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 may be giving a very good return or some schemes maybe not doing well, and tracking all the schemes separately is a very cumbersome task for anyone. But, thanks to some best mutual fund apps 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 these 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 fees your AMC is paying to your broker or adviser. Though this commission rate (Expense Ratio) is very small (1-2.5%), but it will really matter, if your investment is for the 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.
Typically in Direct Plan, the maximum expense ratio is around 1% whereas in Regular Plan it is around 2.5%.
Here’s a comparison of expense ratio of different categories mutual fund schemes as on 31.03.2019.
Average Expense Ratio of Direct and Regular Mutual Fund plans. ( In percentage)
Source: Value Research
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, which is the regular mutual fund investment.
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You will find several top mutual fund apps for Android or iOS devices in the Google Play Store or the iOS App 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 a 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 (Aadhaar OTP based KYC) from any mutual fund house. (Updates: As per the latest updates, You can create a new Mutual Fund Folio online using the Adhaar Card as a KYC document, which was discontinued after the Supreme Court verdict.)
I have written a detailed article on how to do a new KYC for Mutual Fund online seating at home, just using your PC or smartphone.
You can check your KYC status for mutual funds from here.
Features of a Good Mutual Fund App
Before selecting the right Mutual Fund App for your investment needs, you must consider the following features
- Safety: Should have good safety features like two-factor authentication(2FA), automatic log out after a certain time, etc.
- User Interface (UI): Must have a clean and hassle-free UI, like easy login, one-click redemption, quick new SIP creation option, or easy import of your other MF investments.
- Portfolio Management: The App can manage your entire Mutual Fund portfolio from a single platform.
- Excellent Analytics: Must have an excellent analytic and graphical depiction of your individual and entire portfolios with historical data, like day-to-day or year to year growth of your investment in percentage or real term, etc.
- Choice of AMC: The App should have a partnership with a large number of AMC so that you can choose your preferred mutual fund schemes easily.
- Strong Advisory: Should have a strong and well-researched Advisory for personalized risk-based investment choice for the investor.
- Charges: Option for zero commission direct investment schemes.
- Paperless KYC Process: The App must have a paperless digital in-app KYC process for the new investors.
Best Mutual Fund Apps in India for Android & iOS
There are quite a few Mutual Fund Apps for Android & iOS devices available in the Play Store or App Store, but most of them do not have the option for direct investment in SIP or purchase of lumpsum Mutual Fund units.
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 & create online SIP instantly from home. Some of them also help you to register for new paperless KYC instantly from home.
Here is the 5 best Mutual Fund App for Direct investment
- myCAMS Mutual Fund App
- KFinKart- Investor Mutual Funds
- Groww- Mutual Funds App
- Paytm Money Mutual Funds App
|App Name||Direct Investment||in-App KYC Registration||Rating||Action|
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 for SIP as well as lumpsum investment. You can also track the new Funds offer (NFO) or your existing mutual funds NAV, Start a new SIP, or purchase lumpsum MF units.
The App has a feature of 4 digit Passcode or Pattern type login feature once you first-time login with your linked email id and password. The best feature of myCAMS Mutual Fund App is that you can start your digital SIP within 7 days of registration from this App which is otherwise not possible in any other Mutual Fund App. Though you can not digitally sign up and verify your eKYC for Mutual Fund investment from this App.
- Direct investment of Mutual Funds, no broker fee.
- DigiSIP- You can start your digital SIP within seven days of registration online.
- 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 or email id.
- NFO Service- Purchase New Fund Offer.
- Aadhaar based eKYC system.
- Enhanced consolidated realized gain statement.
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.
The App has an excellent feature where you can check your daily appreciation or loss within the App dashboard. You can also link your Family Portfolios by linking the Family member’s PAN and manage & transact the entire Family portfolios within the single App. Though can not sign up and verify the KYC for the mutual funds if you are a first-time investor.
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 fund app.
- Transact in Family & Minor portfolios within the App.
- Track NAV of different Mutual Funds from the single platform.
- One-touch login. Login option with your existing Facebook or Google ID.
- Live NAV notifications.
- Consolidate mutual fund statements.
- Intuitive UI.
ETmoney is a complete SMS based money manager and one of the best mutual fund apps in India offers by Times of 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. New users can sign up digitally with a valid PAN and OVD (Official Valid Documents) like UID, EPIC Card, DL, etc. The in-person verification can be done using the Phone’s camera. In ETMoney App, you can switch to Direct schemes from Regular schemes just uploading the mutual fund statement. The App has a very smooth UI with lots of other features including the Mutual Fund Investment option.
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 the Direct Mutual Funds scheme with zero brokerage fee. (more than 1000 mutual fund schemes of around 20 AMC).
- You can upload the CAMS and Karvy Mutual Fund transaction statements and track real-time Loss/Gain performance on your existing Mutual Fund investment in graphs.
- Switch from regular schemes to direct schemes within seconds.
- 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 the Gold deposit scheme.
- Purchase insurance products and the option to invest in NPS.
- Unique SMS based tracking of all Mutual Fund portfolios from a single App.
- Instant credit facilities up to Rs.500000.00.
4. Groww- Mutual Funds App:
Another excellent mutual Fund 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.
The App has an excellent and smooth sign up option for new investors which can be done online or within the App itself. The App will deposit Rs.1.00 to your Bank Account to verify the Account Number. Another feature of this app is that you can add or withdraw funds to Groww wallet and invest in Mutual Funds which you prefer, you do not have login your Bank’s website every time to invest.
You can track all Mutual Fund investments made outside the Groww App easily, just you need to forward the consolidated Mutual Fund email statement to Groww App. Alternatively, you can track all the external Mutual Fund investments directly if your registered email id is with Gmail.
All the major Mutual Funds Company (AMC) (currently 39 AMC) supports 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.
- Groww wallet to quick mutual fund investment without login to Bank website.
- SIP Calculator.
- Integrations with ETmoney or PaytmMoney App.
- Track external Mutual Fund investment with linked Gmail id.
5. Paytm Money Mutual Funds App:
Paytm, India’s number one mobile wallet service provider has also recently launched Paytm Money, an only App-based free direct Mutual Fund investment solution for investors.
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. You can also register new KYC for investment in various Mutual Fund schemes from the App itself.
Similar to Groww App, you can also track the external mutual fund investment by forwarding the Consolidated Account Statement(CAS).
We have already discussed How to register new KYC with Paytm Money Mutual Fund App, you can read the article from here.
- Investment in direct mutual funds schemes with zero advisory fees.
- No transaction fee on investment or withdrawals of units.
- Fully digitalized Paperless account opening process for first-time investors.
- One time digital mandate for auto deduction of SIP amount.
- Option for investing in multiple mutual funds from a single platform. (30 Mutual fund Company in India)
- Option for investment in SIP, redemption, tracking of NAV.
- Track external investment made outside the Paytmmoney App.
These are some of the best Mutual Funds App in India for Android & iOS users.
All the popular AMC and Fund Houses have their own mutual fund Apps which you can install from Google Play or iOS App Store. If you already have invested any mutual fund scheme, you can easily manage your investment portfolio from the above stated mutual funds’ app smoothly. For transferring your entire Mutual Fund portfolio, you need to submit a mandate to the App where you want to manage your entire Mutual Fund Portfolio. You do not have to install a separate mobile App for every mutual fund company. But I will recommend, you should manage your Mutual Fund portfolio from the first two Mutual Fund Apps as stated in the article.
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