Top Mutual Fund Apps in India for 2024: Best Platforms for SIP and Direct Investment
Investing in mutual funds has become more accessible with the help of a mutual fund app. With just a few taps on your smartphone, you can explore a world of investment opportunities, track your portfolio, and make informed decisions on the go. In this blog, let’s look at the top 8 user-friendly mutual fund applications that offer a seamless experience, providing you with instant access to a variety of mutual fund schemes, historical data, and performance metrics. So, why wait? Let’s begin.
Top Mutual Fund Apps That You Should Know About
Overview of the Best App for Investing in Mutual Funds
Coin by Zerodha
With over 1.3 crore customers who hold over Rs. 3.5 lakh crores worth of investments, the Zerodha Coin app has been a popular choice among investors. Introduced by India’s largest stockbroker, it is a digital platform that enables users to purchase mutual funds, directly from asset management companies, without any commission fees. With a smooth user interface, you can effortlessly explore various financial schemes under one roof. The platform provides a centralised demat account, allowing users to access and manage their investments in a single, convenient location.
With the Zerodha Coin app, you can initiate a Systematic Investment Plan (SIP) at any time, providing flexibility in your investment strategy. Furthermore, the app enables users to modify their SIP settings as needed. According to our list and number of downloads, it can be considered one of the best mutual fund investment apps. Additionally, the app also offers 0% commission on direct mutual funds and NPS investments. With these features, Coin by Zerodha might be the best app for investing in mutual funds.
ET Money App for Mutual Funds
ET Money is another popular fintech and wealth management platform that offers a variety of financial products and services, including mutual funds, insurance, fixed deposits, NPS, and SIPs. The app includes 30+ mutual fund companies to choose from. It also integrates with various popular payment apps like GPay, PhonePe, and Paytm.
The best part is its’ personalised recommendations for investment based on your financial goals. Features like SmartDeposit, SmartSwitch, and SmartSIP can help you optimise your investments based on your specific financial goals and risk profiles.
5Paisa
5Paisa is the third best app in the list of top mutual funds apps in India. The app is used for stock market trading, derivatives, commodities, mutual funds, and IPOs. It is an all-in-one platform for on-the-go investing. Whether you’re a seasoned trader or a novice, the 5paisa app equips you with everything essential to stay ahead in the world of share markets. With 10M+ mutual fund best app download, this mutual fund application can be a reliable platform for beginners.
Paytm Money App for Mutual Funds
Paytm Money App is a direct mutual fund app in India, Paytm offers 1% higher returns with direct plans. Though known as a go-to-app to make digital payments, you can invest in top-rated mutual funds by following an easy process. This mutual fund application doesn’t have any hidden charges & takes only 30 minutes to set up an investment plan.
myCAMS App for Mutual Funds
myCAMS revolutionises the management of your Mutual Fund investments with digital ease. Through the myCAMS mutual funds mobile app, you can explore additional functionalities like scheduling future transactions, a redemption guide for optimal fund redemption, myFavourites, Voice orders, and much more. Additionally, you can easily set up your SIP, purchase, and switch seamlessly.
Groww
Next on the list is Groww. Groww is a mutual fund investment app that makes it easy for users to transact in and track mutual funds. This user-friendly mutual fund mobile app has minimalistic features & contains 5000+ mutual fund schemes that can be suitable for investors. The app also offers Digital Gold, US Stocks, and Fixed Deposits as other investment options to the customers. It is a safe and secure app that also provides educational and general information about the stock markets.
Kuvera App for Mutual Funds
Under the best mutual funds in India list, Kuvera is another excellent application for mutual funds. With a simple user-interface, you can easily create a Kuvera account for investing in mutual funds. The app features an informative dashboard that provides easy access to essential information on policies, financial schemes, and Systematic Investment Plans (SIPs).
With Kuvera you can build and oversee your financial portfolio, including joint family accounts and investment monitoring. Additionally, by investing in top mutual funds apps you can reduce the tax impact by realising up to Rs. 1 Lakh of Long Term Capital Gain (LTCG) every year.
Angel One App
Next comes the Angel One app. It is a mobile app offering investing and trading in equities, mutual funds, and more. The platform has a user-friendly interface that makes it easy to discover and invest in over 4000+ mutual fund schemes without any hidden charges or fees. The app also offers advanced tools and calculators to simplify financial calculations. It also helps the investor to create their own portfolio based on investment horizon, risk profile, and financial goals.
Note: This information is intended for educational purposes and should not be construed as a recommendation or advice.
However, if you’re confused about which stocks to pick, you can explore smallcases:
- smallcases are readymade portfolios of stocks/ETFs, that are based on a theme idea or strategy
- They’re created and managed by SEBI-registered experts
- smallcase.com offers over 200+ stock portfolios, created by 180+ managers
- Some of the popular smallcases among new investors are as follows:
Disclosures for aforementioned smallcases
What are Mutual Funds?
Mutual funds are a type of investment plan where multiple investors combine their resources to invest in a diversified portfolio of assets, typically including stocks and bonds. By pooling their funds, investors can own shares and assets from various investment instruments, allowing them to benefit from the collective strength of the portfolio.
One of the key advantages of mutual funds is their convenience. They enable investors to manage a professionally planned investment portfolio, which can help them achieve their financial goals. By pooling resources, mutual funds offer diversification, reducing risk and increasing potential gains.
Importance of Investing with the Best Mutual Fund Apps
Investing with the best mutual fund apps can be beneficial for investors in India as it provides a convenient and cost-effective way to manage their investments. These apps offer a wide range of mutual fund schemes, easy-to-use interfaces, and advanced research tools, making it easier for investors to make informed decisions. Additionally, the best mutual fund apps provide features like goal-based investing, portfolio rebalancing, and real-time tracking, ensuring that investors can optimise their returns and manage risk effectively.
Factors to Consider When Choosing the Best Mutual Fund App
When it comes to selecting the best mutual fund apps in India, several crucial factors should be considered. Therefore, we have listed them down below:
- User-friendly Interface: Look for a SEBI registered mutual fund app that’s intuitive and easy to navigate. A user-friendly interface may enhance your overall experience and simplify the investment process.
- Fund Selection: Ensure the mutual funds app offers a diverse range of mutual funds to match your investment goals, whether it’s equity, debt, hybrid, or thematic funds.
- Performance Tracking: The performance tracking feature in mutual fund apps can help you by providing real-time updates on your investments. These features include charts and graphs that display the performance of their funds, allowing them to easily monitor their returns and make informed decisions.
- Security: Prioritise security features in the investment apps such as encryption, two-factor authentication, and adherence to regulatory standards to safeguard your financial data and investments.
- Costs and Fees: Pay attention to any charges, including account maintenance fees, transaction costs, or expense ratios.
Is Investing Through Best Mutual Fund Apps Safe?
Investing through mutual fund apps can be a safe and convenient option, but it requires due diligence. While reputable apps prioritise security and transparency, as investors one should still exercise caution.
To proceed securely:
- Research: You must thoroughly research the mutual fund schemes available on the app. Explore their objectives, past performance, and associated risks to ensure they align with your financial goals and risk tolerance. It’s essential to understand that past performance is not a guarantee of future returns, and every investment carries an element of risk.
- Financial Goals: Make sure that the selected mutual apps are aligned with your financial objectives, risk tolerance, and investment horizon.
- Read the Terms & Conditions: Carefully read the terms and conditions of the app, including any fees, charges, or exit loads that may apply. These details can have a significant impact on the overall returns of your investments, so it’s crucial to be aware of them.
- Diversify: Diversification is also a key consideration when investing through mutual fund apps. Spreading your investments across various schemes and asset classes can help mitigate the risks associated with any single investment. This approach can provide a more balanced and resilient portfolio.
- Monitor & Stay Informed: Regularly monitoring your portfolio’s performance and adjusting your investments as necessary is an important factor to consider. Stay informed about market trends and news that may impact your investments, and be prepared to make timely decisions to protect your financial interests.
- Nominee Details: For new investors, it is advisable by SEBI to nominate a beneficiary. Although not compulsory for existing accounts, having a nomination ensures that your investments are transferred to your chosen beneficiary in the event of your demise.
Who Should Invest via the Best Mutual Funds Apps in India?
The best mutual funds apps in India are suitable for various types of investors, including:
- Beginners: If you’re a beginner then you can start investing in mutual funds with the help of best mutual fund investment platforms like Coin by Zerodha, Groww, ET Money, and Paytm Money. These mutual funds investment apps offer user-friendly interfaces and a wide range of mutual fund schemes, making it easy for new investors to start their investment journey.
- Experienced Investors: Best investment apps provide advanced features and research tools, which also gives insight about the mutual fund’s performance. Additionally, it allows experienced investors to make informed decisions and optimise their portfolios.
- Risk-tolerant Investors: Risk-tolerant individuals can invest in a mutual funds investment app because it allows them to diversify their portfolio across various asset classes, thereby reducing their overall risk exposure. Additionally, MF apps often offer a range of attractive investment options, including high-risk & high-reward schemes.
To Wrap It Up…
To conclude, with numerous options available in the market it becomes difficult to choose the best mutual fund app. Therefore, apart from the convenience and accessibility, you should consider factors, such as regulatory approval, diverse fund options, cost considerations, performance updates, research tools, SIP and investment flexibility, security features, customer support, and account management. Not just that, but keep your investment goals and risk appetite in mind.
Frequently Asked Questions on the Best Mutual Fund App
For beginners, apps like Coin by Zerodha or Groww can be suitable. However, you can have a look at mutual fund apps like ET Money, Paytm, 5paisa, myCAMs, Kuvera and others to make a sound decision.
Note: This information is intended for educational purposes and should not be construed as a recommendation or advice.
Yes, it is crucial to link your bank account details because mutual fund apps typically necessitate the transfer of funds from your bank account to the app’s wallet before you can initiate investments in mutual funds.
Here are the steps on how to withdraw money from the best mutual fund app:
1. Log in to your mutual fund app.
2. Go to the “My Holdings” section.
3. Select the scheme from which you want to withdraw money.
4. Click on the “Withdraw” button.
5. Enter the amount you want to withdraw.
6. Submit your withdrawal request.
To start investing in mutual funds via a mobile app follow these steps:
1. Download and install a preferred mutual fund app from the app store.
2. Complete the Know Your Customer (KYC) process by providing the required details and uploading documents.
3. After verification, explore the app’s mutual fund schemes. Choose the fund that aligns with your financial objectives and risk tolerance, and invest with ease by simply clicking a button.
With open-end schemes, whether in equity or debt, mutual funds ensure liquidity, enabling investors to easily withdraw their investments without any specific restrictions. However, as a general thumb rule, it is advisable to stay invested for four to five years for better equity returns and two to three years in debt funds.
Mutual Funds Investments Guides on smallcase –
All about mutual funds, it’s types, taxation, NAV, apps for mutual funds just one click away, start your mutual funds and SIP Journey today on smallcase.
