Mutual Fund investment is one of the best ways to grow our idle money in the long term. There are 44 Asset Management Companies (AMC) currently operating in India and more than 2000 schemes are available to choose from. Some schemes of any AMC may be giving a very good return or some schemes may not do 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 on one platform and also track all your external Mutual Funds from the same place.
Types of Mutual Funds in India?
All mutual funds in India, come with two types of investment categories, one is regular and the other is Direct Plans. In the regular plan, you are knowingly or unknowingly paying a certain percentage of commission or charges to the 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%), 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 the Direct Plan, the maximum expense ratio is around 1% whereas in the Regular Plan, it is around 2.5%.
Here’s a comparison of the expense ratios of different categories of mutual fund schemes as of 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 Funds 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 or from MFCentral.
- Through SEBI registered investment advisers (RIA) like Fundsindia, Commercial Banks, Motilal Oswal, etc.
By the first two processes, you can invest directly in Mutual Funds in India, and by the last process, you have to pay a commission to your adviser, which is also called 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 apps not only help you to track, and manage your entire mutual fund portfolio but 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, you only need to verify your KYC from any RTA only once. Although the Adhar eSign option enabled the process more simplified now. You can digitally verify your KYC using Adhar eSign and digitally sign the KYC documents by authenticating the OTP sent from Adhar-linked mobile. Several popular apps like Indmoney, Groww, or ETmoney enabled this digital KYC process for smooth new customer verifications.
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.
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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), biometric login, 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 external 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 actual 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.
- Comparison tools: The app should have excellent comparison tools for different schemes of Mutual Funds under certain categories like Index Funds, Small Cap Funds, Flexicap Funds, etc.
- 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
|App Name||Direct Investment||in-App KYC Registration||Rating||Action|
|Coin from Zerodha||Yes||Yes||4.2/5||Download|
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 app 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 log in 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. However, 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 the 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.
- Digital Customer new creation using eSign is not possible.
- All the Mutual Fund AMC is not linked with this App.
- Biometric or Face ID login not enabled.
- No Comparison tools are available for the selection of funds under any categories.
- Can not track external Mutual Investment.
2. KFinKart- Investor Mutual Funds
KFinKart mutual funds App offered by Karvy MFS which is also Registrar & Transfer Agents (RTA). The app offers a similar service to the myCAMS mutual fund app. You can manage, track, and invest in multiple Mutual funds AMC.
Currently, Karvy manages 20 mutual fund houses 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 the myCAMS mutual funds app, still you can manage or invest in the above-stated Mutual Funds direct schemes.
- Option for investment in direct schemes of Mutual Funds.
- Add a New Bank Account by uploading the canceled cheque image.
- Seamless investment of multiple folios mutual funds. You can invest/redeem/reinvest folios from a single mutual fund app.
- Transact in Family and minor portfolios within the App.
- Track the NAV of different Mutual Funds from a single platform.
- One-touch login. Login option with your existing Facebook or Google ID. Also biometric and Face ID login with 2FA.
- Live NAV notifications.
- Consolidate mutual fund statements.
- Intuitive UI.
- New customer creation is not possible using digital eVerification.
- Can not import or track external Mutual Fund investment.
- You can invest only those AMCs whose RTA is Kfintech.
- No comparison or analytic tools for fund selection online.
ETmoney is a complete SMS-based money manager and one of the best mutual fund apps in India offered 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 and track external Mutual Fund investment online 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 the ETMoney App, you can switch to Direct schemes from Regular schemes just by 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. You may also create an expert-based goal-oriented Mutual Fund portfolio using ETMoney Genius by paying small charges.
- Option for investment in the Direct Mutual Funds scheme with zero brokerage fee. You can invest in all Mutual Fund schemes of 44 AMC.
- Digital account creation for new customers using Adhar eSign.
- 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.
- Expert-based risk-adjusted Mutual Fund investment option.
- Switch from regular schemes to direct schemes within seconds.
- Portfolio analysis tools to check the health of your investment.
- Automated SMS-based money manager, analyzes your entire spending on different categories like travel, shopping, food, etc.
- Analyze your expenses on multiple Bank Accounts and Credit cards.
- Option to invest in other deposit schemes like low-risk FDs, SGB, and NPS from the single platform.
- Purchase insurance products and the option to invest in NPS.
- Expert advice-based portfolio creation is chargeable.
4. Groww- Mutual Funds App
Groww is an excellent mutual Fund App for direct investment in Mutual fund schemes as well as a discount broker with many investment options. 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 digitally or within the App itself. To create an investment account in Groww, you have to create a free demat and trading account digitally using Adhar eSing, PAN verification, and the linking bank account. 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 your Groww wallet and invest in Mutual Funds which you prefer, You do not have to log in to your Bank’s website every time to invest. The Groww app also has UPI Payment enabled, i.e. you can add funds instantly.
You can track all Mutual Fund investments made outside the Groww App easily, just you need to authenticate the OTP received from MFCentral. The app automatically fetches all the external Mutual Fund investments within a few minutes. Alternatively, you can track all the external Mutual Fund investments directly if your registered email ID is with Gmail.
You can invest in more than 5,000 schemes from all 44 AMCs in India. Your Mutual Fund units will be kept in a CDSL or NSDL demat account, which is much more secure than SOA (Statement of Account).
- Complete the eKYC within the App using Adhar eSign and digital eKYC.
- Invest in Direct Mutual Fund schemes. No commission or transaction charges.
- Buy or redeem multiple MFs, and create a new SIP within the App.
- Excellent and intuitive Dashboard to track your entire portfolio, like annualized returns or total returns, etc.
- Create a Watchlist to track Mutual Funds schemes.
- Invest in ETF or Exchange Traded Funds.
- Groww wallet to quick mutual fund investment without login to Bank website.
- SIP Calculator and SIP Comparison tools.
- Track external Mutual Fund investment with a linked Gmail ID or linking the MFCentral.
- All your Mutual Fund units will be kept in a Groww CDSL Demat Account, which is chargeable.
5. Zerodha Coin
Coin is an exclusive Mutual Fund investment app from India’s number-one discount broker Zerodha. The Coin App is Zerodha’s free Mutual Fund investment app, where you can invest in direct schemes of Mutual Funds or start fresh SIP completely free of cost, all you need is a Zerodha trading and demat account. You can create a free Zerodha trading account digitally by eSign and complete the KYC process digitally from mobile. The units purchased from the Coin app will be kept in the CDSL or NSDL demat account of Zerodha. You can log in Coin app using the Zerodha Console user ID and Password. You can create a free eMandate for direct debit of SIP or lumpsum amount from the linked bank account. You may also invest in Exchange-traded Funds of different AMCs directly from the Coin App.
- Investment in direct mutual funds schemes without any advisory fees.
- Simple clutter-free dashboard.
- No transaction fee on investment or withdrawals of MF units.
- Free digital account opening and demat account creation for new users.
- One-time digital mandate for auto deduction of SIP amount.
- Mutual fund units will be kept in CDSL demat account, rather than SOA.
- Option for investment in SIP, redemption, and tracking of NAV.
- You have to pay demat AMC charges for keeping Mutual fund units.
- No tracking of external mutual fund investments.
More Mutual Fund Apps
Here are some more Mutual Fund Apps, you may consider
MFcentral is all in one completely free Mutual Fund app, developed by Kfintech and myCAMS , to provide complete portfolio management service for Mutual Fund investment. You will find all the schemes of 44 AMCs in India, and invest in any of your choice schemes directly from the app. You can also submit service requests like addition or change in nominee, change/add bank accounts, and create Mandates for both Kfintech and myCAMS-regulated Mutual Funds.
MFCentral app provides a segregated portfolio view according to an asset class or Fund house. You can also check the portfolio value of all your demat holdings for ETF only. All in one, MFcentral is an extremely useful & very simple portfolio tracker cum Mutual Fund investment app that caters to all the requirements to invest in Mutual Fund.
- Only one app is required to invest, track, redemption all the Mutual Fund schemes.
- Create the free debit mandate for KFintech and myCAMS apps.
- Submit a service request.
- Track both Mutual Funds investment in SOA and Demat holding of ETF
- Request Consolidated Account Statement (CAS).
- Biometric or Face ID-based secure login. No need to remember the password.
- Creation of new customers and digital KYC verification is not possible.
- No portfolio analysis or comparison tools.
What is the best Mutual Fund App?
All these Mutual Apps, as stated above are very good and have the option to invest in direct schemes of Mutual Funds. Except for Kfintech and myCAMS, all the apps have the option to invest in all the mutual fund schemes available in India. You can install any one of these apps or all of the apps, according to your requirement. There are also many other Mutual Fund apps available on the Play Store that have more or less similar features. But before selecting any Mutual Fund App, check whether it has the option to invest in direct schemes of Mutual Funds. All commercial banks’ mobile banking apps have the option of Mutual Fund investment, but these apps will not invest your money in direct schemes, rather invest in regular MF schemes and earn hefty commissions from the Fund Houses. Therefore, it is advisable to avoid investment from Banks’ mobile banking apps.
These are some of the best Mutual Funds apps 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 in any mutual fund scheme, you can easily manage your entire investment portfolio from the above-stated mutual funds apps. To transfer your entire Mutual Fund portfolio to any third-party app, you need to connect your MFCentral account to the particular app. You do not have to install a separate mobile App for every mutual fund house.
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