How to invest in sip without broker
Step by Step details
- Select a scheme that suits your requirements and investment objectives.
- Fill up the application form.
- Complete the KYC formalities by filling up the KYC related form.
- Submit the forms along with the required documents and pay the money.
- Get confirmation for the receipt of payment and get units of the schemes.
- Alternatively, you can register for a SIP online by completing your KYC, choosing the right fund, choosing the amount and date of your SIP, setting up auto debit, and submitting your form.
Here is the best apps for SIP
1. myCAMS Mutual Fund App
The initial entry in our lineup is the myCAMS Mutual Fund App, which presents a comprehensive array of functionalities within an intuitively designed interface. This app enables users to invest in both regular and direct mutual funds, and includes tools like a SIP calculator, transaction tracking, and additional features to enhance your investment experience.
Subscription Charges: Nil
Our Selection Rationale
- It provides an intuitive interface that caters to the needs of both novice and seasoned users, ensuring easy navigation and comprehension.
- Depending on your financial objectives, you have the flexibility to invest in either direct or regular mutual funds through the app.
- You can effectively monitor the performance of all your mutual fund holdings through the app, empowering you with valuable insights to make informed decisions.
Advantages
- The application accommodates various payment methods, such as UPI, debit cards, NEFT, and net banking, offering users a wide range of options for transactions.
- It provides users with access to an extensive selection of mutual funds.
- It enables you to create multiple folios effortlessly, streamlining the process of switching between them for enhanced convenience.
Disadvantage
- The app doesn’t offer any personalised recommendations based on your goals and risk profile.
- It doesn’t offer any customer support features within the app.
- It doesn’t offer stock trading functions.
2. Groww
Groww is one of the best apps to invest in SIPs in India. Its easy-to-use interface offers features such as smart recommendations, direct plans, and goal-based investing.
Subscription Charges:Nil
Our Selection Rationale
- The app allows you to invest in a range of products, such as mutual funds, IPOs, Indian stocks, and more.
- Users don’t incur any charges or fees when investing in mutual funds, making it cost-effective.
- Users can choose between regular and direct mutual funds, and the app provides plenty of information about each scheme for smarter decision-making.
- Users can also trade in the stock market at competitive brokerage rates, along with live share prices, technical charts, and more.
Advantages
- It allows you to choose from a wide variety of mutual funds, international funds, and ETFs.
- It offers personalised suggestions based on one’s risk profile, preferences, and financial goals.
- Users can invest in direct plans with lower expense ratios and higher returns.
Disadvantage
- It comes with limited customer support options.
- It doesn’t offer advanced tools for analysing risk, performance, and other metrics.
3. Fisdom
Fisdom is a comprehensive wealth advisory app that allows you to invest in a range of financial products, from mutual funds to health insurance, pension funds, gold bonds, and more. It’s one of the best apps to start an SIP in India.
Our Selection Rationale
- It offers easy registration: all you need is a valid mobile number and email address that are authenticated via an OTP.
- It allows you to choose from over 5000 mutual fund schemes and allows for regular investments and those based on specific financial goals.
- At a nominal price of Rs. 20 per trade, it makes investing in mutual funds quite affordable.
- It offers real-time tracking so users can increase, decrease, and alter their SIPs directly from the app.
- It also allows you to invest in stocks and offers regular updates and analysis.
Advantages
- The app is simple and intuitive to use.
- The KYC process is completely digital, making verification seamless.
- You can open demat or trading accounts for free.
- There are no hidden charges whatsoever.
Disadvantage
- The commodity segment isn’t open for trading on the app.
- It’s a much newer app compared to other well-established options.
4. Coin by Zerodha
Zerodha Coin offers a cost-effective and user-friendly way of managing your SIPs. It offers plenty of features, including a transaction history and maximised savings on commissions.
Subscription Charges:No charges till investing Rs. 25,000, and a charge of Rs. 50 per month after.
Our Selection Rationale
- The app allows investors to access and invest in mutual funds without incurring the traditional 1%-1.5% commissions, enabling them to maximise their returns.
- The portfolio tracker allows users to track the performance of all their SIPs and mutual fund holdings.
- The transaction history shows users a comprehensive overview of all their mutual fund investments, allowing for easier financial planning.
- The app’s focus on direct mutual funds offers lower expense ratios and higher returns overall when compared to regular mutual funds.
Advantages
- It enables cost savings by eliminating the expense ratio charged by other mutual fund providers.
- The app offers options from various fund houses for increased flexibility.
- It offers a user-friendly interface for seamless navigation.
- It integrates with Zerodha Kite, offering investors the option to trade in stocks, ETFs, and more.
Disadvantage
- It requires users to create a dedicated Zerodha account.
- It doesn’t offer advisory or portfolio optimisation features.
- It doesn’t offer stock trading.
5. ET Money
Similar to its counterparts, ET Money provides an intuitive platform for investing in both regular and direct mutual funds. Additionally, it offers personalized recommendations tailored to investors’ financial objectives.
Subscription Charges:Rs. 499.
Our Selection Rationale
- The app is registered with SEBI, AMFI, and the RBI, thereby meeting all required regulatory standards for the financial sector.
- Signing up on the app is 100% paperless, with a one-time KYC within the app.
- It offers personalised recommendations based on aspects such as an investor’s financial goals and risk profile.
- It allows you to invest in stocks based on your financial preferences.
Advantages
- It allows users to invest in direct mutual funds.
- No commissions or brokerage fees are charged to users.
- It allows for investments in ELSS funds, thereby helping users with tax savings.
Disadvantage
- It doesn’t offer advisory or research-related features.
- It doesn’t have a dedicated customer support team.
Conclusion
Participating in mutual funds through a Systematic Investment Plan (SIP) allows individuals to align their investments with their financial plans, aiding in budget management. This method cultivates financial discipline by requiring a consistent monthly investment of a fixed amount.
Furthermore, with the increasing popularity of remote investment platforms, the investment process has become significantly more convenient compared to the past. The five apps highlighted in this compilation are widely recognized as the most popular and trustworthy tools in the current market. Each of these apps provides a variety of distinctive features, allowing you to assess and determine which aligns best with your financial objectives.
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