.
Use extra caution or consider an alternative
- Anyone wanting only a bare-bones mutual-fund transaction utility.
- Investors unwilling to grant SMS, financial or device-data permissions.
- People who require highly responsive phone support or a direct AMC relationship.
- Users likely to treat app suggestions as personalised, conflict-free advice.
- Anyone considering insurance, loans or premium recommendations without comparing them independently.
Alternatives to compare
Compare the actual current terms before opening an account; the available evidence does not establish current fees for these services.
| Platform | Why compare it |
|---|---|
| Groww | Broad retail investing platform; compare product range, support, costs and data practices. |
| Zerodha Coin | Relevant to investors already using Zerodha or preferring a brokerage-oriented ecosystem. |
| Kuvera | Focused option for investors prioritising direct mutual funds and portfolio management. |
| MF Central | Industry-backed mutual-fund servicing and portfolio-access alternative. |
| myCAMS | Registrar/AMC-linked servicing for investors who prefer less of a financial marketplace. |
| AMFI investor resources | Education and scheme information rather than a complete personal-finance super-app. |
Final verdict
For the 2021 context, ET Money could reasonably be considered a legitimate convenience platform, provided the investor verified the relevant service and kept independent records. Its direct-mutual-fund claim applied to a particular plan type, not to the whole business, and its security statements were claims rather than an independent certification. The decisive warning remains unchanged: a regulated app can make investing easier, but it cannot make a market-linked investment guaranteed, eliminate conflicts or protect a user from every operational and privacy risk.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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