Since the past few years, the number of people investing in mutual funds has increased significantly. With the rapid increase in investment patterns, it has become necessary to find the right app or broker to invest properly and ensure that there are no mistakes that can occur in the long run.
There are a lot of applications that have emerged in the market that make it easier than ever to conduct transactions. They offer a smooth and seamless way to check various mutual funds, invest in them, conduct research, and keep track of investment portfolios.
In the guide below, we’ll have a look at some of the top 7 mutual funds apps to invest in 2024.
First, let’s understand the criteria that you should keep in mind while selecting a mutual funds investment app.
Criteria to Select the Best Mutual FundApps to Invest
Before selecting a mutual fund app to invest through, you can consider the below criteria:
User-Friendly: Look for a user-friendly app that has an interface that is easy to navigate. The mutual funds app should be registered under SEBI which simplifies the investment process.
Range of Mutual Funds: Using the mutual funds app, you should be able to research and invest in a wide range of mutual funds. It will help in ensuring that you reach and match your investment goals.
Security: This is one of the most important factors when it comes to selecting mutual funds apps to invest. There should be features like two-factor authentication and encryption to guarantee that your investments are safe.
Option of Performance Tracking: Whatever app you choose, it should allow you to monitor the performance of the mutual funds that you invest in and offer real-time updates. This service offers charts and graphs that show how your funds are performing. This makes it easy for you to track your returns and decide what to do with your money.
Fees: The apps should be available at low or no cost.
List of Top 7 Mutual FundApps to Invest in 2024
1. Zerodha Coin
Coin by Zerodha is one of the most popular mutual funds apps in India at the moment. It lets you invest directly in mutual funds with zero commissions, putting more money in your pocket. The app gives you clear explanations, past performance data, and a hassle-free way to sell your investments. Plus, it works perfectly with Zerodha's stock trading platform, making it ideal for investors who also trade stocks.
Major Features:
- Choose from various investment options like Equity, Debt, Hybrid and Sovereign Gold Bonds.
- Start, modify, pause or cancel your SIP online at any time.
- You can invest a one-time amount or set up a recurring SIP.
- Monitor your mutual fund portfolio conveniently online.
- Demat accounts offer a centralised view, letting you manage your mutual funds and stocks together.
2. ET Money App
Using this app, you can invest in mutual funds, FDs, insurance, NPS, and SIPs. Choose from over 30 mutual fund companies directly on the app.
Major Features:
- Invest with commission-free direct mutual funds.
- Explore different fund options, check your portfolio health, and utilise tools like the SIP calculator.
- Manage your finances effortlessly - connect and track spending automatically.
- The ET Money app analyses your spending habits to suggest investments that are a good fit for you.
3. Groww
Groww makes investing in mutual funds easy. With their user-friendly app, you can invest directly in funds and browse detailed information about each option. They even offer educational resources to help you get started with mutual fund investing.
Major Features:
- Enjoy a user-friendly app designed for a smooth investing experience.
- Amplify your returns with commission-free direct mutual funds.
- Browse in-depth information about each mutual fund option.
- Explore Groww's educational tools for mutual funds and learn about investing.
4. Paytm Money
Paytm Money is a popular choice for mutual fund investors because it's easy to use. You can invest in mutual funds directly through their app, without paying any commission fees. They also give you personalised recommendations for investments, help you plan for your goals, and keep track of everything in your portfolio.
Major Features:
- Invest in directly managed mutual funds without any commission charges.
- Trade mutual funds commission-free - buy and sell at no cost.
- Paytm Money lets you invest with zero annual maintenance charges.
- Take a free risk profile assessment to understand your investment suitability.
- Set up SIP and invest regularly in mutual funds.
5. HDFC Mutual Fund
HDFC Mutual Fund App is hassle-free and has a user-friendly interface on both its website and app, making it easy for even beginners to navigate. It offers a wide range of investment schemes to choose from. The entire investing process is made easier by its user-friendly platform, making it enjoyable from initial research to tracking your portfolio performance.
Major Features:
- Complete your registration process in minutes using E-KYC and Aadhaar-based KYC.
- Set up a 4-digit MPIN for easy login and use OTP for secure access on the go.
- Unify your investments across accounts. Track your portfolio's growth effortlessly.
- Create a favourites list for frequently accessed or preferred mutual funds for quick reference.
6. 5Paisa
5Paisa is an all-in-one investment app that lets you trade stocks, derivatives, commodities, mutual funds, and even participate in IPOs. This makes it one of the top mutual funds apps in India. Whether you're a beginner or a seasoned investor, 5Paisa has everything you need to succeed in the stock market.
Major Features:
- All-in-one platform for trading stocks, derivatives, commodities, mutual funds, and IPOs.
- Free account opening and mobile app.
- Multiple trading platforms including mobile app, website and desktop terminal.
- Investment research and educational resources.
- Offers different brokerage plans to suit investor needs.
7. INDMoney
INDmoney lets you invest in Indian and US stocks, mutual funds, and Fixed Deposits. With features like goal setting and expense tracking, INDmoney can help you plan and grow your wealth.
Major Features:
- Track all your investments (stocks, mutual funds, fixed deposits, etc.) in one place.
- Invest in Indian and US stocks, all with zero brokerage
- Invest in direct mutual funds (saving on commission fees).
- Set financial goals and track your progress.
- Track expenses and build your net worth.
Recommended Read: How To Choose The Best Mutual Fund?
Is it Safe to Invest Through Mutual Funds Apps?
It is safe and secure to invest through mutual apps, however, you should research properly before selecting one. To have a smooth investing experience, do the below:
Research Properly: Before you invest, check out all the different mutual fund choices on the app. See what they're trying to achieve, how they've done in the past, and what risks are involved.
Read the Rules: Take a close look at the app's terms and conditions. Look out for any fees, charges, or penalties you might have to pay. Not being aware of these factors can negatively affect your overall returns.
Spread the Risk: Invest in a variety of mutual funds and different types of investments and use a couple of apps to do so. This helps spread out your risk and creates a more balanced and stable portfolio.
Keep an Eye on Things: Regularly check how your investments are doing and make changes if needed. Stay informed about what's happening in the market that could affect your investments, and be ready to make decisions to protect your money.
Who Can Benefit From Using The Best Mutual Funds Apps in India?
Beginners: These apps are a great way to get started with mutual funds. They offer user-friendly interfaces and a wide variety of choices, making it easy for new investors to begin their journey. Zerodha Coin, Groww, ET Money, and Paytm Money are options that are good for beginners.
Experienced Investors: These apps provide advanced features and research tools to help you make informed decisions and optimise your portfolio. You can gain valuable insights into mutual fund performance to make better choices.
Risk-tolerant Investors: Mutual fund apps allow you to diversify your portfolio across various asset classes, reducing overall risk. They also often offer high-risk, high-reward schemes for investors comfortable with taking on more risk.
FAQs on Best Mutual Fund Apps
1. Which are the best mutual funds apps to invest through?
There are many great options! Some beginner-friendly apps include Coin by Zerodha and Groww, while others offer more features like ET Money or HDFC mutual fund.
2.Which is the safest app for mutual fund?
Zerodha Coin, ET Money, Groww, Paytm Money, HDFC Mutual Fund, 5Paisa, and INDMoney are all considered safe apps for mutual fund investments. Each app is known for its robust security measures, user-friendly interface, and regulatory compliance, making them reliable choices for investors.
3. How do I withdraw money from a mutual fund app?
The withdrawal process will vary depending on the app, but generally involves selecting the fund and amount, and then choosing your preferred withdrawal method.
4. How to start investing using mutual fund apps?
Most apps allow you to sign up, link your bank account, and browse for funds that suit your goals. You can then invest a lump sum or set up an SIP.
5. Is it possible to manage multiple investments using one app?
Yes, many apps allow you to manage investments across different mutual funds and even other investment categories like FDs and stocks.
6. Can a mutual fund app be used to start an SIP?
Absolutely. SIP is a popular feature offered by most mutual fund apps.
7. Can I withdraw money from mutual funds apps without any penalty?
Mutual funds, both equity and debt, offered through open-ended schemes are generally easy to sell (liquid). You can withdraw money without any issues or penalties. But remember, for better returns, it's wise to stay invested for a longer period: 4-5 years for equity and 2-3 years for debt funds.
Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.
