Best apps for mutual fund investments and tracking your returns

With the increase in demand for mutual funds, there are several apps available to do mutual fund investments. In this blog, we will discuss the best apps for investment and tracking your returns. We will also tell you the reason for considering the apps best.

As discussed in the previous blog, it’s always better to have joint holders in mutual fund folios. Please refer to the link below for previous blog:

https://uchitnivesh.com/single-holder-or-joint-holders-in-mutual-fund-folios-whats-better/

Considering this, one of the best platform for mutual fund investments is MF Utilities app or Website. Please find the website link below:

https://mfuonline.com/

There are several other advantages of having investments done through MF Utilities as below:

1. With a single account on MF Utilities, you can invest in any scheme from the AMC of your choice.
2. For the same combination of holder/holders, you can even track your older investments. For Example – You created a joint account on MF Utilities with yourself as 1st holder and your spouse as 2nd holder. If you had investment in funds with the same combination of holders even before your MF Utilities account was created, you can have the details of those investments in the newly created MF Utilities account.
3. You can do PayEezz registration which allows auto debit from your account and makes SIP investment simple.
4. You can do SIP and lumpsum investments at ease.
5. You can do SWP and redemptions.

There are other apps which allows you to invest in any mutual fund scheme, but most of them do not have the option to create account with joint holders.

Steps to create MF Utilities account are as below:

Though there is offline process to create MF Utilities account, it is preferable to create it online. Steps to create online account on MF Utilities are as below:

Step 1: Create CAN with the link below if your PAN is KYC complaint.

https://www.mfuonline.com/onlineMfuPage?reqPageType=eCAN

(If your PAN is not KYC complaint, you can apply for KYC registration through ICICI, Tata, UTI mutual fund website or through CAMS. Once you are KYC verified, you can proceed with the CAN creation on MF Utilities)

While creating CAN, you will be requested to upload self attested PAN of all joint holders, and recent bank account statement or cancelled cheque (with account holder name printed) of the bank account through which investment needs to be done.

The first holder of the CAN should be the first holder or sole holder of the bank account as well.

Once you submit the CAN application form, provisional CAN is created and sent for approval. The CAN usually gets approved in a week.

Step 2: Once the CAN is approved, you can create account on MF Utilities with the link below:

https://www.mfuonline.com/onlineLoginCreation

Spep 3: After creation of the MF Utilities account, you can login to the app or website with link below:

https://www.mfuonline.com/mobLogin?fromAdvPage=Y&requestFromApp=N#logonPage

Step 4: After logging in, you will see 2 options as below:

i) Direct Module – Which is for direct investment with no agent involved.

ii) Intermediary Module – Which is for regular investment with agent involved.

In the intermediary module, you can also track the funds you have invested in (either direct or regular) and do PayEezz registration.

Best app for tracking mutual fund investment return.

XIRR is one of the best parameters to track your mutual fund returns. You can consider apps like ET money or IND money to track your XIRR returns. Even if you have not done the investments with these apps, you can create account on these apps providing your email ID, Mobile Number and PAN. After logging in, you can select the option to track external portfolio and the app fetches all the investments done through any platform with your PAN either as single holder or joint holder. After fetching the details, app shows you invested amount and market value of all your investments, calculates overall XIRR, and XIRR for each fund as well which helps you to analyze the performance of your investments.

So, to conclude:

i) You can use MF Utilities application or website for mutual fund investments.

ii) You can use ET money or IND money app to track your returns as these apps calculate XIRR for your investments which is one of the best parameters to evaluate return on mutual fund investments.

Please note that this blog is not sponsored and completely based on my personal experience after investing through several platforms and then understanding which is best.