Mutual fund investments have gained significant traction in India over the past decade. The convenience of digital technology has further streamlined the process, allowing investors to manage their portfolios seamlessly. Here, we delve into the top five free and easy-to-use mutual fund apps available in India, providing insights into their standout features.
Coin by Zerodha
Zerodha is renowned for revolutionizing the Indian brokerage industry, and with Coin, they have extended their prowess to mutual funds. This mutual fund app is user-friendly and allows investors to purchase direct mutual funds sans commission. Coin is a user-friendly app that allows investors to purchase direct mutual funds sans commission.
Features
- Commission-Free: Direct mutual funds ensure cost-effective investments.
- Seamless Integration: Links directly with Zerodha’s trading account.
- Wide Range: Access to over 2,000 mutual fund schemes.
- SIP (Systematic Investment Plans) Options: Easy setup and tracking of SIPs.
Advantages: Zero fees and instant redemptions add to the convenience.
Groww
Groww has quickly become a favorite among millennials due to its clean interface and easy navigation. It caters to both beginners and seasoned investors alike.
Features
- Investment Tracking: Provides a comprehensive portfolio analysis.
- Easy KYC: Quick and paperless KYC process.
- Small Investment Capability: Start SIPs with investments as low as ₹500.
- Reliability: Regularly updated data ensures informed decision-making.
Advantages: Simple design and educational resources like blogs and videos to aid investors.
ETMoney
ETMoney, by the Times Internet group, offers a one-stop solution for multiple personal finance aspects, prominently mutual funds.
Features
- Expense Manager: Helps track and manage personal finances alongside investments.
- Smart Solutions: Tailored investment schemes based on user’s goals and risk appetite.
- Tax Saving: In-depth insight into tax saving mutual funds (ELSS).
- SIP and Lumpsum: Flexible investment options starting from ₹100.
Advantages: In-built financial planner makes it easy to organize savings, expenses, and investments efficiently.
Paytm Money
A subsidiary of Paytm, Paytm Money aims to simplify mutual fund investments with a focus on transparency and ease of use.
Features
- No Commission: Direct mutual fund investments without any hidden charges.
- Low Barrier: SIP investments starting at ₹100.
- Extensive Fund Choices: Detailed information on over 2,500 mutual funds.
- User-Friendly: Clean interface with performance and comparison charts.
Advantages: Robust customer support and a suite of additional Paytm services integrated for user convenience.
myCAMS
myCAMS is an established name trusted for managing mutual funds, providing optimal utility to investors through its comprehensive app.
Features
- Consolidation: Integrates mutual fund investments across CAMS-serviced funds.
- eKYC: Simple, paperless KYC process.
- Dashboard: Holistic view of investments across Asset Management Companies (AMCs).
- SIP & STP (Systematic Transfer Plan): Facilitates hassle-free SIP/STP management.
Advantages: Its reliability and detailed portfolio insights assist in meticulous financial planning.
Mutual Fund Apps Facilitating Systematic Investment Plans (SIPs)
Systematic Investment Plans have emerged as an investor’s best friend, fostering the habit of regular investing and mitigating risks due to market volatility.
Example Calculation Investing ₹5,000 monthly in SIPs averaged at an annual return of 12% over ten years:
Future Value = P × [(1 + r)^n – 1] / r Where P is the investment amount, r is the monthly rate of return, and n is the number of months.
For ₹5,000 SIP with 12% annual return: Future Value = 5000 × [(1 + 0.01)^120 – 1] / 0.01 ≈ ₹11,61,695
Conclusion
These mutual fund apps embody simplicity, facilitating a streamlined investment journey right from onboarding to managing SIPs and tracking portfolios. Yet, it is paramount for investors to critically assess the market, review all features, and make informed decisions before committing capital.
Disclaimer
Mutual fund investments are subject to market risks. Investors should conduct thorough research, evaluate all the pros and cons, and consider consulting a financial advisor to ensure the alignment of investment choices with their financial goals.
Summary: Top 5 Free and Easy To Use Mutual Fund Apps in India
This article explores the top five free and easy-to-use mutual fund apps in India, including Coin by Zerodha, Groww, ETMoney, Paytm Money, and myCAMS. These apps offer streamlined processes for managing investments in mutual funds, complete paperless KYC procedures, and effective SIP management tools. While systematic investment plans facilitate disciplined investing, providing investors with lucrative returns over time, the article emphasizes the importance of carefully considering market risks before making investment decisions. Each app is examined for its unique features, usability, and benefits to help investors navigate the mutual fund market more efficiently.
