Curious? Want to know how Money club Mobile App works
We’ve compiled a crisp and short note for you before you download the mobile app and enter the club.
General terms & conditions of a Money Club Mobile App
- Members required to form a club : 4-20 members
- Minimum contribution per member: 200 INR
- Minimum bid : 1% of total club amount
- Frequency of club: daily, 3 days, weekly, fortnightly or monthly
The Money Club App- The fastest, easiest app to secure your future
Currently all the clubs are formed by the Money Club Team only. We take verified members in a club based on their profile and their transaction history on the platform.
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The Frequently asked questions
Ans. The Money Club replaces the defaulter with one of the Money Club team members to continue the club. In the background, we follow our debt recovery protocol to recover the funds from the defaulter. Repercussions of default are given in this blog.
Ans. Users only need to make a commitment when they join a club on the app. This doesn’t require them to transfer funds at that time. After the bidding, a winner is declared based on the highest bid amount. The club members get a popup in the Money Club mobile app, showing the details of the winner (UPI ID, bank account details, amount to be paid to the winner, etc.). Members can directly transfer the funds from their bank account to the winner’s bank account. They also need to update the transaction ID in the Money Club app immediately after making the payment.
- 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.
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|Real Clubs Closed||Commission(%)|
|Wt Avg Transfer Time (Hours)**||Commission(%)|
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
2nd transaction transfer time = 10 Hours
3rd transaction transfer time = 4 Hours
4th transaction transfer time = 2 Hours
5th transaction transfer time = 1 Hour