Ans. Money is secure in your own bank account till the bidding takes place. Once the winner is declared, everyone transfers the funds from their respective bank account to the winner’s bank account. This is currently done off the app , either through IMPS or UPI. After transferring the funds to the winner, the members have to update the transaction ID in the Money Club app. Transaction ID should be immediately updated in the Money Club app after making the payment as the Money Club platform monitors the transfer time of each member. Your transfer time is a very important factor which plays a significant role in building up your reputation at the Money Club platform.
Ans. Bank offers 6%-7% rate of interest per annum on recurring deposits. With Money club, the rate of interest may exceed over 41 % per annum RD comparable interest, thereby redefining the paradigms of savings in our mind. Since we have created a platform that connects savers, borrowers and investors directly and removed the bank from the middle, the spread that the banks keep is shared between the borrowers and lenders and hence it is a win-win situation for all the members.
- This new commission structure is applicable for the clubs formed under the terms and conditions version 8 and above.
- The commission of every user will be calculated based on the tables below and it is the percentage of the total pooled club amount. (For example – If a user’s current commission is 2% and he participates in a club of 10,000 INR pooled amount, then he would pay 200 INR as commission to The Money Club when he wins the round.)
- The commission for the Pilot club is fixed at 15 INR. Applicable for the pilot clubs formed under the terms and conditions version 9 and above.
- The commission will be taken as the average of the three factors – Real closed clubs, contribution amount & weighted average transfer time.
- The commission(%) will keep on changing and it ranges from [4.0 – 0.5] % depending on these three factors.
|Real Clubs Closed||Commission(%)|
|Wt Avg Transfer Time (Hours)**||Commission(%)|
For example – If a user has closed 4 real clubs whose total contribution amount is 22000 INR & weighted average transfer time is 1.5 hours, then his commission would be –
Commission(%) = (2.5+3.5+1)/3 = 2.33 % (Refer above tables to understand the calculations)
Contribution amount = Contribution amount paid by user in every round + Money Club credits used by user + Winning bid amount by user in club + Penalty paid by user to Money club + Commission paid by user to Money club
Weighted average transfer time
Your recent transactions have more weightage than the earlier transactions. So if you want to improve your weighted average transfer time, then try to complete your upcoming transactions at the earliest and your weighted average transfer time will improve faster.
1st transaction transfer time = 12 Hours
2nd transaction transfer time = 10 Hours
3rd transaction transfer time = 4 Hours
4th transaction transfer time = 2 Hours
5th transaction transfer time = 1 Hour
Weighted average transfer time = 12*1 + 10*2 + 4*3 + 2*4 + 5*1 / 5(5+1)/2 = 3.8 Hrs
Q. What happens after a Money Club ends?