7 Best Apps for SIP Investment in India 2024 (2024)

Mutual funds have emerged as among some of the most popular means of investment, especially since the COVID-19 pandemic. The complete lockdowns, businesses shutting down, and a stream of layoffs across industries led to people across the country realising the value of good investments.

SIPs continue to be one of the best ways of investing in mutual funds in 2023, and with the number of investors steadily increasing, the market now offers various apps that streamline the investment process for users. However, with these many options, investors are bound to find themselves confused about which to choose. This is where this guide will help – we’ve listed seven of the best apps for SIPs in India.

7 Best Apps for SIP Investments in India

1. myCAMS Mutual Fund App
2. Fisdom
3. Kuvera
4. Coin by Zerodha
5. Groww
6. ET Money
7. INDmoney

1. myCAMS Mutual Fund App

The first app on our list, the myCAMS Mutual Fund App, offers all essential features in a user-friendly interface. It allows you to invest in regular and direct mutual funds and offers features such as a SIP calculator, transaction history, and a whole lot more.

Subscription Charges: Nil

Why We Picked It

• It offers a user-friendly interface that’s easy to navigate and understand for both new and experienced users.
• You can choose to invest in both direct and regular mutual funds, depending on your financial goals.
• It allows you to track the performance of all your mutual fund holdings so you can benefit from actionable insights.

Pros

• The app supports multiple payment modes, including UPI, debit cards, NEFT, and net banking.
• It offers access to a wide range of mutual funds.
• It allows you to create multiple folios while making switching between them easy.

Cons

• The app doesn’t offer any personalised recommendations based on your goals and risk profile.
• It doesn’t offer any customer support features within the app.
• It doesn’t offer stock trading functions.

2. Fisdom

Fisdom is a comprehensive wealth advisory app that allows you to invest in a range of financial products, from mutual funds to health insurance, pension funds, gold bonds, and more. It’s one of the best apps to start an SIP in India.

Why We Picked It

• It offers easy registration: all you need is a valid mobile number and email address that are authenticated via an OTP.
• It allows you to choose from over 5000 mutual fund schemes and allows for regular investments and those based on specific financial goals.
• At a nominal price of Rs. 20 per trade, it makes investing in mutual funds quite affordable.
• It offers real-time tracking so users can increase, decrease, and alter their SIPs directly from the app.
• It also allows you to invest in stocks and offers regular updates and analysis.

Pros

• The app is simple and intuitive to use.
• The KYC process is completely digital, making verification seamless.
• You can open demat or trading accounts for free.
• There are no hidden charges whatsoever.

Cons

• The commodity segment isn’t open for trading on the app.
• It’s a much newer app compared to other well-established options.

3. Kuvera

Kuvera is a zero-brokerage platform that allows you to invest in mutual funds. Started in 2017, it allows you to invest in mutual funds lump-sum or in the form of SIPs.

Subscription Charges: Nil

Why We Picked It

• The interface makes it easy to find all kinds of mutual finds using the filters. You can also look at a particular fund’s history, its current and past values, and more.
• You can choose to invest in mutual funds, either lump-sum or in the form of an SIP.
• You can invest in shares listed on the NSE and BSE, along with other products such as Fixed Deposits and US stocks.
• You can seamlessly import external investments through your Consolidated Account Statement (CAS).

Pros

• It offers goal-based investment planning.
• Users can save LTCG tax with Tax Harvesting.
• You can skip SIPs or edit the amount and date.

Cons

• It doesn’t offer on-call customer support.
• It doesn’t offer fingerprint authentication for added security.

4. Coin by Zerodha

Zerodha Coin offers a cost-effective and user-friendly way of managing your SIPs. It offers plenty of features, including a transaction history and maximised savings on commissions.

Subscription Charges: No charges till investing Rs. 25,000, and a charge of Rs. 50 per month after.

Why We Picked It

• The app allows investors to access and invest in mutual funds without incurring the traditional 1%-1.5% commissions, enabling them to maximise their returns.
• The portfolio tracker allows users to track the performance of all their SIPs and mutual fund holdings.
• The transaction history shows users a comprehensive overview of all their mutual fund investments, allowing for easier financial planning.
• The app’s focus on direct mutual funds offers lower expense ratios and higher returns overall when compared to regular mutual funds.

Pros

• It enables cost savings by eliminating the expense ratio charged by other mutual fund providers.
• The app offers options from various fund houses for increased flexibility.
• It offers a user-friendly interface for seamless navigation.
• It integrates with Zerodha Kite, offering investors the option to trade in stocks, ETFs, and more.

Cons

• It requires users to create a dedicated Zerodha account.
• It doesn’t offer advisory or portfolio optimisation features.
• It doesn’t offer stock trading.

5. Groww

Groww is one of the best apps to invest in SIPs in India. Its easy-to-use interface offers features such as smart recommendations, direct plans, and goal-based investing.

Subscription Charges: Nil

Why We Picked It

• The app allows you to invest in a range of products, such as mutual funds, IPOs, Indian stocks, and more.
• Users don’t incur any charges or fees when investing in mutual funds, making it cost-effective.
• Users can choose between regular and direct mutual funds, and the app provides plenty of information about each scheme for smarter decision-making.
• Users can also trade in the stock market at competitive brokerage rates, along with live share prices, technical charts, and more.

Pros

• It allows you to choose from a wide variety of mutual funds, international funds, and ETFs.
• It offers personalised suggestions based on one’s risk profile, preferences, and financial goals.
• Users can invest in direct plans with lower expense ratios and higher returns.

Cons

• It comes with limited customer support options.
• It doesn’t offer advanced tools for analysing risk, performance, and other metrics.

6. ET Money

Like the other apps, ET Money offers an intuitive way of investing in both regular and direct mutual funds. What’s more, it also offers investors personalised recommendations based on their financial goals.

Subscription Charges: Rs. 499.

Why We Picked It

• The app is registered with SEBI, AMFI, and the RBI, thereby meeting all required regulatory standards for the financial sector.
• Signing up on the app is 100% paperless, with a one-time KYC within the app.
• It offers personalised recommendations based on aspects such as an investor’s financial goals and risk profile.
• It allows you to invest in stocks based on your financial preferences.

Pros

• It allows users to invest in direct mutual funds.
• No commissions or brokerage fees are charged to users.
• It allows for investments in ELSS funds, thereby helping users with tax savings.

Cons

• It doesn’t offer advisory or research-related features.
• It doesn’t have a dedicated customer support team.

7. INDmoney

INDmoney is yet another app that allows investors to invest in a range of financial products, from mutual funds, US stocks, and a whole lot more. It also offers zero-cost trading and Demat accounts.

Subscription Charges: Nil

Why We Picked It

• It allows users to invest in both regular and direct mutual funds, with zero commission on the latter.
• It has a user-friendly interface that also allows users to track all their bank accounts in one place.
• It offers courses that allow investors to improve their understanding of various financial concepts and investment tools.
• You can invest in the stock market as well, and the app allows you to create a Demat account for free.

Pros

• It offers real-time portfolio tracking.
• It offers zero commission on mutual fund investments.
• The app offers AI-powered investment recommendations based on one’s financial goals.

Cons

• It offers limited investment options.

Conclusion

Investing in mutual funds via a Systematic Investment Plan (SIP) offers individuals the benefit of streamlining their investments according to their budgets. It helps foster a sense of discipline as it forces you to invest a fixed amount every single month.

Add to this the growing demand for remote investment platforms, and the whole process becomes a lot easier than it once was. The seven apps mentioned in this list are the most popular and reliable tools available in the market today. Each of them offers a host of unique features that you can review to decide which is the best fit for your financial goals.