Frequently asked questions

Which banks are supported?

All major banks including HDFC, ICICI, Axis, SBI, BoB, Kotak etc. and 45 others are included.

How do roundups work?

Every time you do a transaction, your bank will send you a message of confirmation on your phone. The app will automatically pick up the transactional messages that you receive and understand the amount from there. This amount will then be rounded up, and debited from your linked bank account automatically and invested into your portfolio. Example: Let’s say you do a transaction of Rs.172 at a café, then we will round it up to Rs.180, and the difference of Rs.8 will be invested automatically. Or if you buy something for Rs.60 at a grocery store, we will round It up to Rs.70, and the difference of Rs.10 will be invested automatically.

What about my data privacy?

1Cent ensures that all your personal data, banking information, transactions etc. are encrypted & secured using the AES-256 standard. Plus we don’t share your data with any 3rd party or sell to advertisers. God promise! So, what’s yours remains only yours!

What if 1Cent shuts down? What happens to my money?

Your money is never credited to 1Cent’s account — it is invested directly with the mutual fund company (eg ICICI Prudential). As an app, we are simply the hassle-free interface that makes it happen. If needed, you can request the mutual fund company for withdrawal and they'll credit your money back into your account.

Are there early withdrawal charges?

You can withdraw your money 24x7, no questions asked. There are very small early withdrawal charges in the first 6 days. If you withdraw on Day 1: 0.0070%, Day 2: 0.0065%, Day 3: 0.0060%, Day 4: 0.0055%, Day 5: 0.0050%, Day 6: 0.0045%. There are no withdrawal charges after 7 days.

What is a mandate? Why is there a permission to debit Rs.5000 from my account?

Simply put, a mandate is the process of setting up auto-pay. Auto-pay is set so that every time you do a transaction, the system can debit from your account without disturbing / annoying you. The Rs.5000 amount is simply a security limit: It is a limit imposed by the bank that ensures that no merchant (in this case, 1Cent) would be able to debit an amount more than Rs.5000. It is a way to protect your account. It is not a charge.