If you want to be financially secure in life, investing in mutual funds is the way to go. However, investing any amount of money requires the right app, and with so many apps available, users may find it difficult to choose the finest app to invest in mutual funds in india.
Mutual funds offer a wide range of benefits to investors, and as a result, many people are changing toward this investment via various ways and mutual funds apps.
You can manage your risk by diversifying your investments using mutual funds. This also provides tax benefits. Furthermore, funds are managed by specialists who have extensive understanding of how the market works, and these professionals ensure that your invested money will generate impressive returns.
You can invest in mutual funds through a variety of methods. The most popular of all time is the Systematic Investment Plan, often known as SIP. Every mutual fund includes two types: direct and regular. Furthermore, the fundamental distinction between the two is the distribution commission.
Because mutual fund investment is fairly affordable, with people able to begin investing with as low as INR 500, the best mutual funds app in India should reflect the same degree of affordability. This may be accomplished by giving a diverse range of mutual fund plans to investors, who can then choose where to invest.
So, let us look at the best mutual funds app in India for investing in mutual funds.
Groww is the app for you if you're just getting started with mutual fund investing. Mutual fund buying and sales are completely free, with no hidden charges or brokerage fees. It provides direct mutual fund investment with no commissions and no account opening fees.
The app is simple to use and requires no paperwork or complications. The app includes a dashboard where you can track all of your investments, annualised returns, and total returns. The account opening process is extremely simple, takes less than 30 minutes to finish.
2. Coin by Zerodha
Zerodha is a well-known investment platform and the most user-friendly app for investing in mutual funds. Moreover, the platform has a Coin application that is fully compatible if you already have a Zerodha account. So, log in to your app account, and that's all there is to it. You're ready to go.
The Coin by Zerodha app allows customers to invest in roughly 40 fund houses' mutual fund schemes without paying any fee. The top mutual fund app in India has a significant client base, which explains why it is regarded as one of the best mutual fund apps in India.
Because the coin is linked to a zerodha account, you must first sign up for a zerodha account.
3. Paytm Money
Paytm Money Mutual Funds is another popular mutual fund app in India. Paytm Money allows users to obtain 1% better returns by investing in direct mutual funds through it. Furthermore, the app does not charge any fees for buying and selling mutual funds, therefore investing in mutual funds is free of charge.
Paytm Money is supported by a completely paperless KYC verification procedure, which speeds up and simplifies the account opening process significantly. The app makes it easy to keep track of your mutual fund holdings. Through the app, investors may also invest in several types of mutual funds such as liquid funds, ELSS funds, equity funds, and others.
Kuvera provides resources that make investing in mutual funds easier for beginners. Its one-stop tracking dashboard allows you to keep track of the performance of direct mutual fund investments made using the app. There is a feature that allows you to manage joint investments through family accounts. Surprisingly, the app's key feature is the ability to make goal-based investments.
The platform helps you create life objectives and proposes schemes based on your investments and existing portfolio. Aside from mutual funds, you can also use the app to invest in the stock market and gold. Tax harvesting, reporting, and TradeSmart are also included in the app. One can simply track investment performance using a one-stop tracking dashboard.
ETMONEY is another excellent platform for investing in mutual funds directly. This Times Group app provides great insights into your assets, especially for those who are just starting out with mutual funds.
The app is simple to use and comes with a fully automated network. It provides a one-stop shop for everything. It helps in the tracking and management of spending through the use of an expense manager. Not only that, but it also allows for SIP or lump sum investments and helps reduce tax on SIPs in ELSS mutual funds. It recommends investing ideas based on the user's financial objectives. It also allows access to a variety of financial services, such as buying insurance policies and obtaining quick loans.
FundsIndia is a mutual fund investment application which makes investing in mutual funds easier than before. This app appeals to us since it is basic, well-designed, and simple to use.
It is compatible with both Apple and Android phones. Each component on this app is incredibly user-friendly and works in tandem to present users with a comprehensive picture of their portfolio.
This company provides investors with useful and creative services. It serves as a platform for mutual funds, term deposits, stocks, and bonds. They have enabled investors to manage and monitor their investments in ways never before seen in the Indian financial services business.
7. Navi Mutual Fund
Navi mutual fund has shown to be one of the finest mutual fund apps in recent years, with large gains. It is a new entry in the Indian mutual fund industry that was founded by Flipkart co-founder Sachin Bansal's financial services startup, Navi Technologies.
The website offers a user-friendly interface for investing in mutual funds and a selection of mutual fund investment alternatives from well-known asset management firms. Navi mutual fund also offers personalized investing solutions, tax-saving strategies, and goal-based planning tools to assist investors achieve their financial objectives.
Scripbox is a tool that assists you in achieving your financial objectives via careful preparation. It also organizes and helps you in selecting a balanced investing strategy with low risk.
As a result, this investing platform keeps up with the financial developments affecting its clients. Changes may include increased education prices or inflation, and then advice is provided accordingly.
The myCAMS App is the easiest way to access and track your mutual funds on the move. The app is simple to use, and it makes it exceedingly simple to keep track of your money.
When you first use the myCAMS app, you'll be able to enter your financial information in one place and then sync it across numerous devices, allowing you to follow your assets from anywhere.
You may also use the myCAMS app to speed your purchasing process, ensuring that you don't miss out on any investing possibilities.
What exactly is a mutual fund?
A mutual fund is an investment vehicle that combines money from several participants to buy various securities. However, most individuals consider mutual funds to be an investing option. In actuality, you may use an investment vehicle to invest in numerous financial products such as stocks, bonds, gold, and money market instruments.
When you purchase a unit in a mutual fund, you acquire a minor ownership in all of the fund's investments. Mutual funds may be an excellent investing option due to their simplicity of use and the benefits they provide.
How does mutual funds work?
A mutual fund is essentially a trust that pools funds from a group of like-minded participants.
Many mutual fund schemes are managed and operated by Asset Management Companies (AMCs). Each scheme has a particular investment aim that caters to specific investment requirements.
The money gathered from investors is invested in numerous channels such as equities, gold, bonds, and other assets based on the fund's aim. Each fund is overseen by a financial expert known as a fund manager, whose purpose is to maximize the returns on the fund's investments. The revenue earned by the fund is split and dispersed proportionally to the investors.
How to invest in mutual funds Apps
Investing in mutual funds is a simple and easy process.
To begin your mutual fund investment journey, follow these steps:
- Step 1: Download the Mutual Funds app and create an account.
- Step 2: Complete your KYC procedures (if you have previously done so, skip this step).
- Step 3: Fill in the blanks with the essential information.
- Step 4: Determine the funds in which you want to invest depending on your financial objectives.
- Step 5: Choose the proper fund and transfer the funds.
- Step 6: If you invest through a SIP on a monthly basis, create a standing instruction with your bank.
Is investing using mutual fund apps safe?
Yes, investing using mutual fund apps is secure since the mutual fund apps use security measures and are regulated by SEBI to keep users' money safe. Furthermore, the transactions are arranged in such a way that the money cannot remain with middlemen for more than a day. If your money is not invested on a specific day, it is repaid to you that day. In brief, mutual fund applications are regulated by SEBI and hence safe to invest in.
Which is the best app for investing in mutual funds?
- Coin by Zerodha
- Paytm Money
How can I withdraw funds from my mutual fund app?
The mode of withdrawal is determined on the mutual fund app you are using. You must sell or redeem a few units of a mutual fund at the NAV on that day in the amount you choose. You can withdraw your money after the redemption is complete. You might think about investing in liquid funds using the immediate cash option provided by a few applications. If you have submitted a power of attorney for your account, you can withdraw your money in 30 minutes. Please keep in mind that you will be charged an exit load according on the time period in which you invested and the AMC. Other taxes are also applicable.
How can I know whether a mutual fund app is safe to use?
Before shortlisting and narrowing down the safest pick, you should undertake some basic due diligence on different mutual fund apps and check to see if the app has an AMFI ARN Code and is registered with appropriate regulators.
Is it OK to link bank account information to a mutual fund app?
Because connecting a bank account is required to begin a mutual fund investment, one must first verify the legitimacy of the investing platform before advancing.