This document is needed to start a SIP
If you have not invested in the first mutual fund today, then you have to provide some documents in the first time. KYC is required to be done before starting SIP. For this, you have to include Pancord, Addressproof, Passport size photo and Checkbook. If you have this document then you can also start online SIP. Once KYC is done, you can start SPI in any mutual fund scheme of your choice by visiting the website of any mutual fund house.
This is how you can start KYC and investment
After choosing the mutual fund scheme of your choice, you have to visit the website of that company. Here you have to go to the Register Now link for a new account and click. Before submitting this form, personal details and contact information have to be filled here. For online transaction, you have to create a user name and password. Apart from this, you will also have to provide bank account details for investment through SIP. By doing this, the installment of SIP will be paid automatically from the bank. After this, after logging in with your user name, you can start SIP in your mutual fund scheme of choice. However, SIP money will start going only after completion of registration and sending its confirmation from the fund house. SPI usually starts after 15 to 40 days.
These are the benefits of SIP in mutual funds
SIP is the best way to invest in mutual fund schemes. There are many advantages to investing through this. You can start SIP for any number of years. If you want, you can stop it in between. There is no penalty for stopping the SIP in the middle. Apart from this, you can also change your SIP amount in between. Each scheme of a mutual fund gives several dates regarding SIP. You can choose any date. If you want, you can also start different SIPs of the same mutual fund schemes on more than one date.
Know how a fund of Rs. 17 lakhs will be prepared with a SIP of Rs. 500.
In most mutual fund schemes, SIPs are allowed to start from Rs 500. There are some schemes where SIP can start from a minimum of Rs 1000. If you start any good mutual fund scheme on a SIP of 500 rupees a month then it will increase in this way. Here the return is being considered as 12%.
Fund of Rs 1,16,170 will be ready after -10
Fund of Rs 2,52,288 will be ready after 15
Funds of Rs 4,99,5743 will be ready after -20
Funds of Rs 9,48,818 will be ready after 25
Funds of Rs 17,64,957 will be ready after 30th
SIP: Start investing at Rs 2100, will be Rs 1 crore