Mutual Fund, Save Tax, SIP 2.3.8

Review of MoneyOnApp: A Streamlined Approach to Mutual Fund Investment and SIP

MoneyOnApp presents an efficient platform for investing in mutual funds and Systematic Investment Plans (SIPs). The app simplifies the process of selecting high-performing mutual funds, aiming to maximize returns. Notably, it features Equity Linked Savings Schemes (ELSS), which provide an avenue for tax savings through mutual fund investments.

Eligibility for Online Mutual Fund and SIP Investment

Any individual interested in long-term investment returns through mutual fund options is eligible to use MoneyOnApp. The app offers a seamless, paperless investment experience with carefully selected mutual funds and SIPs.

Steps to Begin Investing in Mutual Funds (MF, SIP, ELSS)

1. Create a Profile
2. Select a Fund/Scheme
3. Make Payment via Net Banking

Profile Creation Requirements

To create a profile, users will need to provide the following information:

• PAN Number
• Name, Date of Birth, Mobile Number, Email ID, Address
• FATCA Details
• Bank Details

Benefits of Investing in Mutual Funds

Mutual funds serve as versatile investment instruments that allow users to diversify their portfolios across various markets, including equities, debt, and commodities.

Minimum Investment for Mutual Fund SIP

The minimum investment to initiate a mutual fund SIP can be as low as Rs 1,000 per month.

Tax Savings through ELSS Mutual Funds

The ELSS mutual fund scheme offers an opportunity to save income tax up to Rs 46,800 per annum, with a mandatory lock-in period of three years.

Income Tax Implications and How Mutual Funds Aid in Tax Savings

By investing in ELSS through MoneyOnApp, users can potentially save up to Rs 46,800 annually on income tax. The applicable tax rates are as follows:

• Income between Rs 2.5 to 5 lakh: 5% Tax
• Income between Rs 5 to 10 lakh: 20% Tax
• Income exceeding Rs 10 lakh: 30% Tax

Available Mutual Funds on MoneyOnApp

The app enables investment in various mutual funds from leading Asset Management Companies (AMCs), including:

• SBI Mutual Fund
• Reliance Mutual Fund
• Franklin Templeton Mutual Fund
• HDFC Mutual Fund
• DSP Mutual Fund
• Axis Mutual Fund
• Aditya Birla Mutual Fund
• IDFC Mutual Fund
• Kotak Mutual Fund
• L&T Mutual Fund
• Mirae Asset Mutual Fund
• Sundaram Mutual Fund
• Tata Mutual Fund
• UTI Mutual Fund
• Invesco Mutual Fund

Banks Supporting Fast and Secure Investments via MoneyOnApp

The app supports transactions with several banks including:

• SBI Bank
• CITI Bank
• Yes Bank
• Kotak Bank
• Axis Bank
• Allahabad Bank
• Andhra Bank
• Bank of Baroda
• Bank of Maharashtra
• Central Bank of India
• Canara Bank
• IDBI Bank
• IndusInd Bank
• Indian Bank
• ING Vysya Bank
• Indian Overseas Bank </ li > < li > Standard Chartered Bank </ li >   
• South Indian Bank </ li >   
• Vijay Bank </ li >   
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  No Other Apps Match Up?

   
  MoneyOnApp stands out as a reliable option for mutual fund investments. However, several competitors such as Angel Bee, PayTM Money, Fisdom, Piggy, Investica, ET Money, Groww, Funds India, My SIP Online, My CAMS, Scripbox, Wealth Trust, IIFL ZERODHA COIN Scripbox offer comparable services in the market. </ div >

  Planning with Money On App:

  With MoneyOnApp you can establish your financial objectives as your initial step. By utilizing SIPs for investments the platform helps you save effectively leading towards your goals while allowing tracking options.      
  Investing has never been easier or free of additional costs when using this platform.

  Device Permissions Required:

  The following permissions are necessary for optimal use: - **Photo:** Needed for capturing images of relevant mutual fund investment documents. - **Storage:** Required for accessing and uploading mutual fund documents. CERTIFICATION AND MEMBERSHIP:</ b> We are pleased to inform you that we are AMFI certified as a mutual fund distributor and are proud members of BSE Star MF.