Worried about making your first investment? We have you covered with this list of best mutual funds app in India.
Most of us have given investing in mutual funds at least a passing thought. And understandably so. Incomes are not growing as quickly as expenditures are and investing a portion of our hard-earned money into a mutual fund gives us the opportunity to grow our savings at least at the rate that the economy is growing at, if not more. Now the economic climate looks dreary, to say the least, and this COVID-19 enforced lockdown has forced us to live frugally and save as much as we can, bringing mutual funds back into the spotlight. Yes, arguably you could make more money by investing in individual stocks, but relying on singular stocks is dangerous and certainly so for the casual investor who doesn’t spend much time in staying up to speed with all the developments in the market. In fact, even seasoned investors minimise risk by owning a basket of diverse shares of different companies. But that doesn’t mean that the casual investor can’t invest in the market without exposing himself/herself to significant downside. This is precisely where mutual funds come in. Mutual funds are by definition, a wide-ranging bouquet of stocks which together yield a high return every year (usually far more than the average growth of the market). This guarantees you a great return on investment and even when the market goes through a slump, your investment is protected from taking a major hit. Add to that registering for an account is seamless with eKYC ensuring that you don’t have to leave the house or fill out paperwork anymore.
All this sounds great. But there is a major roadblock that prevents people from investing in mutual funds – they are confusing to the layman. Add to that, the process of investing in mutual funds is complicated to say the least. Just a short while ago, investing in mutual fund meant filling out a number of forms with your bank and opening a demat account. Also, the clunky UI and difficult to navigate investment portals can discourage potential investors. However, a number of Android and iOS apps have now spawned to make things easier for the casual investor. Primarily there are two types of apps, RIAs (Registered Investment Advisors) and MFDs (Mutual fund distributors) and are different in one key aspect. MFDs are traditional distributors that charge commission on your investments while RIAs charge a flat fee or are often free.
Well, guess what, we are going to make things even easier for you with our official list of the top ten mutual fund apps in India. And not just that, we will tell you what’s good and what’s not with each one of them, so you can pick your favourite and start investing right away.
- 10 Best Mutual Funds App in India of 2021
- Scripbox - Best Mutual Funds App in India
- Zerodha Coin - Top Mutual Funds App in India
- Kuvera - Best Mutual Funds App
- Paytm Money - Popular Mutual Funds App in India
- MyCAMS - Best Free Mutal Funds App in India
- Piggy - Best Mutual Funds App In India
- Groww - Mutual Funds App
- ET Money - Highest Rated Mutual Funds App
- Goalwise - Goal Based Mutual Fund App India
- Mutual Funds via Bank portals
10 Best Mutual Funds App in India of 2021
Scripbox - Best Mutual Funds App in India
The oldest of the new-age startups, Scripbox has been around since 2012 and is a popular choice among casual investors. It relies on regular commissions and users have to pay 1 percent for equity funds and 0.5 percent for debt fund investments. It is highly regarded among investors and manages investments worth a cumulative Rs. 1500 crore. In lieu of the commission, the app suggests a mutual fund basket for you to invest in and consistently modifies and rebalances the portfolio using inputs from the market. In short, you have to do scarcely a little after you have invested in using Scrpbox. Via using this app now you can file your income tax returns.
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Zerodha Coin - Top Mutual Funds App in India
It is an increasingly popular choice among investors and now has more than 2,50,000 users with total assets under management of Rs. 4600 crore. It is currently a free service and allows users to decide between investing in stocks as well as mutual funds in the same app. This however results in the need to have a Demat account as stocks cannot be bought without a Demat account.
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Kuvera - Best Mutual Funds App
Founded in late 2017, Kuvera pioneered free investing in direct mutual fund plans and now manages a whopping Rs. 9000 crore and has over 6.5 lakh users. It also offers a plethora of other services through its portal. This includes things like viewing and managing your EPF balance as well. It also offers guidance for investors to chart their own strategy for asset allocation.
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Paytm Money - Popular Mutual Funds App in India
More than anything else, the sheer familiarity with Paytm and its services means that even after a relatively late entry into the space, it has steadily added investors and now manages assets worth a substantial Rs. 5000 crore. Built straight into the Paytm App that hundreds of millions of people use in India, Paytm Money makes it incredibly easy to invest money. It offers direct plans with zero commission and has pre-made portfolios with recommendations from the mutual fund rating companies.
MyCAMS - Best Free Mutal Funds App in India
If you are worried about the fickle nature of the startup world and would rather park your money with an industry major, then MyCAMS is for you. It is a registered transfer agent (RTA) for a number of mutual fund houses and has been around for over 30 years now. The platform is free to use as well. However, you can only buy the mutual funds that have partnered with MyCAMS.
Piggy - Best Mutual Funds App In India
Among the top-rated investment apps around, it offers over 600 mutual fund schemes from 25 mutual fund firms. It places an emphasis on educating the investor and features easy to read information about different mutual funds with illustrations. There are also scores of informative material to bring the investor up to speed about the market and this leads to the user making a smarter choice for himself/herself.
Groww - Mutual Funds App
With more than a million users, it is easily the most popular of the lot and allows investors to choose from 37 mutual fund houses. It also includes expert advice from industry veterans that investors can use to better understand the market. It allows you to track the real time performance of all your investments in one place. Groww claims that it uses bank grade security features making it the safest app in the category.
ET Money - Highest Rated Mutual Funds App
The Economic Times is what everyone from an aspiring investor to an accomplished businessman should pick up. Period. It has for some time been a reliable source of information and insight into the business world.
Now you can also search them via a list of best performing funds or by your favorite fund house. The ET Money app run by the same corporation builds on these fundamentals and presents what is the most thorough and in-depth analysis of the mutual fund market, easily accessible through an app.
Goalwise - Goal Based Mutual Fund App India
Chatbots are everywhere. These days whenever you run into trouble on an ecommerce website, chatbots are usually the first responders. Goalwise uses the technology behind them for something else entirely. Combining expert insight and real-time updates on all mutual funds, it offers users investment advice depending on their individual goals and preferences. Goalwise is famed for having a highly responsive and user friendly customer support.
Mutual Funds via Bank portals
Another way to invest in this space is by far the one with least complications. All major banks now have a dedicated investment portal. However, this simplicity comes at a cost. Banks, in general, charge a commission for every transaction and those fees can add up quickly if you are making a number of trades. Banks like ICICI, HDFC and Axis have reasonably good investment portals.
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While these are our favourites for the casual investor, there are a multitude of other options available. A prominent option that we haven’t mentioned is the use of platforms of the mutual fund companies themselves. While they are rather straight forward to use, it can get quite cumbersome to create accounts with multiple firms. Also, you end up having to do your own research.
Let us know which of these do you prefer the most.