The recent pandemic has been devastating for economies and businesses across the globe. However, the one positive turn of events from the pandemic is the increase in the number of investors in mutual funds and related products of stock markets. As per AMFI, in the month of July 2022 alone, the SIP collections stood at a whopping Rs. 12,140 crores. The steady rise in the number of investors, as well as the growing ease of investments due to various online investment platforms, has given rise to many new players as well as given a strong foothold to many app-based stock broking platforms. Investing through various apps was once a very novel concept for Indian investors, however, today investing through such apps has become the norm. Find out which is the best app for SIP investment.
Given below are the details of such apps and why they have become a game changer for the mutual fund industry.
Mutual fund apps are mobile-based applications that can be downloaded on Android smartphones or iPhones through Google Play Store and iOS store respectively. In addition to allowing mutual fund investments, many applications are online stock broking platforms that provide a safe and easy platform for investors to invest in diverse classes of assets in stock markets. These assets include investment in stocks, mutual funds, debt instruments like G-secs, Digital gold, ETFs, etc.
Investors need to register on these platforms and provide basic KYC for the authentication and verification process. The registration on these platforms is quite simple and quick and can be done through either a valid and active mobile number or an email id. In earlier days it was often difficult for investors to track their portfolios on a real-time basis. However, with the advent of mutual fund apps, investors can track their investments in real-time as well as make quick decisions to enter or exit suitable investing and trading positions that can benefit their overall portfolio.
There are multiple mutual fund apps in the market today and an array of options for investors to choose from. The popular apps in the market today are Zerodha, Fisdom, Groww, Upstocks, Scripbox, and many more.
Let us discuss the Fisdom app in detail hereunder and why it is gaining huge popularity among investors.
Fisdom is the wealth advisory platform where investors can invest in various products like equities, gold bonds, futures and options, ETFs, mutual funds, pension funds as well as health insurance, and private wealth management services. Fisdom was also recently awarded the title of ‘Best Financial Services Partner’ in the FICCI-PICUP Fintech event. This is yet another feather in its cap along with previous honours like Top SIP Performer for FY 19-20, Best Wealth Management App, Best Performing National Financial Advisor (online).
Some of the key factors that contribute to the popularity of the Fisdom app and have increasingly become a preferred choice as the investment portal for SIPs and other investments by investors are highlighted below.
To proceed with creating an investment portfolio on Fisdom, investors need to first and foremost register on the app. Registration can be done through either a valid email id or a mobile number and verifying the same through an OTP. Investors can then access the variety of investment options on this portal.
Fisdom provides multiple investment options like investing in mutual funds, SGBs, FoFs, ETFs, IPOs, NCDs, etc. Investors can invest in the regular plans of the mutual funds and can also invest in these funds based on target-based or goals-based investing models. Fisdom offers the investors to choose from more than 5000 mutual fund schemes to invest in based on their individual risk returns perception.
Fisdom provides investment options to the investors at nominal costs of Rs. 20 per trade. While most similar platforms provide their services by charging a nominal percentage of the value of an investment, Fisdom charges mere Rs. 20 irrespective of the volumes of the transactions. This results in lowering the cost of investment thereby providing higher in-hand returns to the investors.
Investing in SIPs through Fisdom allows the investors access to better tracking of the portfolio in real-time. Investors can easily alter, increase or decrease their SIPs through Fisdom in real-time through the app, and the same will be effected immediately. At the same time, investors can also rebalance their portfolio as per their own analysis or by taking the help of professionals to create a portfolio that will help in meeting their goals.
Fisdom has partnered with many trusted and leading financial institutions like Karnataka Bank, Oriental Bank of Commerce, SBM Bank, GPay, TVS Credit, Indian Bank, Shubh Loans, BusinessLine, CUB, etc. to provide a centralized portal for all the investments and financial needs of the investors. This has increased the reach of Fisdom and enabled it to meet the investing needs of more than 20 crore Indians.
Along with providing an efficient platform for investment in mutual funds through SIPs and lump sum mode among other investment options, Fisdom also provides access to ancillary services like options for health insurance plans that suit the individual needs as well as faster and paperless online processing as well as cashless claim facility. Recently Fisdom has also acquired the Tax2Win portal to provide tax solutions to its customers.
The customer care portal of Fisdom is equipped to handle any query related to the navigation through the investment platform or any related query or issue in the investment process. Investors who usually are not as tech-savvy can make use of this customer care portal of Fisdom to resolve their queries related to registration, starting of SIPs, altering or closing a SIP, taxation of their returns from SIPs, etc.
Some of the other popular apps for SIP investment are:
Zerodha is among the top 5 stockbrokers in the country today and offers a seamless platform for SIP investment through its app Zerodha Coin. The app enables investors to open their mutual fund portfolio through low account opening charges and provides free SIP investments to its customers. It offers easy access to the investment portfolio through its mobile apps and website.
Groww is another popular investment app that offers investment in mutual funds, stocks, gold, and more. It provides investors with a user-friendly interface through its mobile app and website for easy and real-time access to their portfolios. The app also has competitive charges that allow it to attract more investors to its platform and be top of its game.
Upstox app was introduced in 2009 and is one of the market leaders in the retail investment segment offering investment options in mutual funds, stocks, and IPOs. Also, Upstox provides a trading platform that can be accessed for trading in Futures and Options, commodities, and currency.
Scripbox is a popular mutual fund investment platform that offers SIP investments in a curated selection of diverse mutual funds. The app provides a simple, easy-to-use interface along with customized investment recommendations based on an investor’s goals and investment horizon.
SIPs have been a preferred choice of investment for millions of investors. The growing demand for easy and remote investment platforms and the tremendous increase in the number of retail investors have been a boon for the technology-based investment solutions providers. Fisdom is also therefore on a fast growth track with millions of investors joining the investment portal regularly.
SIPs are taxed based on the period of holding and the dominant asset class of the fund to determine the classification of the fund into equity, debt or hybrid fund category.
App-based investment solutions provide a centralized and simplified investment portal that can act as a one-stop shop for all the mutual fund investment needs and regular real-time analysis of the portfolio for timely action to achieve the investment goals.
Fisdom charges Rs. 20 per trade on all transactions irrespective of the volume of trade.
Yes. Investors can easily invest in NFOs and IPOs through Fisdom and easy and early access to quality investment options.
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