Systematic Investment Plans are a structured method of investing in mutual funds that comes along with an alternative approach wherein the investor allocates a lump sum amount regularly for investment rather than making a one-time investment. To all those wanting to invest their first SIP, the plan has made this possible with the digital platforms' simple and straightforward process with user-friendly interfaces.
1. Download and Install the Bajaj Broking App
First step-Download it. This app may be available on the Google Play Store and/or the Apple App Store. Once that is done, install the app on your device. It provides access to equity, mutual funds, IPOs, and other investment options.
2. Register and Open a Free Demat Account
This will be followed by registration on the application and finishing the process for opening a free demat account. Users will need to provide some fundamental personal information, such as their name, date of birth, mobile number, email ID, and PAN card information. The process of verification might demand Aadhaar and bank account details too.
3. Complete KYC Process
Before any investment can start, KYC compliance must be obtained. Using this app will enable a user to do KYC digitally. The user must upload his identity and address proof and, if the app requires it, do a short video verification. After this has been completed so successfully, the demat account will be active.
4. Enter into the Mutual Fund Section
After successful activation of the demat account, log in to the app and go to the mutual fund section. This is where you will find a description of all the available schemes in mutual funds offered by the app under such categories as equity, debt, hybrid, or ELSS.
5. Browse through SIP alternatives by using filters.
You can filter by asset class, fund house, investment horizon, and risk level. Fund details like NAV, size, returns, and portfolio allocation can also be found on the app. Going through them will help make a reasonable decision before one actually starts on an SIP.
6. Choose a Mutual Fund Scheme
Find the ideal mutual fund, and tap on it for deeper scheme details. The app will provide all the key relevant details, such as historical performance, fund objective, holdings, and expense ratio. Comparison before finalizing is possible.
7. Choose SIP as Investment Option
When ready to invest, the user is now prompted to select either a SIP or a lump sum amount. Use the "Start a SIP" option. This will mean that amounts will automatically be swept into investments on selected dates per month, thus encouraging the habit of saving through investing over time.
8. Enter SIP Amount and Frequency
Enter the amount you'd like to invest through SIP. Choose a frequency (monthly, quarterly, etc.). Date of commencement would be chosen too.
9: Mandate Registration for Auto-Debit
As part of this process, a bank mandate has to be registered with the application to enable auto-debit on the bank account. It is a process where the user authorizes the app to debit the SIP amount from the designated bank account. It is usually a digital process and confirms after a few working days.
10. Review and Confirm the SIP Order
This affirms the beginning of SIP, after which all details need to be looked through. Check that the correct Scheme, SIP Amount, Frequency, and Date are all correct. Read and accept the terms and conditions, confirming the order. The SIP will then go live, and the app will send routine updates and alerts on performance.
Key Takeaways
Investors should then open a free demat account before starting an SIP via the Bajaj Broking app and complete the KYC process.
Indeed, the app provides a structured and guided process for exploration, selection, and mutual fund investment.
The SIP is initiated and continues until either the user modifies it or cancels it.
SIPs help individuals invest with discipline, which over a span of time can contribute to long-term financial planning goals. This is exactly what platforms like the Bajaj Broking app are intended to achieve with an all-in-one solution for opening a free demat account, managing mutual fund investments, and tracking portfolios in real time.
Once this 10-step process is over, a smooth investment journey has been made possible—flexible, transparent, and timely execution for anyone who is to begin a SIP.
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