With increasing investment options in financial assets, it becomes extremely crucial to know what amount we invested and where. In short, keeping track of all our financial investments is a must. But why so? A Lot of us forget after investing, and money keeps lying idle. It’s essential to keep a reminder list of our investments in one place in a user-friendly manner.
Firstly, keeping a list will keep your investment active as you’ll always be in touch with it. Secondly, you won’t miss the time frame of availing profit on maturity. Thirdly, you can always come and look at all your investment options in one place and plan your finances ahead. Another important point not to miss is sharing the list with beneficiaries like nominees etc. so that they can avail benefit in your absence.
Now a million-dollar question, where to maintain this list? Preferably not on a sheet of paper. It’ll create security issues, and at the same time, it’s hectic. Better to have it updated online somewhere. An excel sheet? Yeah, but it is not always the right place to store all your secure stuff. This crisis issue is solved by an AI-driven personal finance app, KUTUMBA.
Before we begin, let me invite you to our Finance Discussion Community on Facebook: FinTalks. Here we share our experiences and discuss queries related to banking, debit cards, and credit cards, mutual funds, stock markets, and more. A lot of offers and discounts related to credit cards are also discussed here. Click Here to Join FinTalks.
Is Kutumba App Is Safe To Use?
Using Kutumba App, you can safely document all your finances in one place, and even share it with others if you like, like family members or your financial advisor. Kutumba is an app service provided by Sri Vijayadasaru Software Private Limited, a Bangalore-based company founded in 2020 when covid was at its peak and financial crises were prevailing everywhere.
Through the Kutumba app, you can save your profit from investments by not letting them go into various “unclaimed deposits” and “unclaimed funds” in your absence, and a nominee liable for sharing the information can get the profit on time instead of going through a financial crisis in the lack of the user.
What Information Is Required For Documenting Your Financial Assets?
- The first information that’s important for a Kutumba app to track your financial assets is the” TYPE” of financial assets. It can be a bank account, fixed deposit, life insurance, pension account, retirement account, etc. By mentioning the type, it’s easy to identify and list your assets.
- Second is the place where your financial assets exist. It can be a bank, life insurance company, digital vault, trading account, physical folder, etc.
- The third is the identity information for identifying the financial asset like policy number, account number, etc.
- Fourth is stating the nominee for your financial assets who can view your financial assets. They may be family members, friends, or anyone you trust and wish to be.
- And at last, any helpful information regarding your financial assets is stated.
- Using “Kutumba” prepares your family in terms of financial life awareness and economic life preparedness. It shares valuable information while providing a risk-free environment. This app does not require any sensitive information. Be financially aware and make your family financially prepared.
Highlights Of Kutumba App:
Kutumba provides an expert view of your financial journey. It’ll analyze your financial assets and help you in your next financial milestone. They also keep a close track of your account so that you can leverage all the benefits of your financial assets and are fully aware of the risks associated with them.
Here are the things you can manage with Kutumba App for yourself or any family member / dependents:
- Banking Assets: Bank Account (Savings & Current), Fixed Deposit, Recurring Deposit, Locker, ATM/Debit Card, Credit Card, Auto Debit & e-Mandate, Post Office FD/RD.
- Insurance Assets: e-Insurance Account, Life Insurance, Health Insurance, Vehicle Insurance, Employer-Provided Group Life Insurance & Health Insurance.
- Investments: Mutual Fund, Demat Account, Trading Account, Property, Land & Real Estate, National Savings Certificate (NSC), Post Office Monthly Income Scheme (MIS), Sukanya Samriddhi Yojana (SSY), Chit Fund, RBI Savings Bond.
- Loans & Liabilities: Home Loan, Vehicle Loan, Personal Loan, Education Loan, Gold Loan, Loans from Friends & Family, Personal Guarantee & Surety.
- Retirement Funds: Employees’ Provident Fund (EPF), Public Provident Fund (PPF), Atal Pension Yojana (APY), Senior Citizen Savings Scheme (SCSS), Pension Payment Order (PPO), National Pension Scheme (NPS) Tier 1 and Tier 2.
- Digital Assets: Crypto Wallet, e-Wallets, Digi-Locker, OTT Subscriptions, Social Media Account, Reward Points, Mileage & Frequent Flyer Points, Foreign Exchange (Forex, Travel Card), Store Credit (Cashback, Refund, & Coupons), Stem Cell Banking, Meal Card & Food Wallet, Store Card & Merchant Branded Card.
How Secure Is Kutumba?
You can completely trust Kutumba as its solution is hosted on Amazon web services (AWS) Mumbai region when it comes to data security. The data that we enter never leaves this region. Also, the database of Kutumba is wholly encrypted on both ends that are at rest and in transit, providing no access to your information. Another point to ponder is that Kutumba never requires any sensitive data like password, account balance, etc. the data required is to help you distinguish your data and digitize it in an orderly manner.
How To Get Started With Kutumba App?
- First of all, Download the Kutumba app from the Google Play Store or App Store and install it.
- For creating an account, click on the “create account” option available on the screen. To set up your account, it’ll ask for your name, email address, password, and phone number.
- Next is the verification step. Enter the OTP, and you are all set with your account!! Kutumba will send a verification code to your registered mobile number.
- Next, you’ll be redirected to the home page of Kutumba, where all the financial asset types are segregated into seven categories. Choose one according to your asset and connect it with Kutumba.
How To Add Bank Account In Kutumba App?
Adding bank accounts to your Kutumba account is practically effortless. Bank accounts will come under the banking assets category among all the types mentioned on your home page.
- Click on the “BANKING ASSETS” category.
- Click on the” BANK ACCOUNT” subcategory to add your bank account.
- Fill in the required details asked to add your bank account. You need to mandatorily enter the bank where your account exists and your account number. Rest all categories are optional and depend on the user to fill or not.
- You can add your family members with whom you want to share your bank account information.
Resetting Kutumba Password:
We can easily reset the password for your Kutumba account if you forgot or want to change it for security issues.
Below are the steps to follow:
- Resetting your password will be done through a reset link which is shared on your registered email id.
- Enter your email to receive a reset link.
- You’ll receive a mail on your registered email id with a reset link. Click on the link.
- You’ll be redirected to the Kutumba page. Please enter the new password and confirm by re-entering it.
- It will reset your password. You are ready to go!
As you can see above, Kutumba provides a unique solution to digitize our financial assets to empower our family in times of crisis and increase our financial knowledge and skills to manage our assets in a highly efficient way at the tip of our fingers.
I sincerely thank our community member and digital marketer Karan Parwani for sharing information regarding this app on our FinTalks Facebook Community, a place where we discuss everything related to finance. I hope you found this post useful. Do share this post with your friends and it will help them out too.
Thank you for reading. If you have further queries, just drop a comment below. I will be happy to help. Also, don’t forget to join our Telegram Channel to get the latest tech and digital updates. Keep visiting HiTricks.