10 Best Mutual Fund Affiliate Programs India

Affiliate marketing in mutual funds lets creators earn commissions by referring investors to fund platforms. Many leading mutual fund distributors and brokers offer affiliate programs, often via networks like Cuelinks. These programs typically pay for lead (CPL) generation (user sign-up/KYC+transaction) or app installs, rather than recurring asset-management fees. Below we rank 10 programs from lowest to highest (best at #1), summarizing each and listing pros and cons.

10. Quantum Mutual Funds Affiliate Program

Quantum Mutual Fund is a niche yet respected AMC led by founder Ajit Dayal. Although its affiliate payout is small (about ₹2.43 per lead), it can appeal to investors seeking unique funds and research-driven strategies. 

Quantum was one of the first to launch a Gold ETF and offers specialized funds like the Quantum Long Term Equity Value Fund. Promoting Quantum can help your audience diversify with high-quality, value-oriented schemes.

Quantum Mutual Fund’s affiliate campaign requires users to fill in their details on the Quantum website (with OTP verification), and affiliates get credited only for valid leads.

• Small AUM, focused strategy: Quantum’s total AUM is only a few thousand crores, but its schemes (e.g. Gold Fund, value funds) have strong track records.
• Niche appeal: Backed by a trusted fund house (Quantum Advisors), it’s known for thorough research and unique funds.
• Why promote: Investors looking for long-term value or precious-metal exposure may prefer Quantum’s funds.
• Cons: Extremely low payout (₹2.43/lead); many restrictions (no coupons, no social ads) limit promotion.

9. Anand Rathi Affiliate Program

Anand Rathi (AR) is a diversified financial services group with a solid retail network. The Anand Rathi affiliate program offers modest commissions (₹102-₹122 per lead) but benefits from brand trust and wide distribution. 

Anand Rathi provides mutual funds alongside equities, commodities, PMS and more. It has 90+ branches and 1,100+ partner outlets across India, so promoting AR can tap into a large investor base.

• Established brand: Part of the Anand Rathi Group (founded 1994), it offers tailor-made financial solutions.
• Wide reach: Deep pan-India presence with physical branches and partner outlets helps with credibility.
• Why promote: Its one-stop-shop platform is useful for audiences who value personal guidance and a full-suite investment service, not just mutual funds.
• Cons: Online/Digital (it is where today’s young mutual fund enthusiasts thrive) reach is poor.  

8. Reliance Smart Money Affiliate Program

Reliance Smart Money (by Reliance Capital) is a “financial services marketplace” that lets users invest in MFs as well as stocks, insurance, loans, etc. The Reliance Smart Money Affiliate Program’s payout is ₹127.50-₹153 per sale, and Reliance’s brand and multi-product offering are big pluses. As a part of the Reliance Group, it’s seen as a neutral, one-stop platform for personal finance.

• Multi-product platform: Offers mutual funds along with equities, loans, insurance, PMS, corporate FDs and bonds.
• Trusted brand: Backed by Reliance Capital, it leverages Reliance’s reach and reputation.
• Why promote: Good for audiences wanting a holistic financial platform; can cross-sell other products (loans, stocks) through the same app.
• Cons: No missing-transaction support

7. Kotak Mutual Fund Affiliate Program

Kotak Mutual Fund is one of India’s largest fund houses (5th by AUM as of 2023). Kotak AMC has over 8.1 million investor accounts and is owned by Kotak Mahindra Bank. Kotak offers 100+ schemes (equity, debt, hybrid, etc.), so it suits a wide range of investors.

Kotak’s mutual fund affiliate program pays ₹192 on SIP and ₹252 on Lumpsump. It is a CPL & CPS campaign with a simple signup (OTP verification) and mutual fund investment process. You can promote it via deals, coupons, banners, rewards, and emails.

• Large AUM & reach: ₹5.66 lakh crore AUM, fifth-largest fund house, with 8.1 million folios (Mar 2023)
• Diverse fund lineup: 67 equity, 28 debt, 8 hybrid schemes, including popular large-cap and mid-cap funds
• Why promote: Kotak’s size and banking affiliation give confidence. It’s ideal for audiences wanting stable, well-known fund houses and many scheme options.
• Cons: Converting leads requires OTP, KYC, and transaction

6. IIFL Mutual Fund Affiliate Program

India Infoline Finance Ltd (IIFL) is a leading broking and financial services firm. While specific (Payout on Equity Acquisition) MF commissions are ₹975 (CPL), IIFL’s mutual fund affiliate offerings also tie into its entire ecosystem (broking, loans, insurance).

As an independent broking house with millions of customers (3M+ served by March 2023), it’s highly credible. Promoting IIFL’s platform can attract customers who already trust IIFL for trading and advisory.

• Top-tier brokerage: “One of the largest independent full-service broking houses” in India, with diversified distribution (3 million+ clients).
• All-in-one offerings: Provides equity broking, mutual funds, bonds, PMS, AIFs, etc., so a lead can invest in multiple products.
• Why promote: Ideal for audiences wanting integrated investment services under one brand. The IIFL name and technology-driven platform can be appealing.
• Cons: Only text links and banners are allowed for marketing

5. HDFC Securities Affiliate Program

HDFC Securities is the brokerage arm of HDFC Bank. It lets users invest in mutual funds via paperless online account opening. The platform offers seamless integration with HDFC Bank for fund transfers. Investors get a “wide net of mutual funds to pick from” without paperwork.

The HDFC Securities Affiliate Program offers one of the highest affiliate payouts. Affiliates get up to ₹525-₹665 for each traded account opening (₹225-₹315 for a non-traded account). Conversion requires completing KYC and initial funding. Strict rules apply (no penny trading, offline tracking, etc.).

• Bank-backed convenience: Clients of HDFC Bank can easily transfer funds; HDFC Sec emphasizes faster investments by syncing with HDFC Bank accounts
• Large mutual fund catalog: Access to many schemes (equity, debt, ELSS, etc.) through one platform.
• Why promote: Beneficial for those who bank with HDFC and want a trusted, fast way to start SIPs or lumpsum MFs, with HDFC’s security and technology behind it
• Cons: Long lead funnel (multiple OTPs, PAN/Aadhaar steps)

4. DSP Mutual Fund Affiliate Program

DSP Mutual Fund is a well-known AMC (formerly DSP BlackRock) with over Rs.1.1 lakh crore AUM. DSP is trusted for consistent equity and balanced schemes.

The DSP Mutual Funds CPL affiliate campaign pays ₹525, ₹600, ₹675 respectively on SIP investment of ₹500-600, ₹601-700, and ₹701+ respectively. It targets new SIP and lump-sum investors (₹750 commission on ₹8k+) and only pays for KYC+transaction leads.

• Strong track record: DSP is a “fully independent Indian AMC” with roots in global partnerships and over Rs.1.1 lakh Cr AUM today
• Investor trust: Known for flagship funds (e.g. DSP Bluechip, Conservative Hybrid), it attracts long-term investors.
• Why promote: With high commissions and a solid reputation, DSP can appeal to tech-savvy investors. Its strong branding and investor base (over 63 lakh investors on DSP blog) reinforce trust.
• Cons: Only new users qualify (no commission on existing investors)

3. Axis Mutual Fund Affiliate Program

Axis Mutual Fund is one of India’s largest fund houses, backed by Axis Bank and Schroders. Axis AMC offers equity, debt, hybrid and even PMS/AIF products.

Axis Mutual Fund’s affiliate program is tied to its “Micro-Investing” SIP product. It pays ₹525-₹630 per lead, making it one of the most generous MF affiliate offers. Leads must be KYC-verified and complete a SIP of min ₹600. 

This CPA campaign targets new investors pan-India. The Axis brand is highly trusted in Indian asset management.

• Top-tier AMC: “One of the largest mutual funds in India,” Axis MF is backed by Axis Bank (sponsor) and Schroders, giving it strong credibility.
• Broad investment options: Many popular schemes (e.g. Axis Bluechip, Index Funds, ESG funds).
• Why promote: Great for audiences seeking reliable, high-quality funds from a leading fund house. Its strong banking connection and low expense index/ESG offerings make it a compelling affiliate product.
• Cons: Affiliates cannot subsidize users (no cashback, deals, coupons, rewards, etc.)

2. Angel One (Angel Broking) Affiliate Program

Angel One (formerly Angel Broking) is a tech-driven brokerage that now has over 6 million clients and 12 million app downloads, onboarding ~400K users/month. 

The Angel Broking affiliate program pays around ₹396 per account opened. Angel’s single app offers trading, direct mutual funds, smallcases, IPOs, insurance etc.

• Massive user base: Millions of existing users trust Angel’s platform for trading and MF investing
• Technology-first: It’s marketed as a “fintech” with easy-to-use apps, research tools and seamless integration (also offers PMS, insurance, etc.).
• Why promote: Ideal for millennial or online-savvy audiences who prefer mobile/online investing. Angel’s fast growth and diverse services mean affiliates can earn on many financial products, not just mutual funds.
• Cons: Higher brokerage compared to others in this list 

1. Groww Mutual Funds

Groww is India’s #1 stockbroker by active users (1.4 crore active customers as of June 2025), and was launched as a direct mutual fund platform. Groww’s key draw is “investing in mutual funds is now simple and free” (all direct mutual funds are zero-commission).

The Groww mutual fund affiliate program is a CPI campaign paying ₹337.5-₹405 per Android app install (per acquisition). The affiliate is credited when the user downloads the app and completes a first stock or mutual fund transaction.

• Zero-commission direct MFs: Users can switch regular plans to direct for higher returns, without any fees
• Huge trust factor: 1.4+ crore users actively use Groww for stocks, US equities, F&O, IPOs and mutual funds
• Why promote: High commissions and a very popular platform make Groww ideal. Its simple UI, paperless KYC, and transparent pricing help audiences invest with confidence. Groww is widely recommended among young investors, which makes affiliate promotions more effective.
• Cons: Android-only CPI campaign

Note: If a campaign is paused, you can join similar campaigns or contact Cuelinks for details on its resumption or any other queries.

Conclusion 

Choosing the right mutual fund affiliate program can significantly impact both your earnings and the value you deliver to your audience. As this list shows, India’s mutual fund ecosystem offers a wide spectrum of affiliate opportunities, from niche AMCs like Quantum to large, tech-first platforms such as Groww and Angel One. While lower-ranked programs may suit specific audience segments or content niches, the top programs stand out for their strong brand recall, easier conversions, competitive commissions, and investor-friendly platforms. As an affiliate, the key is to align the program you promote with your audience’s investing maturity, risk appetite, and preferred investing experience. By focusing on trusted fund houses and platforms that genuinely help users invest better, you not only improve conversion rates but also build long-term credibility and trust, an asset far more valuable than any single commission.