MySIPonline Blog
May 16, 2019

How to Invest, Increase, Redeem and Stop the SIP?

Over the years, SIP (Systematic Investment Plan) has become the most popular investment option among the investors. The privilege of investing small amount of money in mutual funds along with enjoying the power of compounding has raised the eyebrows of many aspiring investors. Moreover, entering into the mutual fund universe through a disciplined approach has always worked in favor of investors.

This piece of writing highlights all the important information related to SIP. Keep reading to know all the basic details about this investment solution.

How to Invest in SIP?

For investing in mutual funds through SIP, visit the website, or download the mobile app. Firstly you will have to register yourself on the online investment platform. Create a MySIPonline account or use your personal email-id. After you are registered, you will receive a welcome mail containing details of your registered account such as Login ID and password. However, you can change the password by clicking ‘Forgot Password’ which will sent an OTP (One Time Password) on your registered mobile number for password reset.

After you have been signed-in, you will be required to provide your personal details, banking details, nominee details along with soft copy of your original documents (PAN Card, Signature, Canceled Cheque etc.). After you are done with this, now you will have to verify yourself at MySIPonline through video KYC. Now, you can choose a suitable mutual fund for starting the SIP. The transaction will take place through a secured payment gateway. Moreover, the investor has to send a debit mandate form duly signed along with other tax related documents to the MySIPOnline office- 3rd floor, 5 A, Saheli Marg, Opposite U.I.T. Office, Udaipur- 313001 INDIA. Phone No.- 9660032889.

How to Increase SIP Amount?

It is a misconception among Indian investors that an individual cannot increase the SIP amount, which is a false belief. Through MySIPonline, an investor can increase the SIP investment with a certain amount. On the dashboard, you will find an option of ‘Increase SIP Amount’ beside the scheme in which you are currently investing through SIP. After choosing the increment according to your suitability, the amount will be auto-debited from your bank balance at the investment date.

How to Redeem SIP?

You can redeem the SIP within a just few clicks. For the redemption process, you will have to login into your account, choose the mutual fund, and select the number of units you wish to redeem. After processing your request for redemption, MySIPonline will transfer the amount on your registered bank account. But before withdrawing the participation from the scheme, never forget to overview the exit load and taxes levied on the gains.

How to Stop SIP?

Need to stop your SIP? Relax, it is a hassle-free process at MySIPonline. After your request to stop the SIP, our team will be in-talk with the AMC for processing your request. The complete process will take 10-15 days or more. Moreover, if the under-performance of a mutual fund is the reason of your decision, then MySIPonline also provides ‘Switch’ facility that will help you to start investing in another mutual fund programme through SIP.

Reading so far, you must have got the answer to the most common question in the mind of every investor, “How to Invest, Increase, Redeem and Stop the SIP?” However, if you need any other further information regarding the SIP mode of investment then feel free to contact our financial experts at- 9660032889.

Happy Investment!