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9 Best & FREE Direct Mutual Fund Platforms in India (2019)

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Summary
I was searching for the best direct mutual fund platform to invest my money online.
As part of my research, I explored multiple online platforms.
This post is my review of 9 such online platforms.
I have finally settled with Kuvera and I am super satisfied with their service.
Below, you will find my review and an objective analysis of some of the top direct mutual platforms of India.

1. CAMS & Karvy Website/Mobile App
2. Mutual Fund Utility
3. PaisaBazaar
4. Kuvera
5. Zerodha
6. PayTM Money
7. ETMoney
8. Groww
9. Clearfunds


If you ask me one thing that will shape 2019 from fintech perspective, it has to be a further deluge of free direct mutual fund platforms in India.

With ‘do-it-yourself’ investing getting popular and financial literacy increasing amongst the masses, direct mutual fund platforms are making a kill.

Out of the 9 online platforms I reviewed as part of this post, 3 were launched in the year 2018 and 5 were launched in the year 2017.

It would be fair to assume that 2019 will be very much similar to 2018.

We will see more of such free online platforms in the market (and that means my work will increase as I will keep on reviewing them).

Let me explain the reason behind the existence of this article.

I felt a need to switch to direct mutual funds in April 2018.

I was quite happy with my earlier platform (ICICI Direct), not realizing that I was paying them 3 types of fees:

  • annual fees to use the platform
  • a percentage commission with every SIP and
  • a commission payouts as part of the NAV (thanks to the regular plans).

Once the realization dawned, I could see an immediate need to switch to a direct mutual fund platform.

That’s when my research for direct mutual fund apps started.

(by the way, have you read Warren Buffet’s 2019 letter to his shareholders? He talks about how a 1% commission (of your assets) paid to intermediaries for 30 years will make a dent of ~50% in your earnings.Isn’t it shocking! )

This blog is the result of that research towards finding the best platform that matches my needs.

Here are the 9 best & free direct online mutual fund platforms I reviewed as part of my study:-

1. CAMS & Karvy Website/Mobile App

[Year of launch: Sep 2017 and Jan 2017 respectively for the mobile app]

As part of my research, respective mobile apps of CAMS and Karvy were my first stop.

For the uninitiated, CAMS and Karvy are the officially designated registrars (by SEBI) of the mutual fund houses in India.

That means CAMS and Karvy maintain detailed records of investor’s transaction on behalf of selected Mutual fund houses.

At the time of writing this blog, 15 Mutual Fund AMCs are serviced by CAMs and 19 Mutual Fund AMCs are serviced by Karvy.

That’s almost 90% of the fund houses.

However, that doesn’t mean an investor can do SIPs for all these funds.

Aand that becomes a real roadblocker.

As a case in point, out of 15 fund houses that CAMS serves, 11 have been enabled for lumpsum purchases and just five for SIPs.

Also, new investors cannot invest through the online portal.

But the real challenge is more than what’s visible to the eye.

If you go through the mobile app reviews of Karvy and CAMS, you will understand the challenges that the investors are facing while investing in direct mutual fund plans through these apps.

There are missed payments, unattended complaints, folio not updating, bad customer service etc.

Below are few reviews for Karvy’s KTrack Android App (read detailed review on PlayStore here):-

Karvy KFinCart Direct Mutual Fund App review
KFinKart Mobile App Reviews – Pathetic Customer Service

 

Read some of the bad customer feedback for CAMS Android app below (more reviews here) :-

myCAMs Direct Mutual Fund App review
myCAMs Mobile App Reviews – Unstable app, poor support

While I can live with majority of the issues people have reported above, the real challenge is the bad customer service which almost everyone mentions in the reviews.

Just imagine a scenario where the money moves from your bank but no units are allocated to you, and there is no one to listen to your complaint. You will be in a soup.

My take on CAMS/Karvy

  • Service quality: 1/5
  • Coverage of fund houses: 3/5
  • Technical stability: 2/5
  • User interface: 3/5
  • Features available: 3/5

All in all, investing through the mobile apps of registrars seems (to me) a very risky affair.

Ideally, Karvy and CAMs should be the best place to invest in direct funds, given that they are 100% free and you are directly dealing with the RTA.

Unfortunately, these apps are not stable and customer service is not responsive.
I will stay away from these apps as of now and will recommend the same to you.

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2. Mutual Fund Utility

[Year of launch: 2015]

MFU is a transaction aggregation portal offered by the multiple AMCs, under the aegis of Association of Mutual Funds in India (AMFI).

Using MFU, a customer can transact in multiple schemes of Mutual Funds.

Basically a customer gets access to RTAs, banks, AMCs, KYC agency through a single interface and can invest across direct mutual funds for free.

You would need to open a CAN (Common Account Number) before you can transact on this online platform.

My take on MFU

  • Service quality: Didn’t explore
  • Coverage of fund houses: 5/5
  • Technical stability: Didn’t explore
  • User interface: 2/5
  • Features available: 2/5

While this should be the second best platform to invest in Direct Mutual funds for free (after Karvy and CAMS), unfortunately the website is overloaded with information and you seem to be lost as to how to use the platform (see a screen grab below).

How to buy Direct Mutual Funds on MFU website
Screen shot of Mutual Fund Utility Website
My suggestion is to avoid MFU since better online platforms are available (read about PaisaBazaar and Kuvera below).

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3. PaisaBazaar

[Year of launch: Jan 2018]

Paisa Bazaar came up with their free online platform for direct plans of mutual funds in 2018.

Account creation is quick and easy, and you are followed up aggressively by the customer support person who takes you through the basic functionalities of the platform and answers all your queries patiently.

Good thing is that the online platform is 100% free and it appears that customer support person has no incentive to sell you any plan, so they quickly show you the features, help you do your first transaction (I purchased a mutual fund for 500 Rupees) and then they go away.

How to buy Direct Mutual Funds on PaisaBazaar
Transaction report for PaisaBazaar

I sold the above mentioned direct mutual fund units within a week of buying and the money landed in my bank account within 2 days (which is awesome).

Redemption Paisa Bazaar Direct Mutual Fund
Bank statement highlighting the credit date

The executive said that this particular product is to build the customer base for the company to whom they will then cross sell other PaisaBazaar products in future (like loans, credit cards, insurances etc.).

A fair point I must say, atleast they are vocal about the strategy they are adopting.

So full points to PB for being transparent.

Luckily, it has been 20 days and I haven’t received any cross sell phone call till date. 😊

Why chose Paisa Bazaar for Direct Mutual Fund scheme
Why PaisaBazaar offers the platform for free

There are few manual processes in the system (like you have to upload a signed copy of your PAN card after your first transaction) but that must be there to ensure checks and balances are in place.

There are few more features like switching your existing “Regular Plan” funds into “Direct Plan” funds, fund recommendations, risk profiling, tax reports etc.

My take on PaisaBazaar

  • Service quality: 5/5
  • Coverage of fund houses: 4.5/5
  • Technical stability: 3.5/5
  • User interface: 3.5/5
  • Features available: 5/5

PaisaBazaar’s direct mutual fund investment platform is a free platform with good user interface. The customer service team is very responsive; infact you can click on the “Call Me Now” button on the screen and they will give you a ring in no time.

Inspite of a 5 star rating from my end, I am still not switching to PaisaBazaar.

I could find few issues in functionalities when I run this website on Mozilla (e.g. not able to change password and unresponsive “Call Me” button)

I am sure the team will be working aggressively to resolve the issues. As the system stabilizes, this is definitely one platform to look out for, given the reputation PaisaBazaar has created for itself in the financial industry.

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4. Kuvera

[Year of launch: Oct 2017]

I have been using Kuvera for almost an year now and I am already in love with this FREE platform.

[Update: Read my detailed Kuvera Review]

They have gamified the system that keeps you engaged, you can set your goals and the platform recommends you funds for that.

How to buy Direct Mutual Funds on Kuvera
Screenshot of Kuvera dashboard

A very clean and intuitive interface with only few functionalities.

Plus all the functionalities work as expected.

[update: they have been adding new functionalities very often now, but without cluttering the interface too much] so it keeps the distractions away.

Here again, there are few manual processes that need to be performed by the user (e.g. you have to upload a photo of a cancelled cheque [update: this is not required now and a simple PAN based KYC system is put into place], manually log into your bank account to add Kuvera as a biller for enabling SIPs etc.).

Again, these appear to be the checks and balances which we have to honor for our own data safety.

Kuvera is also 100% free and they are equally vocal behind the reason for this generosity.

→ Get 100 extra coins on Kuvera ←

Below are few excerpts from their website which gives me enough confidence to invest via this platform:-

How Kuvera makes money
How Kuvera makes money

 

Does Kuvera recieve commissions
Does Kuvera receive commissions

 

There is still one question that is unanswered: What if Kuvera goes out of business?

Well, the FAQs say that the money goes directly into the Mutual Funds’ account, so all your investments are safe.

How Kuvera invests the money
How Kuvera invests the money

My take on Kuvera

  • Service quality: 5/5
  • Coverage of fund houses: 4.5/5
  • Technical stability: 4.5/5
  • User interface: 5/5 on web, 2/5 on mobile
  • Features available: 5/5

I am impressed with the simplicity of the platform.

In fact, I have already added them as a biller and waiting for the bank approval (that takes upto 7 days) before I can start my SIPs. [Update: Got the confirmation from the bank in 4 days, and I am now fully switched to Kuvera]

In short, I am switching from ICICI Direct to Kuvera for all my Mutual Fund investments.

The simplicity of the platform and the genuineness of their sales pitch on the website, combined with positive feedback for their customer service instilled enough confidence in me to try them out.

[In case you plan to try out Kuvera, do use my referral code TJAIN while signing up.
Both of us will get 200 coins as bonus (otherwise you get 100) which you can use within the platform to unlock more features.]

5. Zerodha

[Year of launch: Apr 2017]

Zerodha is another online platform to invest in mutual funds that has gained very good reputation over the past few years.

While all the online platforms we have talked above deal in Direct Mutual Funds, Zerodha is a complete investment and trading platform and Direct Mutual Funds is one of their offerings (under the product name Coin).

Also, Zerodha is not 100% free, they charge INR 50 per month once the investment value in your direct mutual fund portfolio crosses INR 25,000.

That means you pay a flat rate of INR 50, irrespective of your SIP amount being Rs. 500 or 5 lacs.

My take on Zerodha

  • Service quality: Didn’t explore
  • Coverage of fund houses: 5/5
  • Technical stability: 5/5
  • User interface: 5/5
  • Features available: Didn’t explore (because of the demat thing)

If you are into intra day and margin trading, Zerodha makes lot of sense since the rates for these service are ridiculously low.

However, if you are more into buying the stock and holding it and don’t have much churn in the portfolio on day to day basis, and want to focus more on direct mutual funds, you can retain your existing stock investment platform and move your mutual fund investments either to PaisaBazaar or Kuvera.

Also, Zerodha buys your mutual fund units in demat format which, in my opinion, is a big hassle in case you want to shift your platform in the future.

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Conclusion

The list above is just a recommendation based on my research and analysis.

While I eventually settled with Kuvera, I am sure there must be more free online mutual fund platforms which offer investment in Direct Mutual Funds.

I would suggest you to do your homework before you chose a platform for your needs.

If you want me to review some other online direct mutual fund platform, do mention in the comments below.



[Update: Oct 2018]

Over the last 6 months, this post has received an overwhelming response from the readers.

In the same duration, there have been multiple new platforms that have arrived on the scene. I am mentioning some of those platforms which have received good traction from the investor community.

Please note that I am still on Kuvera and haven’t tried or switched to any of the platforms mentioned below.

Once I try out any of the following platforms, I will move them to the list above.

 

6. PayTM Money

[Year of launch: Sep 2018]

If you haven’t heard of PayTM, you are probably living in a cave.

PayTM is on its way to become the next financial juggernaut and their direct mutual funds investment platform (PayTM Money) is a step to capture the investment side of the financial market.

Since majority of us are already exposed to the brand, PayTM Money becomes a favorable choice if you don’t want to risk with an unknown direct mutual fund platform.

PayTM Money, like other platforms mentioned above, is 100% free and currently offers support for 25+ AMCs, constituting more than 90% of industry AUM.

Just a caveat, you need to undergo a fresh KYC when you start with this app, even if you have already undergone KYC for PayTM bank. Good thing is that KYC is 100% digital and gets done within minutes.

Also, you can’t link your PayTM wallet with PayTM Money, and you necessarily need to pay via an account transfer or through a debit card.

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7. ETMoney

[Year of launch: Sep 2018]

“Oopar ki kamai, imaandari sey” – that’s the marketing jingle of ETMoney.

The ETMoney Direct Mutual Fund Platform comes from the stable of Times of India Group, and that adds lot of reputation and trust to the offering.

The key thing to note is that this platform not just supports mutual fund investments but also offer other financial services like expense tracking, saving schemes, instant loans, insurance etc.

In a way, I find ETMoney very much similar to PaisaBazaar when it comes to the concept. Both have multiple financial services to offer, and free direct mutual fund platform is just a means to upsell.

But there is one thing to be cautious about: if you go through the user reviews for their mobile app, you will see that people are facing serious issues related to customer support, unstable app, broken features and payments not getting through.

I think ETMoney has still lot of work to do before I would suggest this to someone.
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8. Groww

[Year of launch: Apr 2017]

Groww, the Bangalore based Y-Combinator backed startup was founded by ex-Flipkart employees and is a 100% free online platform to invest in direct mutual funds.

The platform offers financial groups on various topics where users can discuss ideas and post queries.

This platform has a user rating of 4.5 on Android Play Store. Most of the people complain about lack of faster payment options in the platform (like UPI/debit card transaction etc). Other than that, there are some very positive reviews on the customer service offered.

Overall, Groww looks quite a promising direct mutual fund platform.

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9. ClearFunds

[Year of launch: 2016]

There is lot of positive word of mouth online for this platform.

While it’s a 100% free to invest in direct mutual funds on Clearfunds, they offer a paid service as well wherein they build the model portfolio for you based on your financial goals and needs.

Good thing is that this portfolio gets re balanced each year based on the deviation from your goals.

The only drawback of this platform is that they still don’t offer a mobile app.
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Tushar Jain

Tushar Jain

Tushar Jain is a personal finance enthusiast who loves to talk about money, savings, investments and spending. He blogs about financial wisdom and income growth habits at this blog jaintushar.com. Contact him to say Hi.

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63 thoughts on “9 Best & FREE Direct Mutual Fund Platforms in India (2019)”

  1. Sir, this is the first time i decide to invest in mf online for direct fund. I like you to post yr analytical report on all aspects of 3 platforms i. e. Kuvera, zerodha and myway.

  2. Hello Tushar ,

    I am investing in MF since day one when mfuonline.com has started (ALL DIRECT) .

    Today I have given a look around at the site http://www.edelweiss.in and called customer care toll free number . They informed that this platform also 100% free like utilities platform mfuonline.com.

    Now my query are –
    (a) As I am investing directly with mfuonline.com , hence I can stop my SIP dues from that platform.

    In that case can I fully deactivate my account (CAN) there from January 2019. Please advice procedure for closure (Don’t like to keep multiple accounts / applications / platforms for same kind of investments)

    (b) Is kuvera is better than edelweiss.in (both web & android app)

    • Hi

      Answering your questions below:-
      a) I am not sure if you need to deactivate your CAN. You can simply stop the SIPs and switch the platform & your investments. I tried searching on the internet on this topic but couldn’t find a concrete answer. Let me check with someone in the industry and I will get back to you with an answer.

      b) Free platform is one thing, ability to invest in direct funds is another. Do check on the second part as well with Edelweiss. If they offer second part , I think you can try them out. Just do some research on their customer service since this should be the most important criteria while choosing any financial product.

    • Hi JM

      I reached out to Kuvera support and they said there is no need to deactivate CAN. I hope the below answer clarifies your point.

      Here’s the response:-

      “No need to close CAN.

      To move completely to Kuvera, we recommend the following steps (entire process is online) –

      1/ Import your existing units to Kuvera so you can track them here

      Setup an account with Kuvera and complete KYC check and bank account setup.
      After logging in, please follow the steps in the Import Portfolio tab. Do read the “Import Portfolio” FAQ : https://kuvera.in/faq/import

      We read and process your Consolidated Account Statement in real time and you can start placing orders in the same folios as your current regular and Direct plans immediately.

      2/ Move your SIPs from current platform to Kuvera

      Set Mandate amount in your profile and complete the mandate setup process. You will need an active mandate to be able to place SIP order.
      START your direct plan SIPs on Kuvera in the same folio as your current plans and then STOP your SIPs with other platforms. Ps: if your regular plan platform does not agree to stop your SIPs (saying you need minimum months etc etc), read this – https://blog.kuvera.in/how-to-stop-your-sip-when-your-distributor-refuses-to-stop-sip/

      3/ Switch your Regular plan units to Direct plan units – there are 3 ways that Kuvera makes it easy to switch from Regular plan units to Direct plan units. You can read in detail about them here – https://blog.kuvera.in/3-ways-to-switch-your-regular-plans-to-direct-mutual-fund-plans/

    • Hi Ashutosh, frankly no one can answer your question before understanding your profile. If you are a beginner and have absolutely zero knowledge, I would suggest go for SIP route, may be in an index fund or a balanced fund. Again, my answer is just indicative. If you have budget, why don’t you take suggestion from Jago Investor. They have recently come up with a mini version of their financial planning offering and also offer a free look in before you pay for the service.

      And you will get 10% off if you quote the name of my website.

  3. Nothing is free in this world. JAMA.CO.IN is providing direct fund service with paid services model. Pls review. Still I am not using any tools right now, but finding to switch on direct MF.

    • Yes, I agree. Direct with AMC is best, just that you would need to multiple KYCs, generate multiple URNs, get multiple bank authorizations and lastly, maintain separate account with each AMC. FOr me, that was a big hassle, else I would have gone the AMC way.

  4. Dear Tushar,

    Did you seriously tries to understand MF Utility ? This is government supported platform and can never go out of business unlike other private players. Yes, its interface is daunting and it took time for me to understand everything. The reason is that this is not just for us, but also for distributors! However, once you register ecan by giving pan card and cancelled cheque, it is a breeze.

    Its interface is the most intuitive and simplistic. I am yet to see any simple interface than MFUOnline till date for MF investment. They have accomplished this by removing many features. Like you can’t see history, transaction details etc. However, all the actions like SIP, STP, Lumpsum, Redeem, purchase etc are available.

    In comparison to any other platform, including Kuvera, you don’t need to manuall update your portfolio thorugh statements. MFUtility fetches it from respective AMCs directly and you don’t need to do a single thing for it. After that, just invest or redeem.
    Try it once properly. Although I am happy with Kuvera, your recommendation, for its feature sets like TAX Gains etc. But for investment purpose, MFUOnline is unbeatable.

    • Hi Vinay

      I think your question is self contradictory. An interface that doesnt satisfy my need can never be simple. If the important details like history, trx details is not provided, that platform carries no utility for me.

      Please understand that there’s no such thing as “best platform”. You have to find a one that matches your needs, and if MFU does that, you should be good. I think identifying “the need” is more important.

      My need was a super responsive support with a breeze like UX. As I mentioned, there’s no point removing an important feature like history, trx details and claiming to have a simple interface. (though i never knew about that since I am very doubtful about the support MFU will offer).

      In the end, please note that through this post, my intention is not to push any particular platform on you. I am very upfront in saying that all platforms have their advantages (and disadvantages), it’s just that I have settled with Kuvera and I have given my thought process behind this. You are free to settle with that platform where you find your comfort zone.

  5. hello sir, thanks for the valuable article. I am new to online investment.
    Can you pl suggest some good funds for SIP which can be started with Rs. 500/-
    Also tell me does Kuvera charges any transaction amount while buying and selling units.

    • Hi Anil
      It’s good that you are thinking of investing in mutual funds.

      I am sorry but there is no such thing as “good funds” and I will avoid answering the question. What is a good fund for me may turn out to be bad for you, simply because our goals, risk appetite and investment horizon may be different.

      I would suggest that if you can afford, reach out to a professional financial planner like Jago Investor (read my review of their financial planning services) and let them answer the question of ‘good’ funds for you.

      If you still insist, let’s connect over email (hello [at] jaintushar.com) and I can tell you where I am invested right now. But my clear disclaimer would be not to invest in the funds without seeking a professional’s help, or invest at your own risk.

  6. Hi, those investing through Zerodha may please note and understand that before purchasing a mutual fund you have to pre-fund your account with Zerodha. In other words you have to transfer your funds from your bank account to Zerodha’s bank account unlike in other platforms where your money flows directly to the mutual fund house through a payment gateway or via BSE Star’s Clearing Corporation or MF Utility’s Pool account. Zerodha is a broker/investment platform and your funds lying with them in the interim carries risk.

  7. Hi Tushat,
    Thanks for your reply.

    Can you please compare Zerodha Coin vs. Kuvera vs. MF utility vs. Paytm money. And suggest me the best platform to buy MF.
    Please also consider below points.
    1. Transaction charges (Buying and selling of units)
    2. Stop/Pause/Start SIP option
    3. Charges and process to change the platform. Can funds be transferred for one platform to another.
    4. SIP amount directly getting deducted from bank account to AMC (no mediator)
    5. Safety and Security.
    Please also add your evaluation points that are missed from my side add customer care experience or reviews on above platforms.

  8. Hi tushar,
    i have wrote a valuable post. thanks
    1. Can u differentiate between Paytm Money Vs. Coin Vs. Kuvera etc. As all are free. Please mention Pros and Cons of all.

    Zerodha Coin-
    2. What is the benefit of Putting MFs in Demat (coin)? How can it be transferred (if plan to platform change)? Are their any charges for buying and selling of MF units on Coin? Are SIP amount are get deducted direct from Bank account to AMC bank account?
    Paytm Money –
    3. Paytm money deduct SIP amount from customer bank account to paytm and then it transfer amount to AMC with the name of Paytm? Is it so
    4. How much secure Paytm is? How it is better than rest?

    • Hi Venkatesh
      I will try to research further and write detailed posts comparing the platforms.

      In my opinion, the difference between all these platforms is not much. India has huge scope for financial products as further digitization and financial inclusion happens. MFs is probably the product which has gained wide acceptance from consumers and probably that’s the reason why every financial company is getting into this field to get customers and then cross selling them products (ETMoney started there free MF platform last week).

      The logical next step for these free platforms will be to offer life insurance (Kuvera started this few days back). After that, probably it would be wealth advisory, loans, motor insurance and what not.

      For PayTM, it makes all sense since they already have a payments bank license and they need to build supporting products (like investments, savings, trading platforms etc) to build an ecosystem.

  9. Hey Tushar ,
    Can you tell me about Angel bee app … I am using it from last 2 months . It only have regular plans but there service is brilliant . So what should i do? Should i move to direct plans , but its only 2 months old funds . and there will be exit load too …so should i move to kuvera right now or not?

    • Hi Dev

      Without a question, you should move to Direct Plans since it has only been 2 months of investing. You have probably 20 years of investing life in front of you. Exit load for 2 months of investment wont be massive, especially when I am talking of upcoming 20 years here. Kuvera is working fine for me in terms of service. They still dont have phone support but they answer questions over email, and I didnt face any lags there. You may also like to try PaisaBazaar as I have heard some good reviews of their service as well. Best is, stop the SIPs in Angel Bee, start in Kuvera or PB, experience it for 3 months and then switch completely to the new platform.

  10. Why not invest directly with the MF AMC, instead of through a 3rd party? Any 3rd party however transparent or upfront they are, will use your data.

    • If you can manage multiple relationships and login details for individual AMCs, that’s the best way. At the end of the day, it’s all about choices we make. I would prefer to see & transact at one single place, that’s why a need for a platform. Also, no platform is good or bad, you need to find your comfort level. I have comfort level with Kuvera and trust them that they are using my data anonymously. So purely a personal choice.

  11. There’s a Bangalore based company by the name of GROWW please check that out
    It requires no manual updating of documents
    Auto KYC
    I have enrolled will appreciate if you can review this for me
    From what I can make out they are still building their product but I find it quite user friendly !!

  12. Hi Tushar

    Just a couple of questions on your blog

    1. Is Zerodha the only platform where you can do stocks and direct mutual funds on the same platform ?

    2. The reason for someone choosing Kuvera over Zerodha is only the RS 50 per month charges ?

    3. Your blog somehow missed out on mentioning the customer care experience or reviews on Zerodha like it details about the other platforms.

    4. Is there any tax/charge implications of moving the existing regular MF holdings to Direct holdings on any of these platforms ?

    Can you answer my queries please.

  13. Thanks Tushar for the comments. It is really very helpful to many people. Great work indeed. Please note, before 2/3 days, I have learnt that Zerodha has made Coin Absolutely free for all MF schemes irrespective of Amounts invested. Rs 50 per month fee is removed. I am informing this for the benefit of all.

  14. Hi Tushar, Thanks for your article. What about sqrrl & Jama app? I think relatively these apps are also a good one. Could you please suggest?

    Viswak kumar

  15. Thanks Tushar for amazing unbiased review of online direct mutual fund platforms.I was looking for such an article and my search ended here.

  16. I am using Zerodha’s Coin. Its very simple and easy to manage the mutual fudns with coin. It updates the portfolio on a daily basis. One can start/stop/pause the SIP as and when requied with just a few clicks.

  17. Hi,
    i am n.r.i. from tanzania.
    i have already invested some money in mutual funds regular plan from one of the distributor and family friend.
    when invested it was not many platform like know which helps to invest directly.
    i don`t like that you still use maruti 800 and your broker use audi or bmw.
    so please suggest which will be best online platform like kuvera or any other.
    also i want to convert all existing regular plan in to direct plan and take control of my invest to my self.
    so please suggest process for that one.
    thanks
    amit

    • Hi Amit
      There are multiple platforms today that offer investors an option to invest in Direct Plans and you can chose any of these (like Kuvera, PaisaBazaar, Zerodha, Clearfunds etc.). Each platform is best in its own manner and I am not too much biased for any particular platform. Good thing is that consumers are spoilt with choices, and some of these platforms (like Kuvera & Paisa Bazaar) are 100% free.

      I have been on Kuvera for almost 4 months now. It’s 100% free and there is actually no hidden fee. The updates to portfolio happens within 3 days of purchase. The customer support is very responsive and answers your request within 24 hours. There was a failed payment that happened once in my case and customer support was very pro active in helping me fix that.

      It doesn’t mean that Kuvera is the best platform, I would request you to explore the other platforms and settle with the one you are comfortable with the most. Customer support was something which was my top priority, and Kuvera scores well on that.

      I have moved my entire portfolio from ICICI Direct to Kuvera. Once you create your account on Kuvera and finish all the formalities, you will get an option on the left that says “Import Portfolio”. It’s like a breeze and you get a step by step guide to carry out the process.

      I hope this helps.

      P.S: If you find this blog helpful and chose to go with Kuvera, do key in my referral code ‘TJAIN’ while signing up. We will get coins which can be used to unlock features inside Kuvera.

      • Hi Tushar – Thanks for the article – Its very helpful – I am in the same boat as you were – I am also looking to move my portfolio from ICICI Direct to either Kuvera or Paizabazaar – Can you pls tell me, what do you mean when you say you have moved your entire portfolio to Kuvera? Is Import of units allowed in demat? I thought the only option is sell off the units and purchase fresh in Kuvera – Pls clarify

        • Practically, you are right Saravana, it’s not literal import of units but selling and buying of units.

          There is an option in Kuvera which says “Import Portfolio”. You bring the information of your mutual funds in Kuvera using this option and then Switch the funds. It essentially sells the units and buys them again under the Direct fund category. So you start afresh as far as NAVs and XIRR is concerned.

          Good thing is that it does this only for the units which are older than 1 year (3 years for tax saving funds). That’s what I have done. Hope that answers your question.

          • Selling and buying again will be treated as two separate transactions and Long term/Short term capital gains will kick in. Is it advisable to do this ?

          • Depends on situation to situation. I had few funds which were in losses (given the cutoff date set for calculating the losses). I switched to Direct plan for them. Also, had few funds which are linked to goals that are due in next 2-3 years. I didn’t switch those funds. However, all new investment which you do can be under Direct funds.

  18. Thanks Tushar for the information.
    My question is only zerodha offers mf in demat form I know. What about rest all ? Is there any process for transferring funds from demat to other, e.g while switching zerodha funds to paisabazar.

    • That’s a very valid question and I have no idea on this. Let me check with someone from the industry who can help you out here.

    • Hi Ruby, I checked with folks at Kuvera and following is the response I received. For PaisaBazaar, try reaching out to their support. Do post your answer here.

      “You have two ways to move completely to Kuvera and close your Zerodha demat account –

      1. Subject to exit load, lock-in and tax considerations, you can sell your demat units through zerodha. Once sold, your zerodha account can be closed. Then place fresh purchase requests on Kuvera in the same schemes.

      OR

      2 Ask your broker to rematerialize your folios. There will be a nominal charge for it. Once folios are rematerialized you can import them to Kuvera following the steps in the “Import Portfolio” screen. You can then close your zerodha account.

      If both these options are not feasible or inconvenient, consider investing new money in Mutual Fund Direct Plans through Kuvera and over time sell your demat holdings and repurchasing them in Kuvera.

  19. Thanks for this wonderful article, i too was looking to invest in direct mutual fund through a reliable platform.
    I am very new to mutual funds & SIP.
    Someone told me that investing directly could be risky as one can not have fair knowledge an also cant trance funds performance.
    Could you please suggest best funds for SIP for ₹ 5000/-

    • I am sure a broker would have given you this advise. There is absolutely nothing like that.

      You don’t need a broker but you definitely need a financial planner who can understand your profile and suggest you appropriate investment vehicles, including mutual funds. Try the services of Jago Invester.

      Since you are new to mutual funds, start building your understanding of MFs. To start with, may be break your 5000 into 3000, 1000 and 1000 and invest across large cap, midcap and balanced fund respectively. Large cap means the heavy weight companies like TCS, ITC, HDFC etc. where growth is slow but consistent and downward risks are limited. Mid caps are volatile because these are the companies which are in growth stage and few might fail in their pursuit to build a stable business. Balanced funds invest in both equity and debt.

  20. Very nice article. Currently I am buying mutual funds through zerodha. Also I do little of trading (not too frequent). That is why I am thinking whether to move to kuvera or not.

    • It has been almost 20 days now since I am on Kuvera. Have invested in lumpsum twice and already set my SIPs (to be triggered from June onwards). It’s 100% transparent and free and I am very happy with the service as of now, so I would suggest you to move to Kuvera than paying on your existing platform.

      You can also try PaisaBazaar’s platform. It’s relatively new but worth trying. I would suggest try both of these and settle with one where you feel comfortable.

  21. Sir, which online mutual fund platform facilitate (1)to buy and sell online the various funds under single ac.number without any delay to reflect the units we purchase online and to credit bank ac. Without delay when we sell units( 2)to carry out stp in addition to sip; to modify the stp amount as and when we feel necessary(3) to show the history of the purchase and sale of my units at any point of time such as (a)date of purchase(b)nav(c) number of units (d) amount invested in respect of particular number of units of a particular scheme on a particular day/date—in case of original buying of units (e) date (f)nav (g)number of units (h)amount realized in respect of a particular number of units sold on a particular day/date? I understand that Many famous platforms do not show 100% accurately the (a) to(g) particulars. Which platform best covers all the a to g points to the maximum extent possible?

    • I was earlier on ICICI Direct and most of the features you are asking for were there, except that they offered regular plans of mutual funds.

      I have moved to Kuvera around few days back and they do offer the features you have asked for. Below are the details:-
      a) You can buy and sell under a single account. However, there is some delay as far as information display is concerned. I purchased a fund on 23rd May, the purchase NAV that is shown is of 23rd May only, but the information was displayed not until 25th May. That much delay is justifiable, the purchase NAV date is more important.

      b) STP option: available with Kuvera

      c) All this information is displayed in Kuvera, but I didnt understand “the original buying of funds” parts

      d) e) f) g) h) These options are also being displayed in my Kuvera account.

      Why don’t you try Kuvera, invest a minimum amount of 500 in a fund and see for yourself. (Don’t forget to use my referral code TJAIN while signing up to earn free coins).

      I think PaisaBazaar would also be offering these features, but since I haven’t done multiple transactions on that platform, I can’t comment accurately.

      Hope that helps.

    • Kuvera is awesome I am closely tracking and using Kuvera for close to 10 months. I am impressed with simple intuitive UI. Best in class features and Day by Day there are adding new features. I am also point out the awesome customer service for any queries or issues.

      Viswanath #HappyKuverian#

  22. I want to Thank You for this article. This is one of the most useful and insightful article about Direct Mutual Fund platforms. I have been looking for such a blog/article from days.

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