In this growing digital world, investing has become easy and accessible with a single click on one’s mobile phone. As the number of investors are increasing, investment apps are coming up with attractive and innovative solutions that cater the needs of people. However, there are so many investment apps in India which makes it difficult for a first-time investor to choose the right platform. This is precisely why we have curated a table of the top mutual fund apps in India. If you are looking to invest, make sure to read this article till the end.
NRIs, Complete your Mutual Fund KYC digitally and start investing in Mutual Funds.
What are Mutual Funds?
But first things first, what are mutual funds? Mutual fund is a pool of money professionally managed by a fund manager. An AMC (Asset Management Company) or a mutual fund house collects money from many investors and invests it in securities like stocks, bonds, money market instruments, and/ or other securities.
Why Should One Invest in Mutual Funds?
1. Portfolio Diversification
2. Many Schemes to Choose From
3. Liquidity of Open-Ended Mutual Funds
4. Small Amount Investment
5. High Return on Investment
5. Low Cost
What are the Top Mutual Fund Apps in India?
Following are the top mutual fund apps for mutual fund investment in India based on number of downloads and ratings given by users.
|Mutual Fund App||Rating (Android)||Installs|
|SBNRI* – Mutual Fund App for NRIs||4.1||100K+|
|Groww- Stocks & Mutual Funds||4.5||10M+|
|ET Money: Mutual Funds and SIP||4.4||5M+|
|Coin by Zerodha||4.2||1M+|
|Paytm Money Mutual Funds App||4||10M+|
|Fisdom: Stocks, IPOs & MFs||4.5||1M+|
|SBI Mutual Funds App||4||1M+|
|HDFC MF Online Investors||4.2||5L+|
* As of now, SBNRI does not cater to resident Indians for mutual fund investments. However, it is one of the best mutual fund investment apps for NRIs and OCIs.
Best Mutual Fund App for NRI: Detailed Analysis
SBNRI app was formed in order to simplify banking and investment for NRIs in India. The app is simple to use. The platform is built for NRIs to invest digitally & easily in Mutual Funds. It also helps NRIs build their mutual fund portfolio from scratch.
a. Single platform for wide range of NRI banking and investment needs of NRIs in India.
b. Access to investments in more than seven asset classes.
c. No transaction fees, free of cost to NRIs
SBNRI is an authorised Mutual Fund Distributor platform & registered with Association of Mutual Funds in India (AMFI). ARN No. 246671
NRIs living around the world can download SBNRI App to choose from 100+ mutual fund schemes in India or to ask any questions related to mutual fund investment in India.
2. Groww- Stocks and Mutual Funds
If you are just planning to invest, Groww app is for you. With its unique features, this app lets you make decisions and arrange your finances without difficulty. To enroll on the app, you just have to receive an account verification via KYC, and you are ready to go.
a. 28-bit SSL encryption that keeps financial details secure
b. Free online Demat account opening
c. Single dashboard for tracking the investments, annual returns, and overall returns
d. SIP calculator
e. The app is easy to navigate and use, even for beginners.
3. ET Money: Mutual Funds and SIP
ET Money is a one-stop destination for all investors out there. Setting up your account and building your financial portfolio becomes easy with ET Money.
a. Zero-cost mutual fund investments
b. ET Money Gold Deposit
c. supports all UPI payment Apps like Google Pay, PhonePe
d. ETMoney’s Expense Tracker and Monthly Saver
e. Plethora of mutual fund options to choose from
4. Coin by Zerodha
Coin by Zerodha is a fairly simple app for mutual fund investment. You can log in to your Zerodha account on the app and take it from there. A Systematic Investment Plan (SIP) can be created on this app. The SIP can also be changed whenever information needs to be updated.
a. Easy portfolio management interface
b. Simple-to-use investment calculator
c. Convenient SIP handling
d. Might help you save 10 to 1.5 percent on direct SIPs.
5. Paytm Money Mutual Funds App
Paytm’s main function is to be used to pay vendors, but it also offers other financial services that you may simply choose from. In addition to receiving a 1% greater return on the Paytm Money app, you can also establish your financial portfolio and access a variety of investment plans.
a. More than 12 million investors
b. 100% paperless account opening
c. Lowest brokerage charges
d. Portfolio-centric suggestions and insights
6. Fisdom: Stocks, IPOs & MFs
Investing in Mutual Funds with Fisdom is Easier, Smarter, Better: an all-in-one share market app built for every Indian investor.
a. 100% digital KYC powered by DigiLocker
b. Portfolio tab gives access to statements,balances, un-realized & realized P&L.
c. Get in-depth market details, key stats, peer comparisons, latest news, option chain, etc, of your favourite stock
It’s distinctive and straightforward user experience makes it easy for customers to establish an account in just a few minutes. It also offers a basic yet informative dashboard where you can view all policies, financial schemes, and SIP information.
a. Goal-based investment
b. Family account features to manage joint accounts
c. Tax-saving fund options
d. Zero commission or hidden charges
One of the simpler and lighter apps on this list is myCAMS. The app simplifies mutual fund investing for you.
a. Small file size and straightforward interface.
b. Streamlines the process of investing in mutual funds for you.
c. Ease of switching your investment from one fund to another
d. Setting up Systematic Investment Plans (SIP) are available as well.
9. SBI Mutual Funds InvesTap
SBI MF InvesTap is a mutual fund app that has a user-friendly interface for performing various financial transactions conveniently over the internet.
a. With this app, you can easily navigate through different funds, plan your financial goals, invest and switch between schemes.
b. You can easily track the performance of your mutual fund investments.
c. To assist you in achieving your financial goals, the Family Solution feature offers suitable investment plans and conducts a risk appetite check before you invest.
d. The app keeps you updated with real-time alerts and notifications.
10. HDFC MF Online Investors App
a. The app simplifies the process of investing in mutual funds, whether it’s for a one-time purchase or through a systematic investment plan (SIP).
b. This involves a hassle-free, paperless documentation process, and the onboarding is straightforward.
c. You have the convenience of tracking your HDFC MF investments anytime and from anywhere.
d. You have the flexibility to choose and invest in various categories of mutual funds, including Large cap, Mid cap, Small cap, Tax Saving (ELSS), Liquid, Overnight, Multi cap, Flexi cap, Gold, Hybrid, Debt, and many more.
Mutual Fund Apps and SBNRI
Can NRI invest in mutual funds is one of the commonly asked questions by NRIs. Before investing in the Indian market, NRIs must consult market experts to make informed decisions. At SBNRI, we always strive to simplify NRI investment in India and hence have partnered with AMCs and banks. You can get detailed mutual fund advisory from experts at SBNRI.
You can download SBNRI App from the Google Play Store or App Store to ask any questions related to mutual fund investment, NRI account opening online and tax filing in India. To ask any questions related to Mutual Funds, click on the button below. Also visit our blog and YouTube channel for more details.
Note: Mutual fund investments are subject to market risks. Please read the scheme information and other related documents carefully before investing. Past performance is not indicative of future returns.
A- Given below are the benefits of investing in Mutual Funds for NRIs-
1. Diversification: Mutual funds invest in a range of securities such as stocks, bonds, and commodities. This helps to diversify your investment portfolio and reduce the risk of losses.
2. Professional Management: Mutual funds are managed by professional fund managers who have in-depth knowledge and expertise in managing investments. These managers research the market and invest in securities that are expected to provide higher returns.
3. Easy Accessibility: Mutual funds are easily accessible to NRIs. They can invest in mutual funds through their NRE/NRO accounts or through a power of attorney. NRIs can also invest in mutual funds online through various platforms.
4. Low Investment Amount: Mutual funds have a low minimum investment amount, making them accessible to NRIs with limited funds. NRIs can start investing in mutual funds with as little as INR 500 through SIP.
5. Liquidity: NRIs can easily buy or sell their mutual fund units at any time. This makes mutual funds a convenient investment option for NRIs who may need to liquidate their investments quickly.
A- There are many mutual fund apps available online but SBNRI is the one which exclusively caters the needs of the NRIs. The app is simple to use and NRIs can easily invest digitally in Mutual Funds. It also provides you with FREE expert advice to build your mutual fund portfolio.
A- No, a demat account is not mandatory for investment in mutual funds in India. NRIs can invest in mutual funds directly through the Asset Management Company (AMC) or through a mutual fund distributor.
A- Just like Indian residents, NRIs can invest in SIP (Systematic Investment Plan) in India. SIPs are a convenient and affordable way of investing in mutual funds in India.
A- Yes, NRIs have to pay taxes on mutual funds in India. The tax implications for NRIs investing in mutual funds in India are as follows:
1. Short-term capital gains tax: If an NRI sells mutual fund units within 36 months of purchase, any capital gains are considered short-term capital gains.
a. Equity-oriented mutual funds are taxed at a rate of 15% + 4% cess.
b. Debt-oriented mutual funds are taxed at a rate of 30% + 4% cess.
2. Long-term capital gains tax: If an NRI sells mutual fund units after 36 months of purchase, any capital gains are considered long-term capital gains.
a. For equity-oriented mutual funds, long-term capital gains up to Rs. 1 lakh are exempt from tax. Long-term capital gains above Rs. 1 lakh are taxed at a rate of 10% + cess.
b. For debt-oriented mutual funds, long-term capital gains are taxed at a rate of 20% after providing for indexation benefits.