MoneyClub: P2P group savings 3.59.0

The Money Club: An Overview

• The Money Club is a secure and reliable mobile platform designed to facilitate Peer-to-Peer Online Savings and Self-Help Groups. These groups are based on models such as Chit Funds, Committees, or Beesi, enabling members to rotate their savings efficiently.
• Participants can manage their savings entirely through their mobile devices—without the need for paperwork—making the process accessible from anywhere and at any time.
• You are not required to bring a group yourself, as verified individuals from across India can join pre-verified Money Clubs managed by the Money Club team, ensuring a trustworthy environment.
• Beyond serving as a savings and borrowing platform, Money Club offers opportunities for higher earnings, potentially surpassing returns from traditional fixed or recurring deposit bank accounts.

How does Money Club assist its users?

1. The platform provides all benefits of offline committees or Beesi, with added digital convenience.
2. Management of the entire club occurs via a mobile application.
3. Funds are transferred directly between members, eliminating the need for centralized cash collection.
4. All transactions are conducted online between banks, ensuring transparency and security.
5. Potential returns on savings can exceed those from traditional Fixed Deposits or Mutual Funds.
6. In case of emergencies, withdrawal is straightforward; funds are typically available in 6-8 hours post-application.
7. Members can interact with each other within the app, fostering community engagement and networking.

Key Highlights of Money Club:

• No documentation is required to join.
• An initial verification fee applies only once when joining a pilot club.
• Members are part of a network of verified individuals who have prior experience investing in offline chit funds, committees, or Beesi.
• Each club comprises a minimum of 6 and a maximum of 20 members.
• The minimum contribution starts at ₹200 per day during the pilot phase.
• The starting pooled amount generally approximates ₹1200.
• The minimum bid is set at 1% of the total pool amount.
• All transactions are facilitated online via UPI, Paytm, Google Pay, IMPS, etc.
• No physical cash deposits occur within the app; members transfer funds directly among themselves with transaction IDs being updated accordingly.
• Clubs operate with various frequencies—daily, every three days, weekly, fortnightly, or monthly—according to member preference.
• The app tracks every transaction and provides real-time updates via SMS, email, and notifications.
• Money Club groups maintain full transparency; all members see who is paying on time and who is delayed.
• The platform does not impose flat commissions; instead, a starting rate of 6% applies, which can be reduced to 0.3% based on transaction history feedback.

Getting Started:

• If you are reading this, you may already be investing in offline Committees or Beesi and now wish to transition digitally.
• Follow these simple steps:

1. Download the app and complete your registration.
2. Watch the introductory video (or skip if already familiar with the concept).
3. Provide your details in the application form and submit it for review.
4. A verification call will be made within 24 hours.
5. You will then be invited to join a Pilot (Trial) Club—starting at contributions of ₹200 per day. With six members, this club runs for six days.
6. After completing the pilot phase, all members undergo Level 1 Verification.
7. Verified members are then eligible to advance to a Real Club, which typically involves contributions of ₹600 every three days and accommodates up to ten verified participants.
8. As your transaction history demonstrates reliability and activity increases, options for larger contributions and multiple clubs become available.

Enjoy your journey with Money Club! 🎉

📍 PS: Currently, Money Club services are available only within India.

For inquiries or support: [email protected]