Fundsindia dot com – Zero cost for mutual fund transactions – Money saving idea
I am getting several mails asking to suggest a good broker where there are less costs involved to buy or sell mutual funds. While we were doing lot of research on this, we found one of them is Fundsindia dot com where they say “zero cost” for mutual funds transactions done through their platform. Can we invest in mutual funds through Fundsindia dot com? Is it safe to invest through Fundsindia dot com?
About Fundsindia dot com
Fundsindia dot com is an online investment platform. They support both resident Indians and NRI’s. Thought they offer other investment services, we would restrict our discussion to mutual fund investments as our main objective is to reduce costs involved in mutual fund investments.
Zero costs to join Fundsindia dot com
One of the unique features of Fundsindia dot com is that it is completely free. They do not charge any fees to the investors. There are no registration charges, no account-opening fees, no transaction charges, no SIP charges, and no charges for any value added services. They claim that they have 25000+ investors who are investing through their platform.
Well, then how Fundsindia dot com make money?
This service of “zero cost” is offered by them only for mutual fund transactions. They do charge for other services like investments in equities and other investment advisory services. For mutual fund category, they say that their revenue comes from “trial fees” which are paid by mutual fund companies from their “annual fund management” fees. These are already charged by mutual fund companies as part of their regular costs.
Is it safe to invest in Fundsindia dot com?
This company is like any other company offering mutual funds service with some unique features like zero transaction costs. All the investments are done in the investor name, hence I feel it should be safe option. If you are investor, they will provide you with the folio number of your investment that is on the records of the mutual fund houses and their back-offices. You can use this number to contact either the fund house or their back office to verify your investment. If your investment is with a CAMS (one of the back office services) supported mutual fund house, you can use their mail-back service to verify your investment.
How many mutual fund company schemes you can invest through this platform?
Currently there are 40 mutual fund companies are covered through this platform. You can invest any of the schemes pertaining to these 40 mutual fund companies.
How to open an account with Fundsindia dot com?
An investor has to provide details about their name, address, bank account etc., to open an investment account. When you fill out your investor details (such as PAN number, address, bank details etc.), your pre-filled application form will be generated. Once they receive the application form with the supporting documents from you they will verify the documents, get you KYC compliant and activate your account.
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Money Saving Ideas
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