{"id":24,"date":"2023-09-01T05:07:40","date_gmt":"2023-09-01T05:07:40","guid":{"rendered":"https:\/\/mymoneypanda.in\/blogs\/?p=24"},"modified":"2024-03-19T10:02:12","modified_gmt":"2024-03-19T10:02:12","slug":"how-to-start-sip-investments-a-step-by-step-guide","status":"publish","type":"post","link":"https:\/\/mymoneypanda.in\/blogs\/blog\/how-to-start-sip-investments-a-step-by-step-guide\/","title":{"rendered":"How to Start SIP Investments: A Step-by-Step Guide"},"content":{"rendered":"\n<p><a href=\"https:\/\/mymoneypanda.in\/blogs\/blog\/tax-benefit-on-sip\/\">SIP investments<\/a> are a good way to develop the habit of regular investing to achieve your financial goals. Wondering how to start SIP investments? You have landed at the right place. In this article, we will be discussing SIPs in detail to help you start investing in them. This step-by-step guide will take you through the essentials of how a SIP works and how your money can grow if you invest right. Read ahead to know more!<\/p>\n\n\n\n<br>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mymoneypanda.in\/blogs\/blog\/how-to-start-sip-investments-a-step-by-step-guide\/#What_Is_SIP_A_Brief\" title=\"What Is SIP: A Brief?\">What Is SIP: A Brief?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mymoneypanda.in\/blogs\/blog\/how-to-start-sip-investments-a-step-by-step-guide\/#How_Does_SIP_Work\" title=\"How Does SIP Work?\">How Does SIP Work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mymoneypanda.in\/blogs\/blog\/how-to-start-sip-investments-a-step-by-step-guide\/#How_To_Invest_In_SIP_Through_MyMoneyPanda\" title=\"How To Invest In SIP Through MyMoneyPanda?\">How To Invest In SIP Through MyMoneyPanda?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mymoneypanda.in\/blogs\/blog\/how-to-start-sip-investments-a-step-by-step-guide\/#Choose_The_Amount_And_Date_Of_The_SIP\" title=\"Choose The Amount And Date Of The SIP\">Choose The Amount And Date Of The SIP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/mymoneypanda.in\/blogs\/blog\/how-to-start-sip-investments-a-step-by-step-guide\/#Submit_Form\" title=\"Submit Form\">Submit Form<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/mymoneypanda.in\/blogs\/blog\/how-to-start-sip-investments-a-step-by-step-guide\/#Benefits_Of_Investing_In_SIP\" title=\"Benefits Of Investing In SIP\">Benefits Of Investing In SIP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/mymoneypanda.in\/blogs\/blog\/how-to-start-sip-investments-a-step-by-step-guide\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/mymoneypanda.in\/blogs\/blog\/how-to-start-sip-investments-a-step-by-step-guide\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_SIP_A_Brief\"><\/span><strong>What Is SIP: A Brief?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<br>\n\n\n\n<p>To begin with, let us take a look at what SIPs are to let you get a hold of this investment option for growing your wealth. SIP is the abbreviation for Systematic Investment Plan. There is a wide range of SIP investment options that help you build wealth through regular investment and compounding your regular returns until the SIP matures. Using electronic platforms like MyMoneyPanda, you can start investing in SIPs.<\/p>\n\n\n\n<br>\n\n\n\n<p>SIPs help you invest in mutual funds by regularly investing just a small amount. You can invest in different types of mutual funds using this investing option. The amount you invest and the frequency of investment are pre-determined by you. SIPs are not just low-risk investment options but also make investing in mutual funds more cost-effective. Before we take a look at how to start SIP investments, let us help you understand how SIPs work.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Does_SIP_Work\"><\/span><strong>How Does SIP Work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<br>\n\n\n\n<p>Before you start investing in SIPs, it is crucial to understand the working of the same. SIPs are managed by fund managers who use their financial knowledge and experience to study market trends and analyse the same to invest in the best asset classes to reduce the risk of losses and get higher returns. When investing in SIPs, you get the advantage of average purchasing costs, so you do not have to stress over bearish or bullish trends in the market. Your returns from the amount invested by you are reinvested in the same scheme unless the SIP matures, which helps you get the benefit of compounding. The following section will help you understand how to start SIP investments.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_To_Invest_In_SIP_Through_MyMoneyPanda\"><\/span><strong>How To Invest In SIP Through MyMoneyPanda?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<br>\n\n\n\n<ul>\n<li><strong>Sign Up on <\/strong><a href=\"https:\/\/mymoneypanda.in\/\"><strong>MyMoneyPanda<\/strong><\/a><strong>:<\/strong> The first step is to sign up on our platform to get started. You can easily create an account by providing your PAN, email and contact details. Once registered, you&#8217;ll gain access to our user-friendly interface, designed to simplify your investment journey.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<ul>\n<li><strong>Build Your Profile: <\/strong>After signing up, it&#8217;s time to build your profile on MyMoneyPanda. Completing your profile by adding your bank, contact, and nominee details. These details are necessary so you can invest directly without transferring funds frequently.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<ul>\n<li><strong>Use IIN Link for Authentication &amp; KYC:<\/strong> Once the above steps are completed, you\u2019ll receive an IIN Link for profile authentication to ensure the utmost security and compliance. This further requires you to complete the KYC process. This is all done swiftly on our online platform.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<ul>\n<li><strong>Start Investing:<\/strong> With your profile and KYC in place, you are all set to begin your SIP investments. MyMoneyPanda provides a wide array of SIP plans from top-performing fund houses and gives you a personalized plan to invest in the right platforms.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<ul>\n<li><strong>Choose The Right Plan:<\/strong> One of the most crucial steps of starting a SIP is to go through multiple SIP investment plans and figure out which plan best suits you. To get good returns and meet your financial goals with lower risks, you need to do some research on which plan you wish to start investing in. My Money Panda offers you all-cap baskets that bring you a combination of small, mid and large-cap stocks to achieve your financial goals.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<p><strong>Some common factors to consider include:<\/strong><\/p>\n\n\n\n<br>\n\n\n\n<ul>\n<li>The risk factor involved in the particular plan that you are looking forward to investing in.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<ul>\n<li>The number of units that you wish to purchase.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<ul>\n<li>The type of investor that you would wish to be.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Choose_The_Amount_And_Date_Of_The_SIP\"><\/span><strong>Choose The Amount And Date Of The SIP<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<br>\n\n\n\n<p>Once you have picked the SIP plan, you need to fix the amount you invest and the frequency of investing in the plan. This can be determined by how much you can easily invest without having to disturb your lifestyle and the SIP investment returns expected from your plan. You can invest as low as Rs. 500 and can choose to invest at a frequency of your choice ranging from daily investments to quarterly investments.<\/p>\n\n\n\n<br>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Submit_Form\"><\/span><strong>Submit Form<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<br>\n\n\n\n<p>This is the final step of your SIP investment process and needs to be completed carefully. Before submission, you should have picked your fund house and plan that you are willing to invest in. Based on the same, you now have to complete the online procedure of starting the SIP. Completing the form is very easy, and your bank or broker might also offer to set up auto deposits into your mutual funds.<\/p>\n\n\n\n<br>\n\n\n\n<p><strong>Online Submission<\/strong><\/p>\n\n\n\n<br>\n\n\n\n<ul>\n<li>If you are a new investor, create a new account or access your existing account using your credentials.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<ul>\n<li>Fill in the KYC details.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<ul>\n<li>Complete the online payment.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<p>When choosing the online mode of submission, you must fill out an ADF or auto-debit form and submit it at the nearest bank branch. Other options are to choose either e-mandate or billpay, or e-nach mode of payment.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_Of_Investing_In_SIP\"><\/span><strong>Benefits Of Investing In SIP<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<br>\n\n\n\n<p>From the previous sections, you know a step-by-step set of instructions on how to <a href=\"https:\/\/mymoneypanda.in\/review?steps=investment-profile\"><strong>start SIP investments<\/strong><\/a>. Another question that you might have as a beginner or as someone investing in SIPs for the first time could be about the advantages of investing in SIPs. What is it that makes SIPs beneficial for the investor, and why is it one of the most popular forms of investment? Let us take a look at how a SIP investment benefits you.<\/p>\n\n\n\n<br>\n\n\n\n<ul>\n<li>SIPs help you get more disciplined financially. You need to invest a fixed amount at regular intervals, which helps you save more, and with time your money will grow, giving you higher returns.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<ul>\n<li>You can start investing even with an amount as small as Rs. 500, and there is no pressure to make a high investment at once.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<ul>\n<li>You do not need to stress about market trends and the right timing to invest. If the market is low, you will be allotted a higher number of units at the same price and vice versa, which balances your portfolio.<\/li>\n<\/ul>\n\n\n\n\n\n<ul>\n<li>You get the benefit of compounding as the SIP investment returns you get are reinvested until the time of maturity, giving your money exponential growth.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<ul>\n<li>If you are low on funds, you can skip the SIP for a month without any penalties being charged and return to the same later.<\/li>\n<\/ul>\n\n\n\n\n\n<ul>\n<li>There is no additional cost if you wish to stop investing. At any point in time when you wish to stop investing, you can go to your demat account and opt out of the plan you are investing in.<\/li>\n<\/ul>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<br>\n\n\n\n<p>Investing in SIPs is one of the simplest ways of staying disciplined financially and reaching your financial goals. In the previous sections of this article, we have looked at how to start SIP investments and what the detailed steps of investing in SIPs are. To help you pick SIPs as your investment option, we have also looked at the benefits of choosing this option and the other factors related to the same, like SIP investment risk factors and more. We hope this article will help you complete the procedure for investing in SIPs as a beginner and help you get the best returns.<\/p>\n\n\n\n<br>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n\n\n<p><strong>1. How much should one invest in SIP?<\/strong><\/p>\n\n\n\n<p>The SIP varies depending on your financial goals. Once you&#8217;ve built your profile on MyMoneyPanda, you get accurate suggestions based on your financial needs, risk appetite, and investment preferences.<\/p>\n\n\n\n<br>\n\n\n\n<p><strong>2. How many returns can we expect from SIP?<\/strong><\/p>\n\n\n\n<p>You can expect a return of 12% to 18% on your SIPs, depending on the plan you choose.<\/p>\n\n\n\n<br>\n\n\n\n<p><strong>3. Can I stop SIP anytime?<\/strong><\/p>\n\n\n\n<p>Yes, you can stop SIP at any time without any additional charges or penalties.  <\/p>\n\n\n\n<br>\n\n\n\n<p><strong>4. What are the types of SIP?<\/strong><\/p>\n\n\n\n<p>There are five main types of SIPs. These are Regular SIPs, Flexible SIPs, Top-up SIPs, Trigger SIPs, and Perpetual SIPs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SIP investments are a good way to develop the habit of regular investing to achieve your financial goals. Wondering how to start SIP investments? You have landed at the right place. In this article, we will be discussing SIPs in detail to help you start investing in them. This step-by-step guide will take you through [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":83,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Start SIP Investments: A Step-by-Step Guide - My Money Panda<\/title>\n<meta name=\"description\" content=\"If you&#039;re looking to start SIP investments, this guide will provide you with essential steps to get started.Follow these steps to begin.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mymoneypanda.in\/blogs\/blog\/how-to-start-sip-investments-a-step-by-step-guide\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Start SIP Investments: A Step-by-Step Guide - 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