Best Mutual Fund Apps In India: As we all know that investing in mutual funds is one of the best ways to grow our money in the long term. And thanks to some of the best mutual fund apps in India, tracking, managing and investing in different mutual fund schemes is a lot faster and easier these days. Moreover, you can perform all these activities in just one app.
Whether you are interested to invest in regular funds or direct mutual funds, there are multiple mobile apps for these mutual fund investments in the google play store providing the advantage of buying and selling on the tip of your fingers. Further, if you plan to invest in direct funds through these apps, they can also help you to save an extra commission of 1% to 1.5% which is a huge advantage.
What are Direct Mutual Funds?
Direct vs Regular Mutual Funds Plans: With effect from the very beginning of the year 2013, the SEBI had made it compulsory for all Mutual Fund houses of having two versions of each scheme i.e. Direct plan & Regular (or Indirect plan).
In a Direct plan, you can invest directly in a scheme of a Mutual Fund AMC at a low cost. The direct plans are cheaper than the regular plans because you will be saving costs in terms of paying commissions to intermediaries. Looking at both plans, the difference in returns seems to be as low as 0.25% which can go up to 1%.
In the long term, these differences result in significant amounts. Therefore, it this clearly evident that you should always go for investing in the Direct plans of Mutual Funds. (Have a look at what AMFI says about Direct Plan here)
6 Best Mutual Fund Apps for Direct Investment:
From hundreds of mutual fund investment apps listed on the play store, we have hand-picked six of the best mutual fund apps in India for direct investment. Here is the list of the most competent mutual fund apps for Indian investors:
Best Mutual Fund Apps #1 – Groww
Groww app is one of the fastest-growing apps in the Indian mutual fund industry. And the credit goes to its clean user-interface. This app helps in investing in mutual funds free of cost and is pretty simple to use with minimum paperwork and no hassles. All mutual funds information are available in just one investment app. Similar to the apps listed above in this article, Groww app also allows everyone to invest in direct mutual funds with zero commission and offers an additional saving up to 1.5%+ compared to regular plans.
Key features include:
- Simple design, built with beginners and experts in mind
- Dashboard to track all your investments, annualized returns, and total returns
- Top mutual funds list for different categories with the latest finance news and insights
Total Downloads: +10 Million
Rating on Google Play store: 4.3 out of 5 with a total of 3,50,672 ratings.
Best Mutual Fund Apps #2 – ETMONEY Mutual Fund App
ETMONEY was founded by a group of passionate Entrepreneurs, IITians and Designers with deep expertise in technology, mobile & financial services. Associated with a big brand of Economic times, this Mutual Fund app is a one-stop destination for all things investment which helps to track & manage expenses using expense manager, Invest in Mutual Funds through SIP or Lumpsum, Save tax with SIPs in ELSS mutual funds, etc.
Total Downloads: +5 Million
Rating on Google Play store: 4.5 out of 5 with a total of 1,22,341 ratings.
Best Mutual Fund Apps #3 – myCAMS Mutual Fund App
myCAMS is a single gateway to invest in multiple Mutual Funds schemes. The app facilitates faster, easier and smarter ways to transact in the direct funds.
There are various features of myCAMS which include mobile PIN & Pattern login, one view of your MF portfolio, open new folios, purchase, redeem, switch, set up SIP and more. It also helps in scheduling the transaction option which allows investors to set up future Mutual Fund transactions which makes it one of the best app for mutual fund.
Total Downloads: +1 Million
Rating on Google Play store: 4.3 out of 5 with a total of 73,805 ratings.
Best Mutual Fund Apps #4 – KFinKart – Investor Mutual Funds
The core objective of this app is to simplify the journey of the customer in mutual funds. It is a one-touch login app that empowers you to invest across a host of mutual funds and provides a new way of investing your money. It also emphasizes a single view of your investments, managing your profile, making decisions, and transacting instantly without needing multiple apps offered by different fund houses.
This app’s peculiarity is to make the most of your time and money by linking and tracking your family folios across AMCs, investing in NFOs, transacting or reinvesting, starting or stopping SIPs, etc.
Total Downloads: +1 Million
Rating on Google Play Store: 4.3 out of 5 with a total of 42,253 ratings.
Best Mutual Fund Apps #5 – Zerodha Coin
As per my opinion, Zerodha coin is one of the best apps to invest in direct mutual funds. They offer investment services in over 3,000 commission-free direct mutual funds across 34 fund houses. This can help in saving up to 1-1.5% more per annum compared to regular mutual funds. With over 1,50,000 investors who have invested over 2500 crores and collectively saved 30+ crores in commissions, Zerodha Coin has already built a big brand and customer base.
Key features of the app include:
- Search, filter, and buy from over 3,000 commission-free direct mutual funds across 34 AMCs.
- A single capital gain statement, P&L visualizations, and Annualized (XIRR), and absolute returns.
- Mutual funds are held in Demat form, and thus easier to pledge as collateral for loans against securities.
Total Downloads: +1 Million
Rating on Google Play store: 4.0 out of 5 with a total of 14,996 ratings.
Note: You can open your account with Zerodha to invest in direct mutual funds and stocks using this quick link.
Best Mutual Fund Apps #6 – PayTM Money Mutual Funds App
Paytm Money, offered by the Paytm group, is turning out to be one of the most trusted platforms in India which provide up to 1% higher returns by investing in Direct Plans of Mutual Fund Schemes with no commissions or any charges on buying and selling of direct mutual fund plans.
It offers many features to the customer which include fully Transparent Tracking, Data Privacy & Protection, switching from Regular to Direct Plans, tracking, managing & Automate SIP Investments, etc.
Total Downloads: +10 Million
Rating on Google Play Store: 3.8 out of 5 with a total of 1,02,148 ratings.
Bonus: Additional Mutual Fund Apps
List of a few other Mutual Fund Apps for Direct Investment:
- IPRU TOUCH by ICICI Prudential Mutual Fund
- InvesTap by SBI Mutual Fund
- FinGo by Aditya Birla SunLife MF
- HDFC MFMobile app by HDFC MF
- EasyApp by Axis Mutual Fund
- FundsIndia Mobile App
A few fast-growing startup apps trying to simplify mutual fund investment worth checking out:
- Scripbox: 4.6/5 with a total of 6,517 ratings (Playstore)
- Kuvera: 4.5/5 with a total of 10,865 ratings (Playstore)
- Sqrrl: 3.9/5 with a total of 1,774 ratings (Playstore)
- Goalwise: 4.3/5 with a total of 1,155 ratings (Playstore)
That’s all for this post. In the comments section below, let us know which is the best app for mutual funds according to you. Happy Investing!
Frequently Asked Questions (FAQs)
Is it safe to invest through mutual fund apps?
Yes, it is safe to invest through mutual fund apps as the mutual fund apps employ security measures and are regulated by SEBI to ensure that the investors’ money is safe. Further, the transactions are designed to take place in such a manner that the money cannot lie with intermediaries for more than a day. If your money is not invested on a particular day, then it is refunded back to you on the same day. In short, mutual fund apps are regulated with SEBI guidelines and hence safe to invest.
Which app is best for mutual funds?
Some of the best apps to invest in mutual funds are Groww, Coin by Zerodha, ET Money Mutual Fund App, Paytm Money Mutual Fund App, Scripbox, Sqrrl, Kuvera, and myCAMS Mutual Fund App.
How do I withdraw money from my mutual fund app?
The method of withdrawal depends on the mutual fund app that you are using. You will have to sell or redeem a few units of a mutual fund at the NAV of that day, according to the amount that you want. Once the redemption is successful, you can withdraw your money. You could consider investing in liquid funds by the instant cash option that is offered by a few apps. This way, you can withdraw your money in 30 minutes, provided you have submitted a power of attorney for your account. Please note that you will have to pay an exit load, based on the time period for which you were invested and the AMC. Further, other taxes are applicable.
Which app is better for SIP?
If you are sure that you can do a little research and choose good funds, you can go with popular apps like Coin, Groww, Paytm Money, etc. A demat account with Stock Brokers also helps you to pick mutual funds. However, they get a cut for this, which eats away at your returns. This amount can be considerable, especially if you’re invested for the long term. Always go with Direct Mutual fund apps.
How do I transfer money from my mutual fund to my bank account?
If you’re looking forward to withdrawing money on a periodic basis, then you can invest in mutual funds using SWP (Systematic Withdrawal Plan). This means that you invest a lump sum that keeps earning returns for you, however, a predetermined amount will be credited to your bank account periodically, say every month. If you’re looking for a one-time withdrawal, then it depends on the app. Usually, all apps have the option to withdraw money with a few clicks, and the money will be credited to your bank account in the stipulated time.
Can you withdraw mutual funds without penalty?
There is no penalty for withdrawing money from mutual funds. However, you will have to pay the exit load if you exit before the lock-in period. Usually, AMCs charge somewhere between 0.25% and 1% for this, in order to discourage investors from withdrawing or switching their funds too early.
How do I stop SIP?
There is an option to stop or cancel a SIP from the app that you are using. You can easily pause a SIP, stop it permanently as well as resume it with a few clicks. Money will not be transferred to the selected mutual fund until you resume it.
What happens if I withdraw my mutual funds before 1 year?
Usually, mutual fund companies have a way of ensuring that you keep your funds in the fund for at least a year. Some of them have a lock-in period. It’s okay if you stop your SIP, but if you withdraw funds before one year, then your gain will be taxed at 15% plus cess plus surcharge. If it’s an equity mutual fund, then short-term capital gains arise if you withdraw funds before 12 months.
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