The users of Yodlee might know about the usefulness of an online Personal Finance Manager. It would automatically fetch all your bank and investment transactions from the supported banks and brokers and automatically categorize them for easy management. Though Yodlee primarily supports US customers and institutions, it also supports some important Indian institutions like HDFC Bank, ICICI Bank, Sharekhan, India Infoline and Reliance Money. Only concern is that you have to provide your banking longin names and passwords. It’s other security features are awesome.
But I recently came across a nice Indian website http://www.perfios.com/ , which supports more banks and brokers than Yodlee. “Perfios’s MyFinance application can quickly provide a 360 degree view of your financial health. Keep track of all your transactions across various financial accounts”.
It is presently available @ invitation only mode. Though the service is currently offered as free, it may charge a fee. The site claims that “The founding team members have served as C-level executives in several multinational organizations and have been instrumental in setting up and managing global delivery teams. The members have also successfully transformed several start-up software companies into large, profit-making enterprises.”
It supports multiple bank accounts, credit cards, investment in multiple mutual funds schemes, equity investments etc
It helps to analyze your incomes and expenses and understand where you can make better savings.
It helps to keep all of your family’s financial data at one place to get a clear picture of the tax liability/ EMI’s/ Loans etc?
It has bill alert facility
It stores your passwords in encrypted form in your computer itself.
You can take a tour at here.
Our initial impression is that it is a better replacement for softwares like Microsoft Money and Quicken. It gives service like www.mint.com which supports only US customers. Pricing should be reasonable. Promising startup in the Personal Finance arena. It fills an important need of Indian investors. If you want to be invited when it is made available to public, please send a mail to firstname.lastname@example.org
Customized for Indian investors
Tax liability report for under Indian Laws ( like ET Portfolio which needs manual uploading of records)
Automatic or Manual Update