Scripbox is an online platform to invest in mutual funds with zero manual paperwork requirements.
In just a few clicks, you can open a Scripbox investment account and complete mutual fund investment with maximum transparency without paying any additional charge.
Let’s explore in detail what about Scripbox offers to make investment easier and simpler.
What is Scripbox
Scripbox is an exclusive online mutual fund investment platform that helps you achieve your unique and personalized financial goals.
Scripbox helps you plan comprehensively on the various long-term and short-term life goals.
Goals might vary from person-to-person depending on requirements and resources, the goals can be creating an
- Emergency fund
- Retirement savings
- Children’s education
- Foreign vacation
- Car purchase
- Tax saving investment.
You can invest in mutual funds, track & manage your investments and easily redeem & get funds credited in your bank account through Scripbox.
The platform offers you an algorithmically pre-selected list of the best mutual funds to invest and achieve your life goals.
How Scripbox Works
Scripbox simplifies mutual fund investment by following a disciplined investment process. You can understand the working of Scripbox through these steps.
#1. Define Investment Objectives
In the first step, Scripbox gives you the option to pick certain life goals for which you want to save money. These life goals are the defined investment objectives.
For example, life goals can be creating a corpus of wealth for retirement, children’s education, having a crore of rupees, or simply an emergency fund.
You can also have life goals based on events like weddings, foreign vacations, buying a dream car, or retiring debt.
When the investment objectives are defined you get a clear picture of your needs and the amount of investment needed to achieve the goals.
#2. Offer Algorithmically Selected Pre-Filtered Mutual Funds
Scripbox then offers an algorithmically selected list of mutual fund schemes that will be suitable for your investment needs. This saves your time and effort to select a mutual fund scheme for your investment needs.
The algorithm selects a particular scheme considering the fund’s performance records, growth option and other risk criteria.
The funds are picked without bias from the entire universe of 6000+ mutual funds schemes available in the market, as Scripbox mentioned.
Scripbox lists such 10 to 12 mutual fund schemes suitable for the long-term, short-term, tax-saving and emergency fund creating needs.
#3. Construct Right Portfolio
Construction of the right portfolio is very important to lower the risk involved in the investment. Based on your risk capacity, you can alter the fund allocation in the mutual fund scheme.
Scripbox suggests a combination of debt and equity funds from the list of algorithmically selected funds for building the right portfolio.
Benefits of Investing in Mutual Funds Through Scripbox
#1. Hassle-Free Account
You can invest in mutual funds using the Scripbox platform online without lengthy paperwork of form filling, or paying money to agents.
Scripbox platform is hassle-free that helps you in investing in a mutual fund, tracking, managing and fund redemption.
You just need to login to your account and give instructions and Scripbox takes care of the rest of the process.
#2. List of Pre-Selected Funds
You get an algorithmically selected list of 2-3 funds from the entire universe of 6000+ mutual fund schemes for your specific life goals.
This saves you from the time and effort of finding a perfect scheme that will suit your financial needs.
#3. Goal-Based Approach
Scripbox relates your financial needs to life goals so that you can identify your investment objectives clearly.
For example, the life goal of “My First Crore” clearly identifies your investment need of building a multi-use corpus of funds for an amount of Rs. 1 Crore.
Likewise, emergency fund life goal is for creating a corpus of liquid funds in the situation of a medical emergency, sudden job loss, or income loss.
#4. Flexibility to Change Fund Allocation
Scripbox offers you the flexibility to change the fund allocation towards a particular mutual fund scheme while investing.
The fund allocation helps you to create a portfolio suited for your risk capacity. You have the flexibility to increase/ decrease allocation for equity, debt funds, or for a scheme of your liking.
You do not need to pay any fees for account opening, account maintenance, investing in mutual fund schemes, tracking and redeeming an investment.
Scripbox does not charge any money when you invest in mutual funds through its platform. But earns a fee from the mutual fund companies.
How to Invest Through Scripbox
The stepwise procedure to invest in mutual funds through Scripbox is under.
#1. Sign Up to Open a Scripbox Account
Visit Scripbox and click on the “Signup” tab to start the account opening process.
You will be redirected to the login/signup page where you can use your email account for creating an account.
You can also sign up using your existing Google account or your Facebook account. You also need to provide your full name, mobile number, email address and password for creating an account.
#2. New Users Need to Provide KYC Details
First-time users need to provide details like date of birth, residential status, and PAN number to complete their KYC information.
#3. Link Your Bank Account
You need to have a separate bank account that can be linked to your Scripbox account so that it can be used to pay (while investing) and receive money (while redeeming) online.
Provide your bank account number, IFSC code and select the account type to add your bank account.
#4. Add Nominee Details
Next, you will be prompted for nominee details. Provide information like the relationship, full name, date of birth and address of the nominee.
Click on the “Next” tab to get the nominee details registered.
Finally, you need to provide details like the city of birth, income source, political exposure and overseas income source & tax payment details, if any.
This will complete your account creation process.
#5. Select Life Goal to Invest in Mutual Funds
Scripbox lists various investment objectives in the form of life goals that need proper investment.
Few examples of life goals are children’s education, creating retirement funds, building long term wealth, emergency fund and tax plan.
You need to pick one of the plans to start investing. For example, for your tax saving needs, you can select the “Tax Saver Plan”.
When you click on the plan, you will find the plan details, benefits and the list of algorithmically selected tax saving mutual fund schemes in which you can invest.
#6. Select the Mutual Fund Investment Method
You can invest in a mutual fund using the Systematic Investment Plan (SIP) or lump-sum. SIP allows you to invest a fixed sum of money (as small as Rs. 500) at regular intervals (weekly, monthly, or quarterly).
You can set SIP on your salary day so that the money directly goes for mutual fund investment.
Select the “Every month (SIP)” option and click on the “See recommended funds” tab.
#7. Fund Allocation
Scripbox suggests you the algorithmically selected mutual fund schemes and the amounts to be invested as shown below.
But, you have the flexibility to change the mutual fund scheme and the amount as per your wish. To change you need to click on the “I Want to Change Funds/ Amount” link.
#8. Option to Change Funds and Amount
You will see the list of Scripbox recommended funds. You can go ahead with the preselected funds or if you wish to change then click “I want to pick my own funds” link.
You will get a search tab where you can type the fund name and you will get a suitable mutual fund scheme for your life goal.
Next, you need to allocate funds for each of the selected mutual fund schemes. For example, I have picked the Scripbox suggested mutual funds and made funds allocation as under.
You can do your own allocation, Scripbox even gives you the flexibility to invest only in a single mutual fund scheme.
#9. Schedule SIP Payment Details
Next, you need to make the payment instantly or schedule your payment (automate) for a future date by picking one of the options as under.
Further, you need to mention the SIP duration for which you want to make investments. For example, I have selected a period of 84 months (7years) for SIP investment.
You can specify the duration as per your needs.
#10. Make Payment
Finally, you need to make payment through your linked bank account to invest in mutual funds. Scripbox gives you the option to use net banking or UPI for transferring funds.
When you choose one of the options then you will be directed to the net banking or the UPI payment portal for completing the payment process.
The amount will be deducted from your bank account and will be passed on to the respective Asset Management Companies (AMCs) and the mutual fund units will be credited on your Scripbox account.
Is It Safe To Invest Through Scripbox
#1. All the Mutual Fund Investments are in Your Name
When you invest through Scripbox, your money goes directly to the mutual fund house (AMC) and you are allotted mutual fund units.
The mutual fund units are held in your name and all the details are available to you. Mutual fund ownership is with you all the time.
In case, if Scripbox shuts down its operation, then you can directly deal with the mutual fund company.
When you redeem your mutual fund investments then also the money gets credited directly to your bank account. It never goes into the Scripbox account.
You can be assured that it is absolutely safe to invest in mutual funds through Scripbox.
#2. Scripbox Employs Bank Grade Security
Scripbox employs bank-grade security measures for all its transactions. The website is secured by a Geotrust certificate (the lock icon before the https website address) which indicates a secure website connection.
All the transactions are encrypted and you have control over your login credentials. Further, all the transactions happen only when initiated by you.
Scripbox alerts through an email and an SMS as soon as any transaction has been scheduled so that you know of the transaction immediately.
What Could Have Been Better
#1. Other Value-Added Services
Scripbox platform offers investment only in mutual funds depending on your financial needs.
Scripbox could have been better if they could have provided a few more investment products like health insurance, auto insurance or investment in fixed deposits.
#2. Lacks Personalized Advisory
Scripbox offers an algorithmically selected mutual fund scheme to invest but does not offer any kind of advisory services (personalized or Robo advisory).
You need to pick the predefined life goals but have to rely on FAQs and blogs for any information which is time-consuming. Scripbox could have been better if they could add advisory services to cater to specific investment needs.
#3. Only Offers Regular Mutual Fund Schemes
DIY investors who like to carry out their own research and want to invest in direct mutual fund schemes have no value proposition on Scripbox. This is because Scripbox offers investment only on regular mutual fund schemes.
The returns from regular mutual fund schemes are lower because they need to pay commission to the investment platforms (like Scripbox, FundsIndia and others).
Scripbox could have been even better if they also offered direct mutual fund schemes for self-directed investors.
Goalwise Vs Scripbox
|Can Invest in||Mutual funds (Direct)||Mutual funds (Regular)|
|Subscribers||40,000 +||1 million +|
|Account Opening Charges||Rs. 0||Rs. 0|
|AMC, Transaction or any other charges||Nil||Nil|
|Financial Advisory||Proprietary method of fund selection |
But no one to one in-person advisory services
|AI-based mutual fund scheme selection.|
But no one to one in-person advisory services
|Fund suggestion||Financial goal-based fund suggestion||Based on the Individual Goals|
|Platform||Web and App based||Web and App based|
|Investor Education||Through blog articles & FAQs||Through blog articles & FAQs|
|Customer Support||Phone, form, e-mail and Chat||Phone, e-mail and Whatsapp|
|Tools||SIP CalculatorLumpsum CalculatorRetirement ToolTax ToolLife Insurance Cover Calculator||SIP Calculator|
FD/ RD Calculator
Income Tax Calculator
|Registered with||AMFI for Mutual Fund distribution|
SEBI for Investment Advisory
|AMFI for Mutual Fund distribution|
Scripbox solves your biggest headache of selecting a suitable scheme while investing in mutual funds.
Scripbox provides an easy to understand mutual fund investment process with algorithmically selected mutual fund schemes aligned to your life goals.
You can invest, track and manage all your mutual fund investments online from a single Scripbox account from the convenience of your home.