Mutual Fund investment is one of the best ways to grow our idle money in long terms. There are 44 Asset Management Company (AMC) currently operate in India and more than 2000 schemes available to choose from. Some schemes of any AMC is giving a very good return or some schemes may be not doing well, and tracking all the schemes separately is a very cumbersome task for anyone. But, thanks to some best mutual funds app in India, you can track, manage and invest in different mutual fund schemes with ease at one platform.
Types of Mutual Funds in India?
All mutual funds in India, come with two types of investment category, one is regular and the other is the Direct Plan. In the regular plan, you are knowingly or unknowingly paying a certain percentage of commission or charges to broker and this types of charges are generally not revealed to the investors. If you read the Mutual fund offer documents carefully, then you will find the percentage of brokerage fee your AMC is paying to your broker or adviser. Though this commission rate is very small (1-2.5%), but it will really matter, if your investment is for a long term.
The other type of Mutual Fund investment is Direct. In this type, you are directly investing your money to any particular AMC and your investment is brokerage free.
There are three way, you can invest in Mutual Fund in India
- Directly through AMC websites like ICICI Pru, UTI MF or HDFC MF official websites.
- Through Registrar & Transfer Agents (RTA) like Karvy or CAMS official websites.
- Through SEBI registered investment adviser (RIA) like Fundsindia, commercial Banks, Motilal Oswal etc.
By the first two processes, you can invest Directly to Mutual Funds in India, and by the last process, you have to pay commission to your adviser, that is the regular mutual investment.
You will find several top mutual funds app for Android in the Google Play store. These mutual funds app not only help you to track, manage your entire mutual fund portfolio, you can also able to purchase or redeem lumpsum MF units or start new SIP (Systematic Investment Plan) instantly from home.
To purchase any Mutual Funds unit from any AMC, all you need to do is to verify your KYC from any RTA only once. Although you can invest in any AMC up to Rs.50000/AMC/Year by completing paperless eKYC (Adhaar OTP based KYC) from any mutual fund house.
You can check your KYC status for mutual funds from here.
Best Mutual Fund Apps in India for Android Phone Users
There are quite a few Mutual Fund apps for Android available in Playstore, but most of them do not have the option to direct investment.
Here, we try to cover some best mutual fund apps in India, where you can track NAV, manage your entire MF portfolio or invest in direct mutual funds schemes instantly from home.
#1. myCAMS Mutual Fund App:
myCAMS is an RTA and it manages the AMC of Mutual Funds which includes Aditya Birla Sunlife MF, DSP BlackRock MF, HDFC MF, HSBC MF, ICICI Prudential MF, IDFC MF, IIFL MF, Kotak MF, L & T MF, Mahindra MF, Parag Parikh MF (PPFAS), SBI MF, Sriram MF, Tata MF, Union MF, Sundaram MF, and BNP Paribas MF.
myCAMS is the best mutual fund apps in India for direct investment. You can also track new Funds offer (NFO) or your existing mutual funds NAV, Start a new SIP or purchase lumpsum MF units.
- Direct investment of Mutual Funds, no broker fee.
- In-app Investment in multiple mutual funds from a single App, only you have to provide a single one-time mandate form. You can submit eMandate registration form from here also.
- Track your entire MF portfolio based on your PAN Card.
- NFO Service- Purchase New Fund Offer.
- Adhaar based eKYC system.
- Enhanced consolidated realized gain statement.
Google Play Average Rating: 4.5
# 2. KFinKart- Investor Mutual Funds:
KFinKart mutual funds App offers by Karvy MFS which is also Registrar & Transfer Agents (RTA). The app offers a similar service like myCAMS mutual fund app. You can manage, track and invest in multiple Mutual funds AMC.
Currently, Karvy manages 20 mutual fund house in India, namely Axis Mutual Fund, Baroda Pioneer Mutual Fund, BOI AXA Mutual Fund, Canara Robeco Mutual Fund, DHFL Pramerica Mutual Fund, Edelweiss Mutual Fund, Essel Mutual Fund, IDBI Mutual Fund, Indiabulls Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, LIC Nomura Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Principal Mutual Fund, Quantum Mutual Fund, Reliance Mutual Fund, Sahara Mutual Fund, Taurus Mutual Fund, UTI Mutual Fund.
Though the app is not as smooth as myCAMS mutual funds app, still you can manage or invest the above stated Mutual Funds direct schemes.
- Option for investment in direct schemes of Mutual Funds.
- Seamless investment of multiple folios mutual funds. You can invest/redeem/reinvest folios from a single mutual funds app.
- Track NAV of different MF from the single platform.
- One touch login. Login option with your existing Facebook or Google ID.
- Live NAV notifications.
- Consolidate mutual fund statement.
- Intuitive UI.
Google Play Average Rating: 3.7
# 3. ETMONEY:
ETmoney is a complete SMS based money manager and one of the best mutual funds app in India, offers by Times f India Group. ETMoney not only helps you to invest in direct schemes of Mutual funds but it enables you to manage your entire spending from a single platform.
ETMoney app has in-app multiple investment options for different deposit and insurance schemes like ELSS, Tax Savings, health insurance etc, only you need KYC verified status.
- Option for investment in Direct Mutual Funds scheme with zero brokerage fee. (more than 1000 mutual fund schemes of around 20 AMC).
- Automated SMS based money manager, analyze your entire spending on different categories like travel, shopping, food etc.
- Analyzes your expenses on multiple Bank Accounts and Credit cards.
- Option to invest Gold deposit scheme.
- Unique SMS based tracking of your all Mutual Fund portfolios from single App.
- Instant credit facilities up to Rs.500000.00.
Google Play Average Rating: 4.5
# 4.Groww- Mutual Funds App:
Another excellent mutual Funds App for direct investment of Mutual funds schemes. You can invest in multiple mutual funds schemes with zero commission, also you have the option to switch your regular investment funds to Direct schemes completely free.
All the Mutual Funds Company (AMC) support the Groww -Mutual Funds App.
- Complete the eKYC within the App. (Capture documents with Phones camera and upload)
- Invest in Direct Mutual Fund schemes. No commission or transaction charges.
- Buy or redeem multiple MF, create a new SIP within the App.
- Excellent and intuitive Dashboard to track your entire portfolio, like annualized returns or total returns etc.
- Track top Mutual Fund NAV.
- SIP Calculator.
- Integrations with etmoney or PaytmMoney App.
Google Play Average Rating: 4.5
# 5. PayTM Money Mutual Funds App:
Paytm Money mutual funds app offers by Paytm which is famous for virtual e-wallet service providers in India.
Paytm money mutual funds app also provides the option for Direct investment in mutual funds scheme without any commission or zero advisory fees. You can open your Paytm money Mutual funds account with your existing Paytm registered mobile number.
- Investment in direct mutual funds schemes with zero advisory fees.
- Fully digitalized Paperless account opening process.
- Option for investing in multiple mutual funds from a single platform. (30 Mutual fund Company in India)
- Option for invest in SIP, redemption, tracking of NAV.
Google Play Average Rating: 3.2
These are some of the best Mutual Funds App in India for Android users.
All the popular AMC have their own mutual funds’ Apps which you can install from Google Play. If you already have invested any mutual fund scheme, you can easily manage your investment from the above stated mutual funds app smoothly. You do not have to install separate mobile App for every mutual fund company.
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