Priya wrote in asking:
MF utilities; I feel it is not at all user-friendly. What would you say about paytmmoney and Wealthtrust websites? Are they trustworthy?
She’s right. The interface for MFU online in terrible.
But, simply from the fact that MFUtilities is run by the consortium of mutual fund AMCs in India, you could say that that is the most trustworthy platform out there. The rest are run by third parties.
I’ve personally not used
I invest directly using the AMC’s website. This is what I recommend the most for a couple of reasons.
Third party direct fund platforms are still figuring out how to stay in business.
Platforms like SCRIPBOX eat your money on the side in commissions, but direct fund platforms don’t have that luxury. So the question is, how do they plan to stay afloat in the long term? Several such platforms are still figuring out their revenue streams. Some of them end up putting restrictions here and there and ask users to pay up to avoid those restrictions. I personally don’t like the ambiguity. Especially since using the AMC’s website enforces no such restrictions and will most likely always be free.
Sometimes, direct fund platforms list funds which they don’t service.
I’ve personally faced this issue with MFUtilities. The portal was showing a liquid MF which wasn’t being serviced. Even several days after transferring the amount, units weren’t allocated. I eventually had to call their service line and wait another 3 days to get a refund. It was a large sum and I ended up losing interest
You’ll need to create logins for only a handful of AMC websites anyway.
I don’t find having logins on multiple websites tedious. Especially since the service is free and comes with no-strings-attached. There are no restrictions. And being run by the
if you are a beginner, you can make do with just 2 logins. Even once you’ve become a veteran, my guess is you’ll not need to create more than 5 logins.
It’s easy to track all your MF investments in one single place.
Services like CAMS and Karvy can provide you with a consolidated mutual fund report, irrespective of the mode you used for the investment. So despite investing using multiple AMC websites, as long as you’ve used the same email ID everywhere, you’ll be able to track all your investments conveniently in one single place, So the chances of you forgetting your investments are rather low.
So, my recommendation to Priya would be to finalize a good