Investing in mutual funds through Systematic Investment Plans (SIP) is one of the most popular ways to grow wealth over time. As an investor, you may be looking for easy, reliable, and cost-effective ways to invest in mutual funds. With smartphones becoming an integral part of our lives, managing investments through mobile apps has become the most convenient solution. Whether you are just starting or a seasoned investor, SIP app can help you invest effortlessly in mutual funds, track your progress, and make informed decisions.
Best App for SIP Investment
When selecting an app for mutual fund SIP investments, it is essential to evaluate factors such as platform fees, the user interface, the range of mutual fund schemes available, and other relevant criteria. Below is a list of some popular apps in the market.
1. HDFC SKY
- You can open free demat account with HDFC SKY without paying any upfront fees. In addition, the platform waives the account maintenance fee for the first year. Other attractive pricing features include zero brokerage on ETFs and a 30-day interest-free period for margin trading.
- No more confusion about the scheme that fits your risk preferences. Access expert guidance whenever needed. Additionally, you get real-time expert perspectives on the market, assisting you in making well-informed decisions on both redemption and investment.
- HDFC SKY lets you automate your SIP investments, so you never have to worry about remembering the due dates again.
2. Zerodha Coins
- Zerodha Coin offers direct plans for mutual funds. That means there are no intermediary charges, which translates to higher returns.
- The app is user-friendly and provides real-time tracking of your investments. You can also view your SIPs, track your portfolio performance, and redeem funds easily.
- It integrates seamlessly with other Zerodha apps such as Sensibull, Tijori, Streak, and Quicko. These are trading apps that feature live deployment, live scanners, and unlimited backtesting of trading strategies.
- Zerodha Coin allows you to diversify your investments beyond mutual funds and stocks. You can choose government securities like State Development Loans (SDLs) and Treasury Bills or invest in Sovereign Gold Bonds (SGBs).
3. Groww
- The app allows you to compare different mutual funds in terms of returns, risk, and past performance. You can use this information to contrast with your objectives and risk appetite and make investments accordingly.
- Your personal and investment data and transaction details on Groww are secured through fingerprint authentication and 128-bit SSL encryption. However, it is still recommended not to share your password with others to stay safe from data breach incidents.
- You can find over 5,000 mutual fund schemes on the Groww platform from various asset management companies. Additionally, the platform allows you to invest in direct stocks, IPOs, ETFs, and digital gold, based on your preferences.
- You can check and evaluate different options within the same or other categories.
4. ET Money
- ET Money uses an AI-driven algorithm to suggest the best mutual funds based on your risk appetite, goals, and financial profile.
- You can set specific goals like retirement, children’s education, or buying a house and track the progress of your SIPs towards achieving those goals.
- The app also features ET Money Genius. This feature offers customised investment options based on quant models. It takes into account factors such as inflation, interest rates, equity, and market trends to recommend the best mutual fund and stock portfolios.
- The platform allows you to easily monitor your mutual fund portfolios, with a streamlined dashboard, convenient PDF uploads, and investment health reports offering advice on reducing risk.
5. Paytm Money
- Paytm Money offers tools to assess your risk profile and suggests the best mutual funds based on your risk tolerance.
- The app offers centralised account management. The account area consolidates all your information, such as notifications, settings, bank details, and platform fees, while also facilitating the smooth handling of investments, corporate actions, and SIP objectives.
- In addition to mutual funds, the platform has a funds insufficiency nudge. This means the system notifies users when their funds are too low to execute a trade and gives them ample time to replenish their accounts and seize opportunities.
- If you prefer investing in options, the app has the ‘Option Simplified’ feature. This feature provides advanced options trading strategies and guides you on which strategy suits different market conditions.
Conclusion
Choosing the best Investment App depends on your preferences, risk appetite, and investment goals. Apps like HDFC SKY, Zerodha Coins, Groww, ET Money, and Paytm Money offer unique features that make managing SIPs convenient and efficient. Whether you are looking for user-friendly interfaces, direct plans, or AI-driven recommendations, a mutual fund app like the one by HDFC SKY can cater to all your investment needs.
