SIP refers to systematic investment plan and is an initiative started by mutual funds that allow its users to invest systematically according to their different needs and withdraw money as soon as the amount is collected to fulfil the need. One does not need to perform any physical exercise now to start investing as in the modern times, technology has paced up and one can start investing online itself. Here is a simple process of starting SIP online.
1. KYC registration:
It has become one of the most significant steps to start investing in any funds; this is known as ‘know your customer’ registration that requires the submission of certain documents in order to get the person verified. One needs to submit identity proof, address proof, photographs and also needs an In-Person Verification (IPV); this can also be done online with the help of eKYC. One needs an authorised Aadhar card for this purpose as it contains all the necessary details and can be verified with the help of fingerprints.
2. Plan your investment:
After completion of the document verification steps, you need to plan various details relating to your investment such as lock-in period, needs, maximum deposits and minimum returns. After finalising all these terms, select the plan best suitable for your needs and determine its cost and other details. It is essential that you decide about your investment plans and monetary requirements along with the duration for which you would like to invest the money.
3. Start investing:
After finalising the plan and the type of investment you want to make, visit the mutual fund’s website simultaneously and register on them. You can also compare plans and schemes of the different mutual funds’ websites and can invest in any of the plans that are best suitable and enter the necessary details while registering like bank details, mobile number, PAN number etc. and start investing money as feasible.
Hence, above-mentioned steps must have answered your question,” How to Start A SIP Online?” You can now start your systematic investment plan to enjoy the future more with fewer worries. If you would want to know more about Mutual Funds investment plans and especially Systematic Investment Plans, you may refer to https://www.investopedia.com/terms/s/systematicinvestmentplan.asp.
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