ICICI Bank’s Money Manager

Introduction

Earlier I have published an article about the online money management solution Intuit Money Manager and how to use it. It is an standalone application and can be used without logging into any of the bank’s net banking. But, one great advantage is that you can see the transactions of any banks. Intuit money manager is one place for all your banks transactions.

Few months back, ICICI has introduced money manager for its customers those who are using the internet banking.This application is the same Intuit customized for the ICICI bank’s customers. This article explores the features and advantages of using the money manager. If you have any doubts, please post it in the comments section. Subscribe to our future articles here.

ICICI Bank Money Manager

If you are using the internet banking facility from ICICI bank, then you must try this application Money Manager once to understand whether it would be useful for you. If you have more than on ICICI bank account, you can see all the accounts in this interface and check the transactions. In the following sections, we would see the step by step process to use the features of money manager.

Step 1: Login to Money Manager

If you login to the internet banking of the ICICI bank, you would see a menu name “Money Manager“. Money Manager feature of your internet banking is not enabled without your action. If you want to access the money manager, click on the link. The following are the important points to consider:

• Without your action, money manager is not enabled. You have to access the page and enable it for the first time.
• This feature comes with the 30 day free trail period. That means, after the free trial period this feature would cost you Rs. 28 per month. This fees is auto debited from your account. If you don’t want to use the paid version, please login and disable it. Otherwise ICICI bank will start deducting the money from your account.
• The following two screens are the initial screens for the setup.

Step 2: Retrieving Account Details

After the successful authentication, your account details will be retrieved. Money Manager will check for all the accounts linked with the same user id and fetch all the details to the money manager for the further processing. The following screen is the initial screen after the authentication. Once the account details are retrieved, you can click to the next page which is the home page of the money manager with your account details. It will be the first page if you login for the second time.

The home page is called as dashboard which displays summary of all your account details.

Step 3: Manage your ICICI bank accounts

If click on the “Accounts” tab, list of accounts would be displayed with details like bank name, account name, account number, last update, account type, balance, etc. Also you will have the option to add the nae account to the list or delete an account. You can link only the ICICI bank account in money manager. When you are deleting an account, it will be removed from the money manager account. Not only the bank account, you can link credit cards or any other deposits also to be linked with this application.

Step 4: Check your transactions

If you click the “Transactions” tab, it would display the consolidated list of all the transactions held in your bank account and the credit cards. You will have the option to edit the description of the transaction. You can select the month and see the specific dates transactions.

Step 5: Money Trend

If you click on the tab “Money Trends“, it would display the different charts with the details of your spending. This graphical interface provide the clear details on where you are spending more. This helps you to identify the expensive area and can reduce the expenses. You can select the carious types like Income, Expenses and Savings to see the trends.

Step 6: Plan Your Goals

It is important for every one to plan their goals and structure their financial life according to that. If you click on the “Goals”  tab, the screen would display the existing goals created and the option to create the new goals. The advantage of the application is, it has the built-in calculator to give you the future value and change the values according to your plan. Let’s try and find out the details.

Step 7: Tax Planning

It is the difficult for part for every one to calculate the tax eligibility and invest for the tax planning. This application does that for you. Based on your income and expenses, it would display the amount you have to pay as the taxes. It has the latest tax rates and tax exemption details to calculate the tax liability. This would be more useful for everyone.

Step 8: Update your preferences

If you click on the tab “Setting“, the page displays the list of preferences for EMail, Home Page Display, Product Support, Find Missing Transactions, Account for charging subscription fee, status of the money manager account. You would have the option to change these preferences on your interest.

Summary

If you have the number of ICICI bank accounts or maintaining the investment accounts with ICICI bank, then this toll would be more useful. Also note that it is not the free tool provided to your account. You have to pay Rs. 28 per month. If you are willing to pay for it, then it is worth using it. This toll would be more useful for those who are using the bank account extensively with large number of transactions, have credit card  would be very useful to check the transactions. But, every one can try using the 30 day free trial period. Please post your ideas here.

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