Currently, there are around 22 platforms through which you can invest in direct mutual funds. Choosing the best direct mutual fund platforms among them is not so easy but not so difficult also. However, considering the cost factor, I have shortlisted as below.
Note–
I will now divide the Best Direct Mutual Funds Platforms in India to invest online into three categories.
# Category One-Through Mutual Fund Companies portals
It is easy and no headache of relying on anyone if you are already KYC complied. However, the only hurdle is to remember the login details of each company portals. This is completely FREE.
Generating report is not an issue as you will get the consolidated account statements from NSDL.
However, one of my blog readers (who commented below) raised valuable points. Hence, sharing the same here for the benefits of all readers. Thanks, Manu.
In case of investment directly through respective AMC portals, apart from having multiple logins, I find the following points too:
1. Have to upload bank proof, PAN, KYC, each time for a fresh folio.
2. There would be issues while transacting physically, for eg., if you need to nominate or update nomination, some AMCs don’t allow it online. When you do it physically, there can be issues of signature mismatches, as some AMCs don’t have your signature for online created folios.
3. To update nominations or bank accounts, you need to run after each AMC separately.
4. To start SIPs, for each AMC, you need to give NACH mandates or use the biller route if your bank supports it.
5. All over above, each AMC has different interfaces, methods and practices.
In case of investment through MFU, I find the following benefits which other direct platforms do not have:
1. All existing folios, invested through any other route will be mapped here. And thus, nominations, bank accounts will be updated to old folios also.
2. A well-built grievance resolution routing mechanism. Even if the query relates to AMC or RTA, you can get it resolved from here.
# Category Two-CAMS/Karvy and MF Utility
You can utilize the CAMS facility for the Mutual Fund Companies to which it is a service provider. For the others, you have to rely on mutual fund companies portals only. As of now, CAMS provides services to below mutual fund companies.
HDFC Mutual Fund
DSPBR Mutual Fund
Birla Sunlife Mutual Fund
HSBC Mutual Fund
ICICI Prudential Mutual Fund
IDFC Mutual Fund
IIFL Mutual Fund
Kotak Mutual Fund
L&T Mutual Fund
Mahindra Mutual Fund
PPFAS Mutual Fund
SBI Mutual Fund
Shriram Mutual Fund
Tata Mutual Fund
Union Mutual Fund
Karvy also offers the direct fund platform. Using Ktrack app of Karvy, you can buy the direct mutual funds. Using Karvy platform, you can buy the below AMCs direct funds.
Axis Mutual Fund
Baroda Pioneer Mutual Fund
BOI AXA Mutual Fund
Canara Robeco Mutual Fund
DHFL Pramerica Mutual Fund
Edelweiss Mutual Fund
IDBI Mutual Fund
India Bulls Mutual Fund
INVESCO Mutual Fund
JM Financial Mutual Fund
LIC Mutual Fund
Mirae Asset Mutual Fund
Motilal Oswal Mutual Fund
Peerless Mutual Fund
Principal Mutual Fund
Quantum Mutual Fund
Reliance Mutual Fund
Taurus Mutual Fund
MF Utility is one more FREE platform which supports all AMCs (Except Mirae Asset AMC and Canara Robeco AMC). Hence, it is one of the best and cheapest online platform in my view.
# Category Three-Online Platforms from SEBI RIAs providing Robo Advisory
Remaining all fall under online platforms from SEBI RIAs who provides Robo Advisory or just provide you an online platform to invest in direct funds.
Here, few portals are dependent on MF Utility. Rest of all portals provide you independent service without relying on MFU.
When I last time wrote a post on this, ET Money and Paytm Money Apps were not in the list.
Top 5 Best Direct Mutual Funds Platforms 2019
Each platform provides certain positive and negatives. Hence, it is up to you to choose the one which is suitable for you.
However, in my case, I prefer the below choices.
MF Utility
Kuvera
Groww
ET Money App
PayTm Money App
If you are OK with multiple Login issues, then you can use respective AMC Portals, CAMS and Karvy also.
Do remember that these are my choices. It may not be the same as your’s also. Also, in the above list, I tried myself to bring in all platforms listed. However, if there are any missing, then I will update the same.
- Platforms which are totally free of cost are highlighted with green.
- Above chart is prepared based on the prices showed as on today. You have to refer the cost before jumping into investment.
- Orowealth, Savvy are not free earlier when I wrote a post. However, currently, they are offering at free of cost.
- Unovest pricing is unclear to me and Upraise website is not opening.
I will now divide the Best Direct Mutual Funds Platforms in India to invest online into three categories.
# Category One-Through Mutual Fund Companies portals
It is easy and no headache of relying on anyone if you are already KYC complied. However, the only hurdle is to remember the login details of each company portals. This is completely FREE.
Generating report is not an issue as you will get the consolidated account statements from NSDL.
However, one of my blog readers (who commented below) raised valuable points. Hence, sharing the same here for the benefits of all readers. Thanks, Manu.
In case of investment directly through respective AMC portals, apart from having multiple logins, I find the following points too:
1. Have to upload bank proof, PAN, KYC, each time for a fresh folio.
2. There would be issues while transacting physically, for eg., if you need to nominate or update nomination, some AMCs don’t allow it online. When you do it physically, there can be issues of signature mismatches, as some AMCs don’t have your signature for online created folios.
3. To update nominations or bank accounts, you need to run after each AMC separately.
4. To start SIPs, for each AMC, you need to give NACH mandates or use the biller route if your bank supports it.
5. All over above, each AMC has different interfaces, methods and practices.
In case of investment through MFU, I find the following benefits which other direct platforms do not have:
1. All existing folios, invested through any other route will be mapped here. And thus, nominations, bank accounts will be updated to old folios also.
2. A well-built grievance resolution routing mechanism. Even if the query relates to AMC or RTA, you can get it resolved from here.
# Category Two-CAMS/Karvy and MF Utility
You can utilize the CAMS facility for the Mutual Fund Companies to which it is a service provider. For the others, you have to rely on mutual fund companies portals only. As of now, CAMS provides services to below mutual fund companies.
HDFC Mutual Fund
DSPBR Mutual Fund
Birla Sunlife Mutual Fund
HSBC Mutual Fund
ICICI Prudential Mutual Fund
IDFC Mutual Fund
IIFL Mutual Fund
Kotak Mutual Fund
L&T Mutual Fund
Mahindra Mutual Fund
PPFAS Mutual Fund
SBI Mutual Fund
Shriram Mutual Fund
Tata Mutual Fund
Union Mutual Fund
Karvy also offers the direct fund platform. Using Ktrack app of Karvy, you can buy the direct mutual funds. Using Karvy platform, you can buy the below AMCs direct funds.
Axis Mutual Fund
Baroda Pioneer Mutual Fund
BOI AXA Mutual Fund
Canara Robeco Mutual Fund
DHFL Pramerica Mutual Fund
Edelweiss Mutual Fund
IDBI Mutual Fund
India Bulls Mutual Fund
INVESCO Mutual Fund
JM Financial Mutual Fund
LIC Mutual Fund
Mirae Asset Mutual Fund
Motilal Oswal Mutual Fund
Peerless Mutual Fund
Principal Mutual Fund
Quantum Mutual Fund
Reliance Mutual Fund
Taurus Mutual Fund
MF Utility is one more FREE platform which supports all AMCs (Except Mirae Asset AMC and Canara Robeco AMC). Hence, it is one of the best and cheapest online platform in my view.
# Category Three-Online Platforms from SEBI RIAs providing Robo Advisory
Remaining all fall under online platforms from SEBI RIAs who provides Robo Advisory or just provide you an online platform to invest in direct funds.
Here, few portals are dependent on MF Utility. Rest of all portals provide you independent service without relying on MFU.
When I last time wrote a post on this, ET Money and Paytm Money Apps were not in the list.
Top 5 Best Direct Mutual Funds Platforms 2019
Each platform provides certain positive and negatives. Hence, it is up to you to choose the one which is suitable for you.
However, in my case, I prefer the below choices.
MF Utility
Kuvera
Groww
ET Money App
PayTm Money App
If you are OK with multiple Login issues, then you can use respective AMC Portals, CAMS and Karvy also.
Do remember that these are my choices. It may not be the same as your’s also. Also, in the above list, I tried myself to bring in all platforms listed. However, if there are any missing, then I will update the same.
