According to the Association of Mutual Funds in India (Amfi) data, a net of Rs 3,43,049 crore was invested in these schemes last fiscal ended March 31, more than double of Rs 1,34,180 crore seen in 2015-16.
This was the highest investment in MF schemes since 1999-2000. The data for entire fiscal prior to this period is not available with Amfi.
"Financial year 2016-17 has been a golden year for Mutual Fund industry and much of the credit can be given to maturity of retail investors who have come up in the 'learning curve' by contributing 1.3 croremonthly systematic investment plans," Bajaj Capital Group Director Anil Chopra said.
"Inflows into debt funds have risen. Deposit rates have been falling, resulting in lower returns for investors. Falling rates help debt fund returns as yields instruments rally, which could have additionally helped draw in investors," he said.
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Investors have put in most of the money in liquid, income and equity funds.
Income funds, which provide returns either on monthly or quarterly basis as opposed to capital appreciation, attracted Rs 1.22 lakh crore. Such funds usually hold a variety of government, municipal and corporate debt obligations, preferred stock and dividend-paying stocks.
Equity and equity-linked schemes saw inflows of more than Rs 70,000 crore.
The robust inflow has helped assets under management (AUM) of all the 41 active fund houses soared to a record Rs 18.3 lakh crore at the end of March 31, 2017 from Rs 13.53 lakh crore at the end of preceding fiscal.