Mutual funds have emerged as the most effective way of compounding wealth. At present, there is an extensive range of applications that allow you to invest in mutual fund schemes through SIPs. These schemes not only help you to save tax but also help you in achieving your long-term financial goals. Mutual funds are the most convenient mode of growing wealth through small contributions. The Recent digital revolution in indian business has made it relatively easier to invest in mutual funds. Top mutual fund applications offer a one-stop solution for tracking and managing all your investments. Read this article till the very end to know more best trading app in India 2021 for investing in mutual funds.
Different Types of Mutual Funds Available In the Indian Market
The mutual fund market in India is evolving along with the digital revolution in India. Industrial bodies are also taking interest in investor education. As per studies mutual funds are the most flexible, inclusive, and hassle-free investment option. Most importantly it is suitable for all types of investors. Different categories of mutual funds allow investors to choose schemes depending on their risk appetite, financial goal, investment term, and capabilities.
• Open-Ended Funds
Open-ended schemes let investors purchase or sell units at any point in time. It does not have a specific maturity date. Investors deal directly with the fund for investment and redemption. Liquidity is one of the key features of open-ended funds.
• Close Ended Funds
Close-ended schemes have specific maturity periods and investors are allowed to invest in the initial launch period. After the closure of the offer, no investment is accepted. The market price value varies due to fluctuations in supply and demand.
• Interval Funds
Interval funds are a combination of open and closed-ended schemes. Investors get the opportunity to trade a specific number of units within a predefined interval.
• Equity Scheme
As per the categorization of SEBI, there are a total of 11 categories for equity schemes. To make it easier for investors to understand, equity funds are further categorized as large-cap, mid-cap, and small-cap funds.
• Debt Scheme
At present, there are 16 categories of debt schemes. Debt schemes have equal levels of risk and return from an investor’s perspective. It is similar to that of ultra-short-term debt funds.
• Hybrid Scheme
Hybrid schemes are a combination of both equity and debt schemes. SEBI has defined a total of 7 categories of hybrid schemes.
Top 4 apps for mutual fund investment
Following is a list of the top 4 mutual fund applications for different types of investors.
ET money from the house of Times Network is one of the leading investment platforms in the country. It is a lightweight application that offers an intuitive and easy-to-use interface. This application is also suitable for beginner investors, as they can learn great insight about investment strategies. You will get personalized financial strategies as per your obligations and financial goals. Through the ET money app, you also get access to an extensive range of financial services like instant loans, insurance policies, SIP schemes, mutual fund investments, and more.
•Provide customize tax-saving solutions as per your needs.
•Automated classification of expenses across different categories
•Hassle-free integration with UPI payment platforms like Phonepe, Paytm, and Google pay
•Allow investors to invest in top-performing securities
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Paytm Money Mutual Funds App
Paytm Money Mutual Fund application is one of the best trading app in India 2020. You can get around 1% more return by investing in direct plans. You also have access to multiple investment strategies for the diversification of your portfolio. The best part of selling mutual funds through Paytm money is free. The application also offers complete paperless KYC verification and account opening in less than 30 minutes. Paytm money is one of the top solutions to keep track of your investments. Through this application, you can choose to invest in ELSS funds, liquid funds, equity funds, and more.
•Higher returns by investing in direct mutual funds
•Complete paperless KYC and account opening
•Real-time performance tracking of investments
•Investment schemes starting at ₹100
Groww features a simple and interactive user interface. It is undoubtedly the best-suited application for beginner mutual fund investors. The platform comes with an elaborate database of blogs, learning videos, and other resources to help beginners learn about investment strategies.
Groww also offers a stock trading platform. Investors can create an account and start trading in stocks at any moment with the group. You also get the option of direct investment in mutual funds without any commission charges. The brokerage fee for trading in stocks is also very low.
•Simple and interactive user interface
•Single dashboard for tracking returns, investments, and fund performance
•Application is compatible across multiple operating systems in the platform
•Simple registration and one step account opening
•Low initial investment
Kuvera is an excellent platform for investing in mutual funds. The application comes loaded with a host of interactive features. You also get to access family accounts for managing joint investments along with fund recommendations as per the portfolio. The comprehensive brush board allows you to keep track of all your investments in one place.
One of the most notable features of the application is that it allows investors to set financial goals and recommend mutual fund schemes accordingly. Kuvera is one such application that offers you a complete overview of your investment and returns. Through this application, you can also choose to invest in gold and the stock market.
•Option of investing in tax saving schemes
•No hidden charges or commission on transactions
•Investors can set personalized financial goals
•Real-time tracking of mutual fund performance
•Family account for managing joint investments
•Professional financial advice to manage investments
The Best trading app in India 2020 for beginners provides investors a simple and smart way of investing in top-performing securities. Applications mentioned above offer similar features. As a beginner, you can choose any of these applications to start your investment journey. Investors become the owner of small units of securities. These units represent a portion of the total investments. An increase in the value of the investment is passed on as the profit of the investor or unit holder. However, certain deductions are applicable in proportion to the number of holdings. Mutual fund investments have their own set of advantages and disadvantages in comparison to direct investment in securities.
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