Not really, though it’s direct but there is subscription fee for Coin, which is Rs. 50 every month. I recommend the suggestion of @peepin2me, been doing this after 1 year of regular.
But I also recommended Paytm Money app if you are planning to open 3 or more new accounts in different AMC, rather than opening different accounts separately. It has eloquent design and great portfolio showing. The difference is that your money will go to PayTM first which sounds little bit scary.
One can even explore Kuvera for direct plans… their platform has a very good user interface…i transferred all my investments from fundsindia to kuvera
Yes, kuvera and groww are good options. Very easy and convenient
Hi, just an update. Coin has stopped the monthly subscription based model, now all mutual fund direct investments on coin are without any charge.
MFUonline is also good. It is a non-profit institution set up by Mutual funds. The user experience based on the site interface is not great, however one can figure out purchases and sales easily. No fancy features.
Are they offer Direct Plan or only regular??
HDFC security offers direct plan in mutual fund. is it same as offered on mutual fund website or something else
Hi, you can look at ETMONEY App. You can invest in there in direct plans and no need you to submit any documents physically. With a smooth and easy process, you can set up their Investment account with a few steps and start investing.
I use groww it’s quite good.
I tried Kuvera, it’s good when there are no issues but issue resolution takes lot of time. Recent incident funds were deducted twice for same SIP and it took 45 days to resolve with regular followups and response is provided only when you follow up. MFUONLINE is better…
Just want to check the user feedback on Mutual fund app between Coin, Paytm money, Grow
I use Kuvera and here is a detailed feedback about that platform
Pros
Seamless interface. Dashboard gives cumulative invested cost and current value and the cost is especially handy when u r reporting the Assets & Liabilities statement in ITR filing
Very easy to setup SIP/Edit/Pause/Stop
Absolutely ease with which you can invest lumpsum (on days of fall ) in multiple MFs and make one payment
Super nice capital gains reports and it kicks in as soon as import is complete
You can import non kuvera MFs (need not switch all SIPs to kuvera etc) in a seamless upload and can do it as many times as you desire. Any delay can be only issue because of CAMS/KARVY RTAs
All time return XIRR % (from 1Jan1990) , XIRR for current investments etc are easy. Sort, download as excel etc are a click away.
Blogs are there to know trend of monthly investments by other investors (most bought, most sold etc)…and there are a slew of other articles
One can easily setup the whole account in a few minutes and there are options to setup family accounts and invest for multiple names in family. All kinds of reports for members feasible
There are reward points and you can use them for tax harvesting suggestions, smart exit plans etc (1L LTCG not to be missed)
Super easy to look up specific funds, compare, decide on multiple factors
Goal setting and tracking progress is easy…STP/SWP etc are easy
Download formats of both excel and PDF. XIRR/Absolute % easy toggle
Single platform for importing everything in your financial world - from Provident Fund to US stocks to what not…(I only use it for MF but the feature is there)
A slew of other topics relevant for MF investing is covered in blogs of kuvera and the content is rich and sensible
Managing folio and switching between tax status like NRI to resident etc is easy
Cons
Hi…everyone…Greetings from Gujarat…Recently i became father…My daughter is 2 month old.I am planning to start SIP in mutual fund in my daughter name. Most of the AMC which I approach do not give online starting facility in case of minor child. My rationale to start sip in my daughter name is to avoid taxes in case of redemption once child become major after 18 years…Can Anybody verify my thought process ? and any other AMC which provide facility to online start sip for minor child without physically visiting AMC local office.
Congratulations to your family and God Bless the child…
Since you are planning a SIP over a really long duration (potentially 18 years!), it really does not matter if you start your SIPs a few months later. You could simply save the money till you are able to visit the AMC office for paper work… Even if that is 1 year away (and you end up investing 12 months of SIPs as a lumpsum), it does not matter…
The reason is that - over such a long duration, SIPs do not reduce risk or enhance returns. They only help in bringing a discipline, taming our instincts and accumulating a corpus… There are many articles which explain this aspect of SIPs
Myth Busted: SIPs do not reduce risk or enhance returns! (freefincal.com)
Mutual Fund SIPs Do Not Reduce Risk! Beware of Misinformation (freefincal.com)
Regular periodic investing and staying invested for the duration of the goal is important and you already have that approach… Best of luck
Thanks my dear friend for replying….but I want to know about avoiding tax implication if I started sip in my daughter name instead of starting in my name.I currently fall under 30% tax slab.Any withdrawal for child college education will attract highest tax if sip starts in my name…and it can be avoided in my opinion if Sip starts in my daughter name….Is am I right or there is something which I am missing in my thought process?
I think clubbing provisions of income tax will apply. Any gains that you make from this investment should be added to your income. You could use a provision that indicates that income earned on income does not need to be clubbed (by selling on year 4 and reinvesting in the same fund) - but this will be very complex to execute and is not worth the maximum 10.4K per annum in taxes that you will save from year 4. Speak to a tax expert though.
Congratulations on having chosen to invest for the long term! Your biggest worry should not be taxation but ensuring that after you choose a low cost equity index fund run by a respectable AMC, you stick to the SIPs irrespective of the market conditions and how your portfolio performs. All your efforts should be spent in making sure you stick to your monthly SIPs without getting deviated till you need this money after 18 years. Believe me, this is the most difficult thing to do. If you do this successfully, you will most likely get a lot of returns, taxation notwithstanding.
All the best!
Regards
Shivram.
I do not know any tax expert on this matter.Can any tax expert from this forum can guide us?@hitesh,@malkd,@harsh,@voldemort,@kalpesh,@vineetjain.
I hope it helps.
Grear Article….Thanks for clearing my doubt. I have asked so many person but no body have got clear answers for this question. I have this doubt for almost 1 month……valuepicker is again very helpful. Once again my sincere thanks to members of this awesome forum….
I have opened saving bank account in name of my minor child to start sip in equity mutual fund. I have been in touch to Axis mutual fund Relationship manager. For KYC purpose he is insisting to visit karvy office rather than visiting his own company Axis amc office. I do not understand why he is insisting for karvy to do KYC purpose? Whether I will get Regular mutual fund through karvy or will get direct plan. Is karvy is acting as middle men who will increase the expense ratio of mutual fund? Can anybody help me in understanding this?
