My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Wealth

New to Personal Finance? 5 Mobile Apps You Can Try to Streamline Your Investment

Personal investments are really tricky, especially when you are new to it
New to Personal Finance? 5 Mobile Apps You Can Try to Streamline Your Investment
Image credit: graphicstock
Entrepreneur Staff
Senior Correspondent, Entrepreneur India
3 min read

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Indians are generally termed as ‘savers’ and not ‘investors’. Wealth creation as a concept is not very popular in the country. Traditionally, we have preferred to save our money in bank accounts, FD or ‘invested’ it in gold or real estate. But if you want your money to grow, we need to grow up too.  

However, personal investments are really tricky, especially when you are new to it. For instance, if you are looking to invest in mutual funds – then one has to choose among at least 44 assets Mutual Companies together offering more than 2500 schemes. So, among equity, ELSS and Balanced schemes – how do you know which one is right for you?

Here are two things that you can do – hire a wealth manager or download a mobile application. Thanks to robo-advisory, with a tip of your finger, these mobile applications can process your goals and will help you to stay invested..

1. FundsIndia

FundsIndia is one of the largest financial investment platforms in India with more than INR 5000 crores in asset under management and 2 lakh investors across the country. The application allows you to invest in products like mutual funds, equities and company fixed deposits.

With its robo-advisory solution, Money Mitr one can get personalized advice on your preset goals. Additionally, FundsIndia has a group of SEBI-registered advisors who also manage your portfolio.

2. Saveabhi

Saveabhi is a very unique investment platform. Every time you spend, the application's feature ‘save the change’ rounds up your expenditure to the nearest hundred. So, every time a user triggers a transaction with his/her phone, there will be pop-up asking one to save the change.

Once the change amounts up to INR 500, it will be invested in the risk-free money market.  For a new user, this might seem an insignificant amount, but this is your small step towards a larger goal.

The app’s features also include expense tracker and budgeting tools. Additionally, with a small fee, you can buy a financial advice package to manage your investments.

3. Scripbox

Be it liquid or debt, Scripbox has something for everyone’s needs.

Additionally, its annual review process helps you stay invested till your goals are achieved. If in case, you plan to exit a particular fund, they also take your exit load and provide a tax efficient option.

Scripbox’s ‘Learn’ section is full notes related to investment, personal finance management, SIPs, mutual funds, etc. While its plan section can quickly do a wealth check for the user and tell how much you need to invest to save tax, for retirement and other major goals in life.

4. 5nance

Just like the above mobile apps, 5nance also assists you to manage your funds.

But one of its interesting products is Tax-Max which also allows users with their tax process – planning, advisory,  saving and filing along with real-time management of your portfolio.

5. Coin

Coin is powered Zerodha, one of the largest retail stock brokers in India by its active client base.

The unique feature about Coin is the platform holds your mutual fund in a demat format. So, just in case of emergencies, users can pledge it as collateral for loans as against securities.

More from Entrepreneur

New York Times bestselling author Nicole Lapin can help you pitch your brand to press and strengthen your media training.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur