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6 Best Mutual Fund Apps In India 2023 – List Of Top Mutual Fund Apps

Sebencapital

Published
02/10/23
6 Best Mutual Fund Apps In India 2023 – List Of Top Mutual Fund Apps

Investing in mutual funds is a trendy way to grow wealth long-term. Fortunately, several excellent mutual fund apps in India make tracking, managing, and investing in various mutual fund schemes faster and more convenient.

These apps allow you to perform all these activities within a single application, simplifying the investment process.

Whether you're considering investing in regular funds or direct mutual funds, numerous mobile apps on the Google Play Store offer the convenience of buying and selling mutual funds at your fingertips.

Additionally, if you opt for direct funds through these apps, they can assist you in saving an additional commission of 1% to 1.5%, which can translate into significant cost savings.

What are Direct Mutual Funds?

Direct vs. Regular Mutual Fund Plans: Since the beginning of 2013, SEBI has mandated that all Mutual Fund companies offer two versions of each scheme – Direct and Regular (or Indirect).

You can invest instantly in a Mutual Fund AMC's scheme at a lower cost in a Direct plan. Direct plans are more cost-effective than regular plans because you save on commissions paid to intermediaries. When you compare both plans, the variance in returns may be as low as 0.25%, or it can go up to 1%.

Over the long term, even these small differences can accumulate into significant amounts. Therefore, it's clear that investing in Direct plans of Mutual Funds is the better choice.

6 Best Mutual Fund Applications for Direct Investment:

We have selected six of India's best mutual fund apps for direct investment from the hundreds of mutual fund investment apps available on the Google Play Store. Here is a list of the most capable mutual fund apps for Indian investors:

Best Mutual Fund Apps 1 – Groww

Groww

The Groww app is one of the fastest-growing applications in the Indian mutual fund industry, and its success is attributed to its clean user interface. This app facilitates commission-free investment in mutual funds and is incredibly user-friendly, with minimal paperwork and no hassles.

It provides all mutual fund information within a single investment app. Like the apps mentioned in this article, the Groww app enables everyone to invest in direct mutual funds without commission. It offers additional savings of up to 1.5%+ compared to regular plans.

Key features of the Groww app include:

  • A user-friendly design suitable for beginners and experts
  • A dashboard for tracking all your investments, annualized returns, and total returns
  • A list of the top mutual funds in various categories, along with the latest financial news and insights

The application has garnered over 10 million downloads and maintains a Google Play Store rating of 4.3 out of 5, totaling 350,672 ratings.

Best Mutual Fund Apps 2–ETMONEY Mutual Fund App

ETMONEY Mutual Fund App

A group of spirited entrepreneurs, IITians, and designers with in-depth expertise in technology, mobile, and financial services founded ETMONEY. Associated with the renowned brand Economic Times, this Mutual Fund app is a comprehensive destination for all investment-related things.

It offers features like expense tracking through an expense manager, the ability to invest in mutual funds via SIP or lump sum, and tax-saving options with SIPs in ELSS mutual funds, among other functionalities.

Key statistics for the ETMONEY app include:

  • Total Downloads: Over 5 million
  • Ratings on Google Play Store: 4.5 out of 5, based on 122,341 ratings.

Best Mutual Fund Apps 3–myCAMS Mutual Fund App

myCAMS Mutual Fund App

myCAMS serves as a unified platform for investing in multiple mutual fund schemes. This app streamlines the transaction process in direct funds, making it faster, easier, and more efficient.

Its notable features encompass mobile PIN and pattern login, providing a comprehensive view of your MF portfolio, opening new folios, purchasing, redeeming, switching, setting up SIPs, and more.

Additionally, it offers a transaction scheduling option, enabling investors to plan future mutual fund transactions, which contributes to its standing as one of the top mutual fund apps.

Key statistics for myCAMS include:

  • Total Downloads: Over 1 million
  • Ratings on Google Play Store: 4.3 out of 5, based on 73,805 ratings.

Best Mutual Fund Apps 4–KFinKart – Investor Mutual Funds

KFinKart

The primary aim of this app is to simplify the mutual fund investment journey for customers. It features a one-touch login, enabling users to invest in a large range of mutual funds in a user-friendly manner.

The app emphasizes providing a consolidated view of investments, managing user profiles, facilitating decision-making, and executing transactions swiftly, all within a single platform, eliminating the need for multiple apps offered by different fund houses.

Key features of this app include:

  • Linking and tracking family folios across various Asset Management Companies (AMCs).
  • Investing in New Fund Offers (NFOs).
  • Conducting transactions or reinvestments.
  • Initiating or discontinuing SIPs, among other functions.

Key statistics for this app are as follows:

  • Total Downloads: Over 1 million
  • Ratings on Google Play Store: 4.3 out of 5, based on 42,253 ratings.

Best Mutual Fund Apps 5 – Zerodha Coin

Zerodha Coin

Zerodha Coin is one of the best applications for investing in direct mutual funds. They provide access to over 3,000 commission-free direct mutual funds from 34 different fund houses. This can result in substantial savings of up to 1-1.5% annually compared to regular mutual funds.

Zerodha Coin has already gained a strong reputation and a large customer base, with over 1,50,000 investors having invested more than 2,500 crores, collectively saving over 30 crores in commissions.

Key features of the app include:

  • The ability to search, filter, and purchase from a vast selection of over 3,000 commission-free direct mutual funds offered by 34 Asset Management Companies (AMCs).
  • Access to a single capital gain statement, Profit and loss visualizations, and data on Annualized (XIRR) and absolute returns.
  • The convenience of holding mutual funds in Demat form makes it easier to use them as collateral for loans against securities.

Key statistics for this app are as follows:

  • Total Downloads: Over 1 million
  • Ratings on Google Play Store: 4.0 out of 5, based on 14,996 ratings.

Best Mutual Fund Apps 6–Paytm Money Mutual Funds App

Paytm Money Mutual Funds App

Paytm Money, offered by the Paytm group, has emerged as one of India's most reliable investment platforms. It is known for providing higher returns of up to 1% through investments in Direct Plans of Mutual Funds Schemes.

What sets it apart is that it doesn't charge any commissions or fees on the purchase or sale of these direct mutual fund plans.

The app offers a range of valuable features for customers, including:

  • Fully transparent tracking of investments.
  • Data privacy and protection to ensure the safety of user information.
  • The option to change from Regular to Direct Plans for enhanced returns.
  • Tools for tracking, managing, and automating SIP (Systematic Investment Plan) investments.

Key statistics for this app are as follows:

  • Total Downloads: Over 10 million
  • Ratings on Google Play Store: 3.8 out of 5, based on 102,148 ratings.

FAQs

1. Is it secure to invest through mutual fund apps?

Yes, investing through mutual fund apps is safe because these apps implement various security measures and are regulated by SEBI (Securities and Exchange Board of India) to ensure the safety of investors' money.

The transaction processes are also designed to minimize the time intermediaries hold funds. If your money is not invested on a specific day, it is promptly refunded to you on the same day.

Generally, mutual fund apps adhere to SEBI guidelines, making them a secure and reliable investment.

2. Which app is best for mutual funds?

Here are some of the best apps for investing in mutual funds in India: Groww, Coin by Zerodha, Paytm Money Mutual Fund App, ET Money Mutual Fund App, Sqrrl, Scripbox, Kuvera, and myCAMS Mutual Fund Application.

3. How do I withdraw money from my mutual fund application?

The withdrawal method from a mutual fund app depends on the particular app you are using. Generally, you must sell or redeem a certain number of mutual fund units at that day's Net Asset Value (NAV) to access the desired amount.

Once the redemption is successfully processed, you can withdraw your money. Some apps also offer the option of investing in liquid funds, which allows quicker withdrawals, typically within 30 minutes, provided you have submitted a power of attorney for your account.

It's important to note that there may be an exit load, which is a fee, based on the duration of your investment and the asset management company's (AMC) policies. Additionally, other taxes may apply.

4. Which app is better for SIP?

If you can research and select good funds, you can opt for popular apps like Coin, Groww, Paytm Money, and others. Alternatively, having a demat account with stockbrokers can also assist you in choosing mutual funds.

However, it's important to know that stockbrokers receive a commission for their services, which can reduce your returns, especially in the long term. Therefore, it's advisable to choose direct mutual fund apps to minimize expenses.

5. How do I transfer cash from my mutual fund to my bank account?

If you plan to withdraw money periodically, you can put your money in mutual funds via a Systematic Withdrawal Plan (SWP). With SWP, you invest a lump sum amount that continues to earn returns, and a predetermined sum is regularly credited to your bank account, such as every month.
If you need a one-time withdrawal, the process depends on the app you are using. Generally, all apps provide the option to withdraw money with a few clicks, and the funds shall be deposited to your bank account as per the stipulated time frame.

6. Can you withdraw mutual funds without penalty?

There is no penalty for withdrawing cash from mutual funds. However, if you withdraw before the lock-in period, you may have to pay an exit load.

Asset Management Companies (AMCs) typically charge exit loads, usually 0.25% to 1%, to discourage investors from withdrawing or switching their funds too early.

7. How do I stop SIP?

You can stop or cancel a Systematic Investment Plan (SIP) through the app you are using. You can smoothly pause a SIP, stop it permanently, and resume it with just a few clicks. No money will be transferred to the selected mutual fund during the paused period until you resume it.

8. What occurs if I withdraw my mutual funds before one year?

Typically, mutual fund companies have mechanisms to encourage investors to keep their funds in the fund for at least a year. Many mutual funds have a lock-in period.

It's acceptable to stop your SIP, but if you withdraw your funds before one year, your gains will be subject to taxation at a rate of 15% plus cess and surcharge. If it's an equity mutual fund, short-term capital gains are applicable if you withdraw your funds before 12 months.

Written by Sauravsingh

Techpreneur and adept trader, Sauravsingh Tomar seamlessly blends the worlds of technology and finance. With rich experience in Forex and Stock markets, he's not only a trading maven but also a pioneer in innovative digital solutions. Beyond charts and code, Sauravsingh is a passionate mentor, guiding many towards financial and technological success. In his downtime, he's often found exploring new places or immersed in a compelling read.

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