MF Utility now has a Mobile App to Transact in Direct Mutual Funds!

Published: June 22, 2016 at 9:05 am

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MF Utility the truly free mutual fund transaction portal now has an android mobile app with which one can transact and monitor one’s direct mutual fund portfolio on the ‘go’.

The MF Utility portal was open from Jan this year has grown leaps and bounds. They have a prompt and efficient service team who are very particular about responding and setting right any discrepancies and also upgrade the system in accordance to user feedback. Evidence of this can be found in the threads at Facebook Group Asan Ideas for Wealth (AIFW).

As long as the user is aware that the sole purpose of MF Utility is to serve as a single gateway to 25 AMCs, and not to provide ‘insights’ on the portfolio like an advisor site would, there should not be any issue in using either the web option or the newly launched app.

In terms of feedback, as pointed out by S K Morthy at AIFW, it would be great if MFU accounts can be opened online by KYC compliant investors for a start. E-KYC for first-time investors is also rapidly catching on.

Now on to the app. It is posts like this the community that supports freefincal comes to the forefront. When neonatologist Dr Ravi Kyadiggeri posted about the app at AIFW, I requested him for a note and screenshots. Within an hour or so, I got it.

The same is true for dear Anish Mohan who readers should be familiar with. Anish also chipped in which his feedback about the app.  He had first written a guest post, Reader Story: Arise, Awake and DIY! and then followed it up with an extremely useful guide

How to buy and sell direct mutual funds using MF Utility Portal (be sure to read the comments too)

First, Dr. Ravi’s note and screenshots

Year 2016 is the year of the Direct mutual fund. Though direct MFs was available from 2013, it took 3 years for the common public to realise the importance. Reason is, not just the lack of awareness but also it was technically challenging. One had to create login id using folio number and had to generate password. if you had 5-6 funds from different fund houses, if u want to do direct transactions, one need to remember login id and password of the AMCs.

Association of mutual funds of India came with an idea of making common platform for Direct mf and they created MF utility and started providing one unique number, same for all AMC’s called CAN(Common Account Number). Once CAN is generated, one need to get login ID and Password by writing a mail to MFU support team.

Till 20th June 2016, MFU login wasn’t available on Smartphone, From 20th June MFU has introduced android app, goMF. Which is available in Google play store at no extra cost. One can use same login ID and password to access account on the move.

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mf-utility-screenshot-1

Couple of screenshots sent by Dr. Ravi.
goMF by MF Utilities
a href=”https://freefincal.com/wp-content/uploads/2016/06/mf-utility-screenshot-3.jpg”>mf-utility-screenshot-3
mf-utility-screenshot-2
 Anish’s feedback on the app

  1. The App is extremely light-weight without any flashy graphics or colour schemes. It just does the job that is required to do without worrying that it would drill a hole in my limited mobile bandwidth.
  2. The difference between Web version and App is just one. In the web version, there is an extra view of the Account Profile (which is the CAN Details) which is not viewable in App version. This is not a major issue and may be as per design.
  3. The “Normal Order Book” menu in the App shows all the GORNs (group order ref nos) and their status. But the order details is yet not visible like the  web version which allows viewing the full details of the GORN starting from the mode of payment to the NAV and NAV Date of the transaction. This is required to be introduced.

Overall, the App is an extremely welcome enhancement. MFU rocks!!! Happy investing and enjoy re-balancing.

If you are regular fund investor, there is no better time to switch to direct plans. Do use the app and share your feedback.

I will conclude by noting another point made by Anish: with the exception of Invezta which is an independent portal, pretty much all other direct fund portals are dependent on MF Utility (which is free) and charge a fee on top of it. Makes you wonder if its worth it!

These portals are reviewed here: Comparison of Direct Mutual Fund Transaction Portals

Two new additions which have not be reviewed

1) WealthTrust.in an app which is based on MFU.

2) Wixifi a Scripbox equivalent for direct plans. Not a portal but invests in recommended direct plans and manages them.

Go direct, Today! 

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Pattabiraman editor freefincalM. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. since Aug 2006. Connect with him via Twitter or Linkedin Pattabiraman has co-authored two print-books, You can be rich too with goal-based investing (CNBC TV18) and Gamechanger and seven other free e-books on various topics of money management. He is a patron and co-founder of “Fee-only India” an organisation to promote unbiased, commission-free investment advice.
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6 Comments

  1. Very useful.. the one other thing I would add to the article is that your CAN number is basically based on your combination of your PAN and bank Mandate on the mutual fund. If you have multiple bank mandates you could either change the bank mandates or have multiple CAN numbers. This is especially useful if you have NRE NRO accounts and you want to manage folios separately.

  2. In mfu utility there is porblem with karvy mf particialting AMC …unit statement are complelty wrong it showing huge difference plus less unit. I had checked more than three can account all are incoorect . If you are filling itr cross check with AMC …only mistake apperianing in karvy asociate mf co. Cams are okay..

  3. Can you please tell me ,the advantage of keeping separate folios for NRE, NRO accounts? I have NRE account , but I created CAN with NRO account as primary and NRE as second so that I can invest through any one of accounts.
    Thanks
    P.Mathew

  4. Nice post, thank you Pattu sir – I moved to MFU recently as well and I love it. My main gripe has been not being able to view % profit and transaction details of purchase for MF units in my portfolio! This isn’t advanced analytics – just basics of a portfolio manager.

  5. Anybody residing in Mumbai and thane interested in free guidance for direct investments through mfutility can get in touch with me on 9819410568.
    Milind, Thane

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