Can one have multiple SIP accounts?
Yes you can definitely have multiple SIP accounts but managing them can be a problem especially if you have too many mutual fund investments. There is a different folio number for each account having a different email id for communication. You can opt for a CAN number and manage all your SIP accounts from one location.
You can have as many SIPs as you want. Systematic Investment Plans (SIP) are periodic investments in Mutual Funds. SIP is a scheme which allows investors to invest a certain amount of money in a Mutual Fund over a period of time. For example, investors can invest anything as low as Rs. 500 in a Mutual Fund every month. SIP is safe as long as you choose the right fund and set up your debit instructions in the right way.
Typically, you cannot change the amount that gets deducted from your account for SIP. So if you need to tweak this amount, you’ll have to revise the ECS mandate which takes about 30 days to get implemented. This is quite a hassle. So, to avoid inconvenience, fund houses and investment platforms devised the flexi SIP plan.
This plan allows you to change your SIP amount within a set range. Generally it is the minimum investment required at the lower end and the top end is set by the investor. For example: If you opt for a flexi SPI you can choose to invest any amount ranging from Rs. 500 to Rs. 10,000, depending on your budget.
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