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Anyday SIP is a feature of SIP that offers you the flexibility to start your SIP on any day of the month.
With a Systematic Investment Plan (SIP), you can regularly invest a fixed sum in your preferred mutual fund scheme(s). While investing via
SIP, a certain fixed amount is deducted from your Bank account every month and paid towards the mutual funds of your choice and units were allotted against the same.
Usually, you could only register SIPs for a specific
day in a month like the 1st, 4th, 6th, 8th, 10th, 20th, 25th etc., depending upon how each AMC's had fixed the SIP dates respectively.
Anyday SIP gives you the flexibility of choosing SIP investment date as per your
suitability. You can select any day from the 1st to the 28th to begin your investment via SIP.
Note:
All other features of SIP would remain the same and would be available if you register a SIP using this option.
Since SIPs are goal-based investments, your periodical invest amount will depend on the time and amount of your expected return.
You can use a sip calculator to decide your investment amount easily.
| 1. | You must inform the fund housesin advancebefore your next sip date. This is because the bank has been instructed on the ECS mandate by the mutual fund houses, and it may take them time to change the mandate to pause. |
| 2. | Let us assume that you have put in a request to step-up your SIP, say, 3 months from now and you decide to pause the SIP today for 3 months. When your SIP restarts after 3 months, the SIP amount will be the stepped-up one. That should not come as a surprise to you. |
| 3. | SIP pause is allowed only for a certain time period, and this duration can differ amongst fund houses. It is advisable to check the duration and procedure with your fund house before deciding to pause SIP. |
Anyday SIP lets you choose your SIP start date as per your convenience.
If an individual has his salary credited on the last day of each month, then he might want the 1st, 2nd or 3rd day of the next month as his SIP date.
If an investor collects rent on the 10th of each month, he may want the 12th or 13th as his SIP debit date.
Some investors may believe in specific dates for astrological or numerological beliefs and may want to set their SIPs to those dates.
When investing via SIP online, choose your preferred date in the Additional Investment Details section.
You cannot change the date for existing SIPs. However, there is a different feature called as Modify SIP (applicable only for OTBM / invest easy registered SIPs) wherein an investor can modify SIP scheme plan, amount or end date.
Remember
Since February has 28 days on non-leap years, mutual funds permit SIP investments on any day from the 1st to the 28th of the month. This also prevents complications with dates such as the 30th
and 31st. If the chosen date falls on a non-business day, the SIP is debited on the next business day.
