Top 8 Best Mutual Funds Apps to Invest in India in 2024

If you’re interested in investing in mutual funds and want to find the top mutual fund apps in India, don’t worry! We’ll give you all the details on the best mutual funds apps to invest in India. But before that, let’s understand the concept of mutual funds. Some people think that mutual funds are only for investing in the stock market, but that’s not true. Through mutual funds, you can also invest in gold and real estate. There are three ways to invest in the stock market.

The first way is to research which stocks are good and which ones are not, and then choose the stocks yourself. The advantage is that you don’t have to rely on anyone else and you don’t have to pay extra fees. The downside is that it takes a lot of time.

Another way is to get help from a research analyst or investment advisor. The advantage is that it saves you time, but the downside is that there are frequent transactions. The advisor will keep advising you on which stocks to buy or not, and they will charge a fee for their services, but you will be the one making the transactions.

The third way is to invest through mutual funds. Mutual funds offer a convenient way to invest without the need for constant monitoring. They have low fees and do not require knowledge of stock selection. Choosing a good fund is crucial when investing in mutual funds.

How do Mutual Funds Work?

If you have Rs 20,000 to invest in the stock market, you can either do it yourself or get help from an advisor. Let’s say the advisor suggests buying shares of MRF, Page Industries, or Eicher Motors, each worth Rs 20,000. But if you want to diversify your Rs 20,000 into 6-7 shares, it might be a challenge to do it directly or through an advisor. On the other hand, investing in mutual funds can start with just Rs 500. For instance, SBI AMC creates a mutual fund pool by collecting capital from investors like you. If SBI AMC collects Rs 500 from 1,000 people, they will have Rs 5,00,000 to invest.

With this amount, SBI AMC can buy shares of companies like MRF or Page Industries. Even if you had only invested Rs 500 on your own, you wouldn’t have been able to buy those shares. But by pooling money from 1,000 investors, SBI AMC can make those investments on behalf of everyone. Now there are 1,000 investors in SBI AMC’s mutual fund but the shares are less, hence how will they be distributed? For this mutual fund houses provide units to their investors.

For example, if SBI AMC buys 50 shares worth Rs 10,000 each and 1,000 people have invested, they will provide units of the mutual fund worth Rs 500 to each investor. This way, all the investors become co-owners of those shares. Mutual funds offer the chance to invest in multiple companies with less money.

Best Mutual Funds Apps to Invest in India

1. Groww

Groww is a user-friendly platform, offering a seamless experience. With a customer base of over 50 million users, Groww has earned an impressive rating of 4.5 stars. Groww offers a variety of resources to assist investors and beginners in learning the fundamentals of stock market trading and investment. These resources include free eBooks, informative blogs, and educational materials. By utilizing these resources, individuals can make well-informed investment decisions.

Pros

• Offers direct mutual funds.
• It also offers investment opportunities in US Stocks, Digital gold, and Corporate FDs.
• Open an account instantly without any paperwork.
• No Demat Account Maintenance Charges.
• SME Shares trading is accessible.

Cons

• Doesn’t offer a Margin trading facility.
• No trailing stoploss orders.
• Not many investment options are available.

2. Angel One

Angel One, a prominent retail full-service broking house in India, is relied upon by more than 2 crore clients. They provide a variety of cutting-edge services such as online trading, investing, advisory, margin trading facility, algorithmic trading, smart orders, and more. Angel One stands out as the best mutual funds app to invest in India.

Pros

• Get live updates on stock prices, charts, and the latest news.
• More than 40 technical chart indicators and overlays are available.
• Custom alerts for trades and ideas.
• Research reports and advisory calls.
• No Account Maintenance Charges for the First Year.

Cons

• Angel One does not provide trading services for SME shares.
• The GTC/GTT order feature is currently unavailable.
• Does not provide a 3-in-1 account.

3. UpStox

Upstox is a technology-focused affordable brokerage company in India that offers trading options at competitive rates. They offer trading in various categories like stocks, commodities, forex, futures and options through their Upstox Pro Web and Upstox Pro Mobile platforms.

Pros

• No charges for online account opening.
• All segments (delivery, intraday, and F&O) have a flat brokerage fee of Rs 20 per trade.
• It also offers Margin trading facility.
• You can place different types of advance orders like AMO, CO, SL, and GTT.
• UpStox MF Platform provides a wide range of Mutual Funds for investment.

Cons

• Margin funding is not accessible for delivery trades.
• Does not provide a 3-in-1 account.
• Doesn’t give advice on which stocks to buy or sell.

4. Zerodha

Zerodha is the top stockbroker in India. It is one of the biggest and most well-known brokers that provide online discount brokerage services for investing in stocks, currencies, commodities, IPOs, futures & options, bonds, government securities, and direct mutual funds.

Pros

• Provides you the top trading tools.
• Provides leverage of up to 20 times for day trading.
• Offers Zero Commission Direct Mutual Funds.
• You can apply for new IPOs using a Zerodha account directly.
• If you’re under 25, you can open an account without any charges.

Cons

• Does not offer stock advice, research reports, or suggestions.
• If you don’t close your MIS/BO/CO positions yourself, there will be an extra fee of Rs 50 for each order.
• BSE SME Initial Public Offerings (IPOs) are currently unavailable.

5. IndMoney

INDmoney, an Indian financial technology platform, provides various financial services and tools to assist people in managing their money and investments. Many investors in India prefer INDmoney due to its variety of investment options and competitive pricing. The app is user-friendly and simple to use.

Pros

• INDMoney integrates multiple financial functions into a single app.
• You don’t have to pay any transfer fees when you invest in the US stock market.
• INDMoney provides attractive interest rates for fixed deposits.
• Offers Zero Commission Direct Mutual Funds.

Cons

• The investment application shows minimal performance delays.
• Investing in mutual funds may not be the most optimal choice.

6. Kuvera

Kuvera is a specialized platform for investing in mutual funds. It offers investment options in mutual funds, fixed deposits, and stocks.

Pros

• Offers Zero Commission Direct Mutual Funds.
• Offers the facility of SWP (Systematic Withdrawl Plan) and STP (Systematic Transfer Plan).
• It also lets you keep an eye on outside investments in mutual funds.

Cons

• Limited investment options.

7. ET Money

ET Money is a fintech and wealth management platform based in India. It is owned by Times Internet, which is a subsidiary of Bennett Coleman & Co. Ltd. The platform was established in 2015 and provides a range of financial products and services such as mutual funds, insurance, fixed deposits, NPS, and SIPs.

Pros

• Simple and user-friendly interface.
• Offers Zero Commission Direct Mutual Funds.
• Provides corporate fixed deposit.
• It also offers a tax-saving maximizer feature.

Cons

• The external Fund Tracking option is currently unavailable.
• Doesn’t Offer the facility of SWP (Systematic Withdrawl Plan) and STP (Systematic Transfer Plan).
• Family accounts cannot be managed.

8. Dhan

Dhan is registered with SEBI as a stockbroker. Moreover, Dhan is also registered with CDSL and the stock exchanges NSE, BSE, and MCX to carry out its duties. Dhan provides a wide range of products such as Stocks, ETFs, Options, Futures, Commodities, and Currency Trading. In summary, Dhan is a versatile entity that effectively fulfils the majority of an investor’s needs.

Pros

• Account opening and maintenance charges are completely free.
• Technology-led and product-based broker.
• Invest and trade with leverage of up to 4 times.

Cons

• Doesn’t Offer the facility of SWP (Systematic Withdrawl Plan) and STP (Systematic Transfer Plan).
• Does not provide a 3-in-1 account.
• The platform lacks the feature to monitor funds from external sources.

Conclusion

These platforms/ applications are considered the best mutual funds apps to invest in India. With these apps, individuals can invest in mutual funds and increase their wealth. Make sure to review the pros and cons of any mutual fund app before making a selection.