Billionaire in 10 Years by Step Up SIP !!

Indian Mutual Fund Industry's AAUM The average assets under management are at 40.05 lakh crore, with 14.57 crore active account holders or folio holders, based on the data published by AMFI. Mutual fund investment emerged as one of the best and most favourite financial instruments that a retail investor today has. The main reason is different investment modes, like lump sums and monthly or systematic ways on which investors can make payments. Also, investors money is getting invested in multiple sectors all together, which makes it less risky compared to the share market. Retailers have the option to invest on a monthly basis, which is also known as a systematic investment plan, but few investors know about Step Up SIP, which helps investors achieve financial goals early along with a regular monthly SIP.

A step-up  systematic investment plan helps increase the monthly contribution amount by a certain percentage or amount on a yearly basis. This helps the salaried investors most, as each year people get bonuses, increments, etc., so increasing the SIP amount by a minimum of 10% makes a big difference in the long run in achieving financial goals early in life.

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How to apply for Step-Up SIP ?

Investors will get an option under the current SIP dashboard to modify the SIP pattern based on their needs. There are multiple platforms through which investors apply for SIP, like Zerodha Coin, Groww, CAMS, etc., so after login, investors get the option to edit the existing pattern of SIP investment to step-up mode. Below is the dashboard snapshot of Zerodha Coin:

Step 1: Click on your SIP invested page over the platform and look for the Modify or Edit option.
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Step 2: 
I have already opted for a 10% increase on the total SIP amount annually; however, there is an option to re-modify basis investor's need.
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Final Step 3: Investors need to change the percentage from the incremental percentage section and then click on the "Update SIP" option. On the next page, the platform will check with investors for final confirmation, Once confirmed, investors can validate the updated percentage value on the SIP dashboard. Kindly note that once investors opt for an increase in percentage change, there is no option to reduce the same. The changed percentage will be effective from next year.
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“If you have the stomach for stocks, but neither the time nor the inclination to do the homework, invest in equity mutual funds.” ~ Peter Lynch

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