Investing is a great way to secure your future and build a sizeable corpus for long-term financial goals. We all know the perils of inflation and how the value of money decreases with time. As such setting up your investment journey is one way to beat inflation and generate higher value of money. But there are so many investment options and apps around in the market.
Particularly, mutual fund investments are offered by so many AMCs and brokerages that an individual is bound to get confused. So we took the route to find the top best apps allowing users to SIP investing in mutual funds in India.
Let’s find out the top picks and help you on your investment journey. Read along.
Best Apps for SIP Investment in 2024
1. Coin by Zerodha
Zerodha is a well-known name in the investment industry and many people use the app and its platform to do their investment. It’s quite easy to set up and has been known for its simple ease of use allowing users to focus on investing rather than going through a long procedure. They even revolutionized the discount brokerage system in India and we at present can see plenty of discount brokerage in the market. Their trading platform Kite is quite famous but they also have another platform for mutual fund investment by the name of Coin. Any user with an existing Zerodha account can simply log onto Coin and start their SIP investment into different mutual funds and investment schemes with ease. It’s feature-rich and comes with easy user interference.
Another of the top-ranked investment platforms across India, Groww has been the top pick for many investors. It came into the market in the last decade and has taken the investment scene to new heights. They also are mainly a discount brokerage-based platform and allow users to invest in direct equity or mutual funds as per their preference. They have an easy-to-use app that is designed to provide users with an intuitive way to invest and keep track of. It has a single dashboard from which you can view all your investments and returns. The registration for the same is easy and can be done online making it a hassle-free choice.
In recent times, if any investment apps are heavily marketed and much preferred by users, it Upstox alongside the aforementioned two options, i.e. Zerodha and Groww. It is also a discount brokerage platform and allows users to invest in direct equity and mutual funds via their app. The app is designed to provide users with ease of use access to make their investment journey easier and smoother. They have a host of mutual funds from various AMCs where you can invest. The platform also offers users additional value-oriented services like guidance, tax-saving choices, and more to help empower users and allow them to make informed market decisions.
4. Paytm Money
Paytm has been in the financial scene for years and has already made its name in the digital wallet and UPI transactions. The platform provides a host of services to users in the form of utility payments, travel bookings, and much more. Recently they also ventured into the investment scene with their dedicated financial arm, Paytm Money. The app has been making good steps in providing users with a pathway to financial investment. The app allows users to invest in direct equity along with mutual funds. A user can simply create an account online and start their investment journey with Paytm Money. They have plenty of investment options and provide clear concise guidance on different mutual funds to make it easier for investors to pick from.
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Kuvera has been around for a long time in the financial investment scene and has made a name for itself for being a reliable and reputable app for investors. It allows ease of access and comes with a pretty simple interference allowing you to easily open the account and get started with your preferred SIP investment. The app allows you to track all your investments and portfolios in a single place. You can also manage joint family accounts and keep track of their investments. It also has an intuitive and informative dashboard that allows you to learn all about financial schemes, various investment instruments, and news updates to keep yourself right on cue about the market happenings.
6. ET Money
Economic Times as a platform has been a premier economic news publication for decades in India. Developed and part of the Times Internet Group, ET Money is their award-winning app that allows users to invest in mutual funds with ease. The app is such a breath of fresh air and comes with an easy-to-set-up system that allows you to start investing in no time. The app comes with loads of features that help a user become financially aware of various terms, happenings, and market behavior. It also comes with a financial calculator that allows you to set up your financial goals and suggests the right mutual fund plan based on your goals. This makes it easier for investors to find the right mutual fund to invest in from a plethora of options.
One of the popular online-based mutual fund platforms across India, it’s no surprise to see Scripbox make it into the top mutual fund investment app. The platform is well-designed and has been know to offer a variety of mutual fund investment options to investors. The platform is easy and intuitive to use and provides a seamless hassle-free approach to managing your investment via both lumpsum and SIP mode. You can choose from the multiple options based on your investment goals and risk appetite. They even recommend good options as per your profile to allow you ease of mind. Their app has a very good uptime and is much easier to use.
8. Navi Mutual Fund
One of the recent entrants into the mutual fund investment scene, Navi has already taken over many apps to become one of the best around. They were well known in the lending business and have added the mutual fund investment having been approved via SEBI. The platform is backed by plenty of top investors and has a seamless and easy-to-use interface where you can simply make use of to invest in various mutual funds according to your investment goals. The platform also offers educational value with lots of investing solutions, goal-planning, and tax-saving guidance. It has an inbuilt goal-based planning tool that makes it smooth to plan your investment and required portfolio for your future goals.
9. Angel One
Many users remember the investment app and platform Angel Bee. They have recently rebranded themselves as Angel One and is one of the top-ranked all-in-one investment platform that allows users to invest in various schemes and options. You can do trades, invest, and also do mutual fund investments with ease. The app provides users with unique features that make the investment journey easier. You can track all your investments across various instruments all in one dashboard check the performance and make further changes accordingly. The app allows users to be informed and educated about the market happenings to understand the investment scene much better.
10. myCAMS Mutual Funds
Closing our list of best-ranked SIP mutual fund investment apps in India is myCams. It is referred to as one of the easy-to-use apps for people who don’t want to go through a lot of interfaces and stick to general investment. The app comes with a smooth interface that allows you to make the right investment and track their performance from one place. Though small in size in terms of other apps, it is quite feature-rich and boasts of lot of security measures that allow you to easily set up SIP investment, make necessary changes, switch between different funds, and access the right performance metrics of the funds to decide your best pick.
The investing scene has changed a lot in India over the last decade with the entry of various discount brokerage firms and their intuitive apps. The previous era where people had to go through traditional brokerage firms is not required anymore. Users can simply use the apps to create an account and set up their demat to start the investment journey with ease. Alongside ease of use, these apps have also allowed users to become more informative and educative about the market and the happenings to make sound investing decisions. We hope the aforementioned list can help you find the right pick to start your SIP investing journey. We do advise though on doing your research and going ahead with the most suitable option for you.
SIP Investment Apps FAQs
- How Does SIP Actually Work?
Ans: Well, first off, pick a fund as per your analysis or liking, then decide how much money you want to drop in, how often (like weekly, monthly, or every few months), and what day you want that cash to leave your bank. Once you set it up, the fund house handles your order and hands out units based on the current NAV. That’s it.
- What Are The Benefits Of SIPs?
Ans: Well, SIPs smooth out your buying price with rupee-cost averaging, have some professional big brains managing your money, make you stick to a financial game plan, and let you feel the magic of compounding.
- How Do SIPs Differ From Lump Sum Investments?
Ans: Well, with SIPs, you’re putting in a little bit at a time, spreading out your investment. No need to go all in with a huge chunk of change right away. That’s the beauty here.
- How Do SIPs Help In Maintaining Financial Discipline?
Ans: Totally! SIP nudges you to put in a fixed amount regularly. So you’re not just saving, you’re also getting into the habit of investing steadily. That’s kind of fitness for your finances!
- Is SIP Safe Or Not?
Ans: Nah, SIP is more on the safe side when it comes to mutual fund investments. Instead of trying to be a market psychic and guessing the best time to invest, you sprinkle a bit of money each month. This way, you’re paying an average price, which can soften the blow of those wild market mood swings.
- Are SIP Returns Taxable?
Ans: Alright, let’s get this straight. If you’ve got money in an equity mutual fund and you wait for over a year before taking it out, there are no taxes! But if you’re the impatient type and pull out before a year, the taxman will take 15% of your gains. That’s how it is.
- Can The SIP Amount Be Reduced Or Increased?
Ans: Technically speaking, adjusting the SIP sum can be a bit of a head-scratcher. But, here’s a fun hack, just start a fresh SIP in the same fund with the amount you’re comfortable with.
- How Can Someone With A Fluctuating Income Invest Through SIPs?
Ans: We get it, not everyone has that steady paycheck. If you’ve got a rollercoaster income, the trick with SIPs is to be a little crafty. Go for a smaller fixed amount and then throw in some extra cash when your wallet feels a bit heavier.
Anantha Nageswaran is the chief editor and writer at TheBusinessBlaze.com. He specialises in business, finance, insurance, loan investment topics. With a strong background in business-finance and a passion for demystifying complex concepts, Anantha brings a unique perspective to his writing.