Systematic Investment Plans, or SIPs, have brought about a change in the way of investing in mutual funds, offering investors a disciplined approach to building their portfolio for long-term wealth creation. An SIP offers an opportunity to invest even with limited earnings and access growth potential with an added benefit of rupee cost averaging, which balances out the impact of market fluctuations on your portfolio over time. Moreover, with several online platforms, setting up an SIP is simpler, secure, and convenient. Read on to find out how you can start your SIP investment online, from setting out your goals to completing the process online.
Step 1: Make financial goals and form timelines
Your goals with an SIP investment may include saving for retirement, buying a house, or planning children’s higher education. Once you decide on your financial goals, create a timeline to get clarity on how much money needs to …