Investing in mutual funds just became easy! Now you can enrol for systematic investments plans (SIPs) online using the i-SIP facility. It is an absolutely paperless facility.
Under i-SIP, you may initiate an SIP for funds using a secure and automated gateway. To use the i-SIP facility, you need to have Netbanking-enabled account which needs to be KYC compliant as well.
The bank where you are holding a saving account has to be the one approved to offer an i-SIP facility.
You can follow these easy steps to avail an i-SIP facility.
Steps to activate your SIP through SBI Netbanking:
- Go to SBInetbanking page
- Login with your credentials into your account.
- Select the Bill payments Tab
4. Select Manage Bills from the left side column.
5. Select the Add tab to register new biller
6. Select the mutual fund company that you wish to add from the drop down list (Eg: Axis mutual fund)
7. You will come to the manage biller details screen. Enter the following as described in the image below:
- Add any nick name to identify the SIP(Eg: Axis SIP)
- Add unique registration number(URN) for that fund shared with you.
- Set Auto Pay required as Yes.
- Leave Auto Pay limit blank
- Select account from which money should be deducted.
- Click submit
8. Enter the OTP received on your mobile phone.
9. Click confirm to complete mutual fund SIP registration.
Why should you do this?
- Hasslefree – You do it once and every month your investments get done automatically.
- Paperless – No need to sign any cheques or courier any documents.
- Secure – It’s completely safe as all your investments go through your net banking account.