Are you wondering how to start an SIP online? You have come to the right place! But before you understand how to start an SIP online, let’s look at what SIP is.
A Systematic Investment Plan (SIP) is a method of investing in mutual funds where you commit to invest a fixed amount regularly – whether monthly, quarterly or at other intervals.
SIPs are a popular choice among investors because they are simple, convenient, flexible and can be tailored to your financial goals. Not just investing but starting a SIP online is convenient and can be done through various platforms like mutual fund websites, investment apps, or your bank’s online portal. This guide will walk you through starting a SIP using the Kuvera app.
How to start a SIP online through Kuvera? Step by Step
Here are the steps that explain how to start an SIP online:
Step 1: Download and Install the Kuvera App
- Open the Google Play Store or Apple App Store.
- Search for “Kuvera” and download the app.
- Install the app on your smartphone.
Step 2: Create an Account or Log In
- Launch the Kuvera app.
- If you are new, sign up using your email address and mobile number, and create a password.
- Complete the Know Your Customer (KYC) process if you haven’t already. You can complete this process through e-KYC using your Aadhaar.
- If you’re an existing user, log in using your credentials.
Step 3: Link Your Bank Account
- Go to the settings or the account section.
- Link your primary bank account by entering the bank details.
- This account will be used to automatically debit your SIPs.
Step 4: Choose the SIP Option
- On the app’s home screen, navigate to the “Invest” tab.
- Select “Start SIP” or “SIP & Lump Sum” option.
- You can also explore mutual funds or search for a specific fund.
Step 5: Select the Mutual Fund
- Browse through the list of available mutual funds.
- Use filters like category, risk level, and historical performance to find the right fund.
- Click on the mutual fund you wish to invest in.
Step 6: Set Up the SIP
- After selecting a mutual fund, choose the SIP option.
- Enter the amount you wish to invest monthly.
- Select the date of the month for the SIP (e.g., 1st, 5th, 10th).
- Review the details of your SIP carefully.
Step 7: Confirm the SIP
- After reviewing, confirm the SIP setup.
- The app might prompt you to authorise the auto-debit from your linked bank account.
- Complete the mandate registration for automatic debits if required. This might involve an OTP or net banking verification.
Step 8: Track Your SIP
- Once set up, you can track your SIP under the “My Investments” or “Portfolio” section in the app.
- You’ll also receive regular updates on the performance of your investments.
Optional: Set Goals
Kuvera also allows you to set financial goals (like buying a car, house, etc.) and link your SIPs to these goals for better tracking. This should help you set up a SIP easily through the Kuvera app.
Start investing in Index Funds.
Additional Tips for Starting an SIP
When choosing a mutual fund via the Kuvera app, you should carefully examine your risk tolerance, personal preferences, and financial goals. Here’s a comprehensive guide for initiating the process is as follows:
Step 1: Open the Kuvera App
- Log in to your Kuvera account.
Step 2: Navigate to the ‘Invest’ Section
- On the home screen, tap on the “Invest” tab. This section will provide various options like starting a SIP, investing in lumpsum, or exploring mutual funds.
Step 3: Explore Mutual Funds
- Tap on “Explore Funds” or use the search bar to look for specific mutual funds. You can browse through categories like Equity Funds, Debt Funds, Hybrid Funds, or Index Funds.
Step 4: Use Filters to Narrow Down Options
Step 5: Review Fund Details
- Tap on a mutual fund to see its detailed information, such as:
- Fund Overview: Investment objectives and strategy.
- Performance: Historical returns and comparison with the benchmark.
- Holdings: Top sectors and companies the fund invests in.
- Fund Manager: Details about the fund manager and their track record.
- Expense Ratio: Costs associated with managing the fund.
- Minimum Investment: The minimum amount required to start investing.
Step 6: Compare Funds (Optional)
- If you are unsure of which funds are best for you, you can use the “Compare” feature to compare multiple funds side by side. You can compare performance, risk, expense ratios, and more.
Step 7: Make a Selection
- After reviewing the details, select the mutual fund that aligns with your investment goals and risk tolerance.
- Tap on “Invest” or “Start SIP” to proceed with your investment.
Step 8: Set Investment Amount
- Enter the amount you wish to invest.
- Choose between a lump sum investment or setting up a Systematic Investment Plan (SIP).
Step 9: Confirm Investment
- Review all the details, including the investment amount, fund name, and SIP date (if applicable).
- Confirm the investment by authorising the payment through your linked bank account.
Step 10: Track Your Investment
- Once the investment is confirmed, you can track its performance in the “Portfolio” or “My Investments” section.
Kuvera also provides insights and performance-tracking tools to help you monitor your investments. Are you done with setting up your Kuvera account and SIP? Here are the top funds under various categories to explore.
Wrapping Up!
If you’re new to investing, consider seeking recommendations and using Kuvera’s calculators to plan your investments towards various financial goals. You just have to enter your investment amount, time period and return rate. Kuvera also offers various other investment-related calculators such as SIP Calculator, STP Calculator, SWP Calculator and Lumpsum Calculator.
By following these steps, you can confidently select and invest in a mutual fund that suits your needs through the Kuvera app.
Interested in how we think about the markets?
Read more: Zen And The Art Of Investing
Watch here: Investing In Passive Funds
Start investing through a platform that brings goal planning and investing to your fingertips. Visit kuvera.in to discover Direct Plans of Mutual Funds and Fixed Deposits and start investing today.
AREVUK Advisory Services Pvt Ltd | SEBI Registration No. INA200005166
DISCLAIMER: Mutual Fund investments are subject to market risks. Read all scheme related documents carefully. Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investments in securities market are subject to market risks. Read all the related documents carefully before investing. The securities quoted are for illustration only and are not recommendatory.
