Want to start a mutual fund SIP? Here is a step-by-step guide
If you want to make the most of stock market volatility, it is important to invest in mutual funds via systematic investment plans (SIP). Investment made via SIPs gives the benefit of rupee cost averaging, which is an effective way to average out the cost of acquiring an asset i.e., stocks.
For instance, when a security is available at five different price points between ₹ 200 to ₹ 250 over a period of two months, then one could average out the cost of acquisition by investing via SIPs in these two months instead of running the risk of buying at the higher end of spectrum which is 250.
This helps you increase the possibility of earning profits in mutual funds. If you are also contemplating investing in mutual funds, you can opt for SIPs.
I. At the outset, you must open an account with a mutual fund house or an aggregator such as Groww or Zerodha. To open an account, you will need eKYC to be done via OTP sent on the mobile number linked to Aadhaar.
II. After you open the account, you can go to a new transaction. Here you will have two options: lumpsum and SIP. You need to click on this.
III. Then you go to add a new scheme. Here you will have two options to choose from. One is lumpsum and the other is SIP. Obviously, you need to choose the SIP.
IV. Now you need to choose the scheme you want to invest in and enter the amount you want to invest.
V. Then comes the option of choosing SIP start date. You can opt for any date of the month.
VI. Now by default, the SIP end date will be Dec 31, 2099, but you can easily choose the SIP tenure by choosing the number of instalments or the last date.
VII. Typically, AMC will give you three options: continue SIP till cancelled, choose the number of instalments and continue till a particular date.
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