Mutual Fund SIP is a simple tool that helps you to invest regularly in mutual fund schemes of your choice. You can start a SIP with a frequency of your choice: daily, weekly, monthly or quarterly. However, you must check with the AMC in whose scheme you want to start a SIP as all AMCs may not offer all the frequencies mentioned herein.
AMFI registered mutual fund distributors are also authorized to conduct in person verification. If you submit your KYC documents through an AMFI registered distributor, he/ she can conduct the in-person verification at a time and place convenient to you, and therefore, you are not required to go the AMC or RTA office for in-person verification.
The above is a procedure of how to start mutual fund SIPoffline. However, you can also start SIP online. Let us now see how to start SIP investment online. Needless to mention since the whole procedure will be completed online, you will need a computer with an internet connection.
- You need to keep ready documents like Aadhar Card, PAN Card, address proof (Driving License or utility bill or bank statement), a Jpg or png image of your passport size photograph and a cheque book to start SIP investment online; The cheque book will come handy to provide your bank details and Aadhar card can simplify the process of doing the mutual fund KYC.
As you may know, it is mandatory to comply with the mutual fund KYC requirements to start SIP investment online.You simply have to provide basic information like name, date of birth, mobile number, address, etc. You just have to go through the process only once, even if you are investing in multiple AMC schemes.
- It is mandatory to comply with the mutual fund KYC requirements for investing in mutual funds. You can become mutual fund KYC compliant online using the eKYC channel. Many fund houses (AMC) provide eKYC facility. Visit the website of one such AMC and start the process.
You should fill in the basic information online and upload a soft copy of your PAN, Aadhar and address proof to support the details filled in the first step.
- Once you are KYC compliant, you can visit the website of the fund house (AMC) in whose scheme you want to invest. Search for a ‘Register Now’ or a ‘New Investor’ link. It will prompt you to fill up a simple form with your basic details, PAN number etc. and to choose a username and password for transacting online. It will also ask you to enter your bank account details to set up the SIP auto debit amount. Simply log in with the chosen username, password and select the scheme & plan you wish to invest in. After making the first SIP instalment payment online, the next instalment of your SIP can be set up after a gap of 15-30 days for which the AMC will show you the message on your computer screen. The SIP will continue till the end period chosen by you.
An Investor Education and Awareness Initiative by Mirae Asset Mutual Fund.
For information on one-time KYC (Know Your Customer) process, Registered Mutual Funds and procedure to lodge a complaint in case of any grievance Click Here.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.