FREE Account Opening + Zero AMC Fees* + MutualFund SIP

10 Best Brokers for Mutual Fund Investment in India 2023

Report List >
10 Best Brokers for Mutual Fund Investment in India| Direct plans, Brokerage

Almost every broker in India offers online mutual fund investments, but finding the right broker is a challenge. If you are a mutual fund investor or want to invest in mutual funds in future, then here is the list of best mutual fund platforms in India for 2023.

What is Mutual Fund: Meaning

Mutual funds are investment products that pool investors' money and invest it in various asset classes such as stocks, bonds, cash and other securities.
There are different types of mutual funds: equity, bond, hybrid, and equity-linked savings scheme (ELSS) funds. Depending on your investment objective and risk tolerance, you can invest in any category.
You can invest in mutual funds through SIP (Systematic Investment Plan) and Lumpsum. SIP is the preferred route where a fixed amount of money is invested at regular intervals, such as every month or quarter. Small investors can even start a SIP with as little as Rs 500 in the selected mutual fund.

Best Broker for Mutual fund investment| Key Factors to check

Many top discount brokers such as Zerodha, Groww, 5paisa, allow customers to invest in mutual funds. However, which broker is the best for investing in mutual funds depends on several factors. When choosing the best platform for mutual funds, you should pay attention to the following factors;

  1. Direct or Regular Plans: Check whether your broker offers direct mutual fund schemes or not. Investment in direct plans saves a lot on commission fees and offers upto 1.5% additional returns. Top discount brokers like Zerodha, Groww, Upstox, 5paisa, etc provide direct investment fund platform.
  2. AMCs or fund Houses: Check the number of asset management companies or fund houses available with your broker. ICICI, HDFC, Tata, Axis, etc. are some of the leading mutual fund companies.
  3. Brokerage: Choose a broker that offers a free mutual fund platform with No brokerage fees or commission charges, like Zerodha and Groww.
  4. Free mutual fund account opening with Rs 0 charges.
  5. Mutual fund Apps like Zerodha Coin, Fyers Direct, Angel Bee, etc.
  6. Mutual Fund research and advisory: Direct plans are good for DIY investors hence if you are a beginner then you must select a broker that offers mutual fund recommendations. Angel One ARQ, an AI-based Robo-advisory platform, helps you pick the right mutual fund based on your goals.
  7. MF Tools such as SIP Return Calculator, Lumpsum Return Calculator, etc.

Here you will find a list of the top 8 most popular mutual fund brokers in India. You can consider these brokers to open a mutual fund account and invest in mutual funds online.

10 Best [Most Popular] Brokers for Mutual Fund Investment in India

Broker Direct Plan Regular Plan Account opening fee MF brokerage Review Request Callback
ZerodhaYesYesFreeFreeZerodha ReviewOpen Account
GrowwYesYesFreeFreeGroww ReviewOpen Account
UpstoxYesYesFreeFreeUpstox ReviewOpen Account
Paytm MoneyYesYesFreeFreePaytm Money ReviewOpen Account
FyersYesYesFreeFreeFyers ReviewOpen Account
5paisaYesYesFreeFree5paisa ReviewOpen Account

Zerodha Trade@20

Want to start your investment journey, join India’s number one online broker – ZERODHA – Free Delivery Trade, Maximum Rs 20 for F&O and Intraday, Free Direct Mutual Fund investment.Open Zerodha Account

Angel OneNoYesFreeFreeAngel One ReviewOpen Account
Nuvama WealthYesYesFreeFreeNuvama Wealth ReviewOpen Account
Alice BlueYesYesFreeFreeAlice Blue ReviewOpen Account
SharekhanNoYesFreeFreeSharekhan ReviewOpen Account

Best Brokers for Mutual Fund Investment in India - Final Verdict

Groww and Zerodha are the two most recommended platforms for investing in mutual funds in India. Groww has started its journey as a mutual fund platform itself. Both brokers do not charge account opening fees and allow customers to invest in direct mutual funds for free, with no brokerage fees.

However, beginners can open a mutual fund account with Paytm Money and Angel One, as both these brokers help their clients choose the right mutual fund based on their risk appetite.


In April 2017, Zerodha has launched Zerodha Coin as the free direct mutual fund investment platform. It is the best broker for mutual fund investment due to the following facts;

  1. Open Instant paperless mutual fund account.
  2. Direct mutual fund schemes across equity, debt, hybrid, and ELSS categories.
  3. Zero brokerage, commission, or subscription fee.
  4. Funds from the 40+ top fund houses i.e. HDFC, ICICI, Axis, SBI, Reliance, L&T, and more.
  5. Zero MF account opening charges.
  6. 0 DP charges on MF withdrawal or redemption.
  7. Zerodha Coin, a dedicated mutual fund app and web platform.
  8. Pledge Mutual fund holdings to get collateral margin.
  9. No hidden charges.


If you are a beginner in mutual fund investment then Paytm Money is the best broker for you. It is because there are a plethora of MF schemes available such as equity, debt, and hybrid suitable for different kind of investors. Therefore, being a beginner, you may seek Paytm Mutual Fund research & advisory services to select the best scheme in line with your risk appetite and investment goal.

Paytm Money also provides the following two types of Investment Packs or Model portfolio to meet investors long-term investment goal.

  1. Large Investment Pack: Model portfolio with 3-5 mutual fund schemes designed for investors who want to invest atleast Rs. 5,000.
  2. Mini Investment Pack: Model portfolio with 3-5 mutual fund schemes for investors who want to invest atleast Rs. 2,000.


Groww has started its journey in 2016 as a free direct MF platform on the Groww mobile app and its website. Groww app offers an easy and paperless investment in direct funds of 5000+ schemes from 35+ fund houses at nil brokerage or commission fee. Investment in direct funds offers upto 1%-1.5% extra returns due to less expense ratio.

You can start SIP with just Rs. 500 in your favorite scheme on groww app and also switch external regular MF investment to direct funds at Rs. 0 charges. Groww MF app is protected with 128 bit SSL encryption, therefore, it is one of the safest platform for MF investment.


Many full-service brokers like Angel One, Sharekhan, Edelweiss offers mutual fund research & advisory services to customers to help them take wise investment decision. Angel One has a dedicated ARQ Robo Investment engine to offer personalized MF advisory services.

If you are a beginner then you can start investing in mutual funds with these brokers to invest in the best scheme in line with your risk appetite and goal.


User Reviews