A decade ago, investing was a very tedious process for investors. With a lot of paperwork involved, they often felt demotivated to start their investing journey. However, investing has become easy and simple in the last few years. You can start investing in mutual funds with zero paperwork by just using your phone. Several mutual fund apps in the market are available for free to start your investing journey. In this article, we review the top 10 best mutual funds apps in India.
Mutual funds pool money from several investors and invest in securities such as shares, bonds, and money market instruments. They have the potential to offer high returns and are managed by professionals. Apart from these, there are several benefits that mutual funds offer. Here are some of them.
Experienced fund managers manage mutual funds. They do thorough market research, analyse different securities, and select suitable ones for the fund’s portfolio. Moreover, they continuously monitor the portfolio and strive to achieve market-beating returns.
Mutual funds offer in-built diversification as they invest in multiple asset classes. Hence they are less volatile than direct equity investments.
With a systematic investment plan (SIP), you can invest in mutual funds with an amount as low as Rs 500 per month. By investing small amounts regularly, you can build a huge corpus through power of compounding over a period of time.
You can start investing in mutual funds in less than five minutes through new age mutual fund apps. All you have to do is upload all your documents and link your bank account. With zero paperwork, you can easily transact in mutual funds.
Mutual funds are very liquid investments. You can redeem your money whenever you need it, and the amount will get credited into your bank account in less than three days. Some funds, such as overnight or liquid funds, have an option of instant withdrawal as well, and the money will get credited to your account immediately.
Investments in equity-linked saving schemes or ELSS funds offer tax benefits up to Rs 1.5 lakhs under section 80C of the Income Tax Act. Moreover, the tax on capital gains on long-term investments is nil up to Rs 1 lakh. Hence mutual funds qualify as efficient long-term investments.
With mutual funds, you can practice and teach financial discipline. With regular SIP installments and automated payments, you will get into the habit of saving.
The Securities and Exchange Board of India (SEBI) regulate mutual funds. SEBI ensures transparency and investor protection with a set of rules and regulations.
|Mutual Fund App||App Store Rating|
|Coin by Zerodha||3.4|
Jupiter Money is a Neo bank. In other words, a digital bank with no physical presence. It uses the infrastructure and institutional foundation of the Federal Bank to make banking easy for its customers. This means any deposit made with Jupiter is made with and regulated by Federal Bank.
The company’s customers can create pots and save for their goals. Additionally, the app is also an investment platform. Investors can invest in direct mutual funds through Jupiter Money. This means Jupiter charges zero fees and commission for mutual funds. As a result, investors can earn a higher return than regular mutual funds as the total expense ratio of the funds is lower
It also offers portfolio analysis. For this, investors can directly upload their current mutual fund investments. The app analyses the portfolio based on performance and risk and identifies underperforming funds.
Paytm Money is another app that offers direct mutual funds. It charges zero commission from investors on their mutual fund investments. Additionally, it doesn’t charge any fees from investors on their mutual fund transactions.
Paytm Money also has an advisory team that gives portfolio strategies to its investors free of cost. Moreover, investors can switch from regular to direct plans and instantly withdraw their liquid fund investments.
Scripbox is an wealth management app that offers investments including regualr funds, stocks and US stocks. It takes a certain commission from the fund house on every investment made through their app but doesn’t charge anything from its customers.
Scripbox offers a host of services to its investors, such as helping investors identify their investment objective and invest in the right funds. It scientifically selects funds for a portfolio based on investors’ goals, horizon and risk tolerance levels. Moreover, Scripbox also gives a periodic review to investors and suggests changes to a portfolio if necessary. Through this platform, one can also add family members and track their investments.
ET money is an investment app by Times Internet, the digital arm of the Times Group. It offers ease of investing in mutual funds, which both new and experienced investors can use. The app gives detailed information about the funds so that investors can make well-informed decisions. ET Money also gives insightful information through posts.
It is a fully automated app that allows investors to check their progress through personally designed roadmaps. Along with mutual funds, they offer other financial products such as insurance and loans.
Groww is an investment platform that offers direct mutual funds. It also offers stocks, fixed deposits, US stocks, futures, and options on its app. It understands investors’ needs before suggesting any funds for investment.
It fully automates the investment process to make investing simple and easy for investors. Moreover, it doesn’t charge any fee from its customers and gives an analysis of the portfolio periodically. Investors can also add their external investments, switch from regular to direct and invest more through Groww.
Moneycontrol is a financial portal and is one of the greatest resources for financial information on the internet. Along with running an online portal for financial information, the company has also started an investment platform.
Through this app, Moneycontrol offers direct mutual funds, US stocks, cryptocurrency and ETFs by partnering with different platforms. It also allows investors to track their mutual fund and stock portfolios and gives news alerts on your investments if any.
KFinKart makes a customer’s mutual fund investment journey seamless. With one touch login, the app gives customers access to various mutual funds.
It also gives a single view of all mutual fund investments, making it easy to track and make investing decisions instantly. KFinKart also allows investors to link their family’s portfolios. The app also analyses a customer’s portfolio.
Coin by Zerodha is a mutual fund investing app by Zerodha. It gives investors access to direct mutual funds across 40 fund houses. Coin doesn’t charge any fee from investors and offers portfolio tracking and analysis to its customers.
Through this app, one can invest with ease, pause, cancel, and restart SIPs with ease. It also allows UPI payments making it easy for investors to transact. The app also shows both absolute and XIRR returns of an investment portfolio, making it easy for investors to compare their returns with the market.
MyCams provides a host of services, including mutual fund investing, tracking, and distributor news. Through this app, one can invest with ease and convenience in direct mutual funds, create a watchlist to track funds, and schedule transactions.
Apart from mutual funds, one can also apply for quick and instant loans, buy insurance policies and track expenses.
It also offers value-added services such as completing Aadhar-based KYC, updating FATCA details, track PAN level portfolios with detailed transaction history.
Kuvera is a free financial investing app that offers goal-based investing. It will help calculate the amount needed for a goal and suggest funds according to that goal. Apart from mutual funds, it also offers stocks, US Stocks, and fixed deposits.
Through Kuvera, one can also track their employee provident fund and gold investments. It gives insights into a portfolio’s performance and suggests changes if necessary.
Mutual funds are one of the best investment avenues for the long term. They have the potential to give good returns over a period of time. You can choose any app to invest in mutual funds as all help track and monitor your investments regularly. However, it is important to check the credentials of these apps. Check their reviews on app stores and then choose the one with the highest positive reviews.
While investing in mutual funds through an app, check if they are SEBI registered and have bank-grade security. Apps that have bank-grade security are considered the safest.
Yes, investing in mutual funds through an app is completely safe. In this current era of digitalization, everything has become paperless, and so did investments. However, while choosing to invest in mutual funds, choose the one with the highest positive reviews and check for bank-grade security. The app is safe if they have bank-grade security and are registered with SEBI.
Yes, mutual funds have the potential to give good returns in the long run. By investing in mutual funds through SIP, you can benefit from compounding and averaging out the cost of investing. In fact, you can earn Rs one crore from mutual funds (15% return) in 15 years by investing Rs 15,000 every month.