Internet based Systematic Investment Plan can be termed as i-SIP, which is a paperless way to invest in SIP which can be done through net banking.
Investors can now invest in i-SIP online without visiting any AMC or mutual fund house and without any papers or documents.
Things To note:
- SIP process remains same and it should be done for every i-SIP in every scheme.
- Note that the investor should have his KYC documents submitted and registered with the KYC Registration.
- Investor should be registered with the bank for net banking.
Here are simple steps to invest through i SIP:
1. Visit the fund house or AMC
2. Register for Online I SIP form
3. Enter the details such as PAN card, bank details
4. Enter details about scheme such as name of the scheme, SIP amount and frequency
5. Fill Nomination and broker details if any.
6. Once the form is submitted, a URN (unique registration number) is generated and will be sent to registered mail ID
URN is mandatory to do further transaction
How to add mutual fund as biller for i SIP?
1. Login to your net banking
2. Add mutual fund as new biller
3. Biller option under payments.
4. Note that one should add biller within 10 days of generation of URN
5. Once the URN is entered, the bank will verify the details.
6. SIP investor can set a auto debit option in the bank account and due date for the payment.