How to Start SIP in SBI ?
If you want to invest in a systematic investment plan (SIP) in SBI then you have to open systematic investment plan(SIP) accounts which SBI. It is a simple and straightforward process to open an account. If you want to invest in the Share market but do not want to take market fluctuation risk, in this situation sip is a smart way with some calculative risk to invest in mutual funds where you can invest a monthly, quarterly, or annually fixed amount. Since it is also linked with share market risk the investment is more diverse and disciplined to grow money in the long term with the power of compounding.
How to Invest in SIP SBI ?
Below is the step-by-step process to open a SIP account with SBI:
1. Select the Mutual Fund Scheme: Before opening a SIP account, you have to decide in which mutual fund scheme you want to invest. There are various types of mutual fund schemes depending upon the risk involved, i.e. low risk to high risk, large, mid-small cap stocks, and many more. If you are a beginner then you can consult any financial adviser or directly visit any SBI branch for any type of advice.
2. KYC: Know Your Customer (KYC) is compulsory for each investor. For this you need you have to submit the necessary documents, such as identity proof, address proof, and a photograph.
3. Starting the SIP: This can be done through various method
- Register for SBI Net Banking: Open an SBI bank account and register for SBI net banking service. This will help you to manage you to open a SIP account and manage the investment as well. & after login to SBI net banking search the ‘Investments’ option.
- You can also use the SBI Investapmobile app to start Mutual fund SIP investments & track the investment.
- Through the SBI Mutual fund portal.
- Visit the SBI Branch & consult a Mutual Fund adviser.
4. Add Your Mutual Fund: In the ‘Investments’ section, there is an option to add a new mutual fund. Select the suitable Mutual fund & process.
5. Set Up Your SIP: After adding the mutual fund, you need to set the SIP amount (a monthly, quarterly, or annually fixed amount) & pay the amount via net banking or with a debit card. You can start SIP with Rs. 500/- Monthly fixed amount. Invest as per your risk-bearing capability & financial goal.
6. Automate Installment Payments: You can also automate the future SIP payment for convenience i.e. without doing manual payment the SIP amount will be directly debited from your bank account. need for manual intervention i.e. via electronic clearing services (ECS) or by providing post-dated cheques.
7. Tracking Investment: Monitor Your Investments with the help Online SBI app or web portal to understand the growth.
8. Top-Up Your SIP: If your fund is increasing then you can also do additional investment or increase the SIP amount.
9. SIP Calculators: Use tools such as SBI MF-SIP Calculator that help you to estimate the future value of your SIP investments and this helps to decide on further investment.
By following the above steps, you can open a SIP account with SBI. Remember, Think and invest in mutual funds for long-term investment & start early due to the compounding effect of MF
For more information, you can visit the official SBI Mutual Fund website or the branch or customer care.
What is the minimum amount to invest in mutual funds with SIP?
This depends on the individual fund house and type of mutual funds. Some fund house allows schemes as low as Rs.100/month.
What is the maximum amount to invest in mutual funds with SIP?
The maximum SIP amount in Mutual Fund is not capped. You can invest as much as you want to fulfill your goals
