Investing in MFs through mobile apps

These days, app-based transactions have become common and we should not be surprised that today one can buy and sell mutual funds through mobile-based apps. The icing on the cake is that unlike transacting through brokers or distributors, these apps offer direct mutual fund schemes, which means there is no commission to be paid to the brokers or distributors, so you save on these costs and thereby increase your potential returns.

Investing in mutual funds through mobile-based apps is quite simple and convenient as the investor can invest on the go and then track and manage the portfolio anytime and from anywhere. All one has to do is to download the app on the mobile and then sign up giving details such as name, mobile number, email address, etc. Thereafter, the investor has to complete the KYC verification through PAN or Aadhar number. When the investor enters his PAN number, the app checks whether he is already KYC verified or not. If the investor is KYC verified, he can register the bank account number and start investing straightaway.

However, if the investor is not KYC verified, then he can get himself KYC verified through Aadhaar number. Through this process, verification is done by using Aadhar-based OTP, which is sent to the mobile number and email ID. The investor has to enter the OTP number to complete the verification process.

Investing in mutual fund through mobile app is completely hassle-free, easy and convenient because the process is completely paperless as no physical documents are required to be filled up and submitted.

Some of the mobile apps offering the facility to invest in mutual funds online are Paytm Money, Groww, Coin, Piggy, Sqrrl, etc.