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A systematic Investment Plan (SIP) is a mode by which an investor invests in mutual funds through small instalments at regular intervals. SIP enables you to invest in an organised and disciplined manner. One can invest in SIP through an online or an offline portal or start SIP using the internet banking facility. One can automate their monthly investments through their bank account by adding a biller. SIP provides an edge for investment as it works on the principle of the power of compounding and rupee cost averaging.
Please note here that the process of adding biller is different for different banks. Adding a biller is an important step as it automates your investment, meaning your instalment will automatically get debited from your account at a specified date every month.
Adding a Biller usually takes less than a minute and is a one time process. If you do not set up the biller, then all your future instalments will not execute.
You will receive an SMS within 3-5 working days from your bank approving the new biller. Once the bank does the approval, your SIP will be automated from there onwards.