I was investing in Mutual Funds using the Niyo Money. Niyo Money is one of the platform where you can invest in Mutual Fund like a goal. Means it allows you do to goal based investing. It was giving a very good UI to track the goals and how your goal is performing, and other things. Recently we came to know that the Niyo Money is stopping its Mutual Fund business and they are transitioned to IIFL.
IIFL is one of the oldest stock brokers in India and the Niyo Money has transitioned its Mutual funds to them. Now the question people had is that, is there Money safe. This is because the money you had in Niyo Money is not reflecting in the IIFL. This is because it is slowly moving and one by one ghe Fund house will move. For example, as of now Motilal Oswal has been moved.
So your money is safe, but keep an eye on the total investment value to keep track of your investment. In this video I have shown my Mutual Fund movement from Niyo to IIFL and hopefully we will get the same service in IIFL also. The main reason for investing in Niyo Money was that it allowed Goal based investing, but I could not see the goal based investing in the IIFL as of now. So I will wait for couple of months to know about the platform and if the platform doesn't excite me than I will close the IIFL account and move everything to Groww itself.
So if you are also invested using the Niyo Money then you can check the IIFL to know if your Mutual fund has been transitioned or not.
