Investing is a very important aspect to consider. Especially when you start building your business online, it’s advisable to consistently invest your money along with building cash reserves. And for that, we must do thorough market research to choose the best mutual fund app to invest in India.
Given that there are plenty of mutual fund apps in India, you can’t go through all of them. So we’ve done a comparison of these to help you save time. Here are the best mutual fund apps to consider if you are planning to invest in India.
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Investing in mutual funds is a great method to build money over time. However, with so many alternatives, it can be difficult to know where to begin. This is where mutual fund apps come in. These apps allow you to invest in mutual funds directly from your smartphone, making investing easier than ever. We’ve compiled a list of the top 10 best apps for mutual fund investment in India in 2023 in this article. Whether you’re a seasoned investor or just building cash reserves beside your business, these apps provide a variety of investment alternatives and tools to assist you in making informed decisions and reaching your financial objectives.
What is Mutual Fund?
A mutual fund is a platform that collects money from many investors and invests the money in securities like stocks, bonds, and other debts. This diversification of investing money is called a portfolio. The portfolio is then handled by a professional fund manager. Therefore the investors can avoid risks, manage time, and participate in the stock market.
Benefits of Investing in Mutual Funds
Before we look at some of the best apps for mutual fund investment in India, let’s take a look at some benefits of Investing in Mutual funds :
Diversification: Mutual funds enable investors to spread their interests across multiple asset classes, industries, and companies. This reduces the risk of loss if one investment performs poorly.
Professional Managers: Mutual funds are managed by professional fund managers who have the expertise and knowledge to make sound investment decisions. This can aid in maximising returns while minimising hazards.
Convenience: Mutual funds are simple to acquire and sell, with transactions completed rapidly via mutual fund apps or online platforms.
Liquidity: Because mutual funds are very liquid, investors can sell their units at any moment and receive their money within a few days.
Affordability: Because mutual funds allow investors to start with small amounts, they are a cheap investing choice for persons with limited capital.
Tax advantages: Certain mutual funds provide tax advantages to investors, like as deductions under Section 80C of the Income Tax Act.
Transparency: Mutual funds are mandated to report their portfolio holdings and performance on a regular basis, giving transparency and responsibility to investors.
Accessibility: Mutual funds provide access to a wide range of investment opportunities that individual investors may not have. Some mutual funds, for example, invest in overseas markets or in specialised sectors such as healthcare or technology.
Lower expenses: Because mutual funds pool money from multiple investors, they have lower expenses than investing in individual stocks. Furthermore, certain mutual funds have lower expense ratios than others, which can minimise overall investment costs.
Compound Growth: Mutual funds have the potential for compound growth, which implies that returns are reinvested into the fund, resulting in larger long-term returns. This can assist investors in achieving their long-term financial objectives more rapidly.
10 Best Apps to Invest In Mutual Funds
Now let’s take a closer look at the top 10 apps for mutual fund investment in India for 2023.
The first one on our best mutual fund app list is Groww. Groww lets investors purchase and sell mutual funds, equities, and exchange-traded funds (ETFs) for free. The software has an easy-to-use interface and thorough market analysis to assist investors in making informed selections. This is the best mutual fund app for beginners who want to learn how the stock market operates. Grow is also lifetime free, which means you won’t have to pay any annual or maintenance fees.
It features a single dashboard where you can track all of your investments, annual returns, and so on. All you need to do to get yourself registered on the app is complete an account verification via KYC. It is also available for both Android and iOS.
2. Coin by Zerodha
Zerodha is one of the leading stock market trading platforms in India. Their App Coin has proven to be one of the best mutual fund apps available in the market. It is a no-commission mutual fund platform with a variety of investment options and features. The app gives users access to over 3,000 mutual fund plans from 35+ different fund houses. You can construct your SIP at any time using this app. Furthermore, it allows you to adjust the SIP whenever you need to change any information. You can look at several financial programs, ELSS funds, and tax filing procedures.
In terms of software functionality, the Coin By Zerodha app has a finely crafted User Interface. It is simple to use; most significantly, the dedicated investment calculator allows you to effortlessly navigate between financial schemes and comprehend them. However, to use this mutual fund app, you must have a Zerodha account.
Kuvera is a zero-commission online investment platform that allows investors to buy and sell mutual funds. The reason why we have put this in our best mutual fund app list is because of its multi-functional features. You can build your financial portfolio, manage joint family accounts, and monitor your investments. Furthermore, the app includes a simple yet useful dashboard where you can access all policies, financial schemes, and SIP information. It also allows you to set life objectives and evaluate if you’re on track. It also suggests trending mutual funds that can help you achieve your objective.
4. ET Money
ET Money is also one of the best mutual fund apps that provides a variety of investment alternatives such as mutual funds, equities, and ETFs. The ET Money app is an award-winning programme that was developed by Times Internet and is handled by the Economics Times magazine. The app’s most fascinating feature is its financial calculator, which allows users to specify a goal and the software will automatically recommend several mutual funds investment strategies.
ET Money also includes a simple app integration technique with other payment apps such as GPay, PhonePe, Paytm, and others. The customised portion of this app will show you the best-performing mutual funds to invest in based on the mutual fund scheme’s past performance.
5. Angel Bee
Angel Bee is one of the top mutual fund app in India, providing a simple and convenient way to invest in mutual funds. The app is intended for both rookie and experienced investors, and it includes a variety of features and tools to assist investors in making informed investing decisions. Angel BEE App makes it simple to manage your mutual fund investments, SIPs, and other investment programmes.
Unlike other apps that recommend where to invest, ANGEL Bee helps its clients reach their goals faster by tracking all investments made by consumers on this app and actively notifying them anytime there is a need to exit and invest again.
6. Paytm Money
Paytm is a well-known app in the banking sector; we all use it on a regular basis. Though the core function of Paytm is to make payments to vendors, it also provides extra financial services that you may quickly access. Install the Paytm money app and you’re ready to go. You’ll also get a 1% higher return on the Paytm money app, as well as access to other investment plans and the ability to build your financial portfolio. That’s why on our best mutual fund app list, we have Paytm Money.
7. My CAMS
MyCAMS is another mutual fund investment app that enables investors to invest in several mutual funds from different fund houses from a single platform. Everything is there in front of you to utilise because of its small file size and simplistic overall interface. Instead of confounding you, myCAMS gets right to the point and simplifies mutual fund investing for you. Furthermore, you may effortlessly set up your SIP, purchase, switch, and do anything you want in a smooth manner. If you are looking for the best mutual fund available, consider My CAMS.
Scripbox is another top mutual fund app in India that offers a variety of mutual fund investment alternatives to investors. Scripbox’s patented algorithm is a significant element that assists investors in identifying the best mutual funds to invest in based on their investment goals and risk profile. The platform provides a hassle-free and convenient approach to managing mutual fund investments by offering multiple modes of investing such as lumpsum and SIP. For these reasons, we have included Scripox in our best mutual fund apps list.
Upstox is a direct competitor of Groww. Upstox is primarily a discount brokerage firm that has lately entered the mutual fund market through its own platform, Upstox Mutual Fund. The website provides users with a user-friendly interface to invest in mutual funds and offers a variety of mutual fund investment options from prominent asset management companies. Upstox Mutual Fund also provides value-added services such as tax-saving choices and portfolio rebalancing to assist investors in better managing their portfolios.
10. Navi Mutual Fund
Navi mutual fund has proven to be one of the best mutual fund apps that have given significant returns in the past few years. It is a new entrant in the Indian mutual fund market, created by Flipkart co-founder Sachin Bansal’s financial services firm, Navi Technologies. The website provides users with a user-friendly interface to invest in mutual funds and offers a variety of mutual fund investment options from prominent asset management companies. To help clients reach their financial goals, Navi mutual fund also provides personalised investing solutions, tax-saving options, and goal-based planning tools.
Best Platform for Mutual Funds
Let’s get into some other best online mutual fund investment platforms in India that are not included in the list now:
Angel One is one of the best online mutual fund investment platform in India. This stock brocking firm was founded in 1996. If you are a beginner then consider Angel One for your mutual fund investment. Angel One offers many features that benefit the user. Angel One focuses on innovation and technology to help the users.
Reliance Money is a well-known platform in India. The platform was founded in 2007. Apart from mutual funds, the Reliance Money has other diverse products. With the effective use of technology, they have increased the user interface and experience.
Axis Direct is well trusted and authorized bank in India. Axis Direct is the brand under Axis Securities Limited, a subsidiary of Axis Bank in India. It was founded in 2011. The Axis Direct provides various options including mutual funds, stocks, exchange-traded funds (ETFs), derivatives, and currency trading.
Motilal Oswal Financial Services is a financial service company that provides mutual fund options. The company was established by Motilal Oswal and Raamdeo Agrawal in 1987. Motilal Oswal is India’s one of the best stock trading platforms. Motilal Oswal should definitely be in your mutual fund’s options. The company has been awarded multiple times for its services to the users.
SBICAP Securities is a reliable and reputable brokerage firm to be in your options for investing in mutual funds. SBICAP Securities was founded in 2005 by SBI. SBICAP Securities has widespread branches all over India. This platform offers many features to bring in more users to invest in mutual funds.
Factors to Consider While Investing In Mutual Funds
Now that you know what are the best mutual fund apps available in the market, you need to consider these factors while investing your hard-earned money in mutual funds.
Investment objectives: Before investing in mutual funds, you should consider your investment objectives, such as long-term wealth growth, retirement planning, or building cash reserves. This will assist you in selecting the appropriate sort of mutual fund to meet your financial objectives.
Risk tolerance: Mutual funds have varied levels of risk, so it’s critical to evaluate your risk tolerance before investing. High-risk funds may provide higher returns, but they also involve a higher chance of loss, whereas low-risk funds provide lower returns but are less volatile.
Asset Allocation: Mutual funds invest in a variety of asset classes, including stocks, bonds, and gold. It is critical to choose a fund that complements your asset allocation plan and diversifies your portfolio across asset classes.
Fund performance: Before investing, it is critical to assess a mutual fund’s past performance. To evaluate the fund’s performance, examine its track record over various time periods and compare it to its benchmark and peer group.
Fund Manager: Mutual funds are managed by professional fund managers, and it is critical to evaluate their knowledge and experience. Examine the fund manager’s track record and investment strategy to determine their ability to effectively manage the fund.
Fees and expenses: Mutual funds incur fees and expenses in the form of expense ratios and exit loads. It’s crucial to analyse the fees and expenditures of different funds and select a fund with a low expense ratio and no or modest exit loads.
Regulatories: Mutual funds are controlled by the Securities and Exchange Board of India (SEBI), and it is critical to ensure that the fund complies with SEBI regulations and recommendations.
Fund Size: The size of a mutual fund can have an impact on its performance and liquidity. A fund that is too tiny may be unable to capitalise on investment opportunities or may have trouble selling its holdings, whilst a fund that is too large may have problems successfully investing its money. It is critical to assess a fund’s size and ensure that it corresponds with your investment objectives and liquidity requirements.
To summarize, mutual funds can be an effective investment alternative for individuals seeking to develop their wealth, plan for retirement, or meet short-term financial objectives. Before investing in mutual funds, however, you should evaluate all criterias such as investment goals, risk tolerance, asset allocation, fund performance, fund management experience, fees and expenses, regulatory compliance, and fund size.
You can make informed investment decisions and choose the best mutual fund app for your investment objectives. Hopefully, with our article, you will be able to choose the best mutual fund for yourself and save some money. Happy Investing!
Which app is better for mutual funds?
Though there is no certain ranking for the best mutual fund app, you can still consider Zerodha, Groww or Upstox for investing.
Which is the best mutual fund app in India for beginners?
If you are a beginner and want to start your investment journey in a mutual fund, you should consider Groww as it is free and easy to use.
Which is the best app for mutual fund investment purposes?
For investment purposes, you can consider these mutual fund apps:
2. Coin by Zerodha
4. ET Money
5. Angel Bee
6. Paytm Money
7. My CAMS
10. Navi Mutual Fund
How to Invest in Mutual Funds Online?
To invest in mutual funds set your goals and choose a platform to start.
Now you have to research the mutual funds and deposit money linked with your platform.
Place your order and monitor your mutual funds.
Always stay updated on the finance industry.
What is the Minimum Amount to Invest in Mutual Funds?
The minimum amount to invest in mutual funds depends on the platform and mutual funds you choose. However, SEBI (Securities and Exchange Board of India) has ruled the minimum investment amount in mutual funds in India at Rs. 100 for lump-sum investments and Rs. 500 for SIPs.
How to Invest in Mutual Funds in India?
Investing in Indian mutual funds doesn’t differ from other countries. You should have a plan and choose a platform. Research and place your order.
Is Investing in Mutual Funds Safe?
Yes, with SEBI(Securities and Exchange Board of India) overseeing and ensuring all the operations it is safe and secure to invest. They have made specific guidelines to follow.
What are the Advantages of Investing in Mutual Funds?
Investing in mutual funds has many advantages including diversification, professional managers, liquidity, convenience, etc.
Which app is best for SIP?
There are many good apps for mutual fund investment in SIP but we highly recommend starting your SIP investment in Groww, Zerodha, or Upstox.