Published : 19 Jan 2023
1. Keep the necessary documents ready Always make sure that you have all the necessary documents ready before you can invest. Such as: · ID Proof · PAN Card · Address Proof
Before investing in any financial product, it is critical to comply with KYC norms set by the government. One can fill an application form either online or offline at any of India's authorized banks or post offices where pre-paid cards are issued. The application form includes personal details such as name, address, photo ID proof (passport/driving license), and a declaration about the investment you are making.
To start investing in a systematic investment plan (SIP), one must have an account with a registered Indian broker or financial advisor. Once registered, you can choose from a wide range of investment plans to suit your needs and risk profile.
This is the most crucial step. Before choosing a plan, ask yourself- How much risk? How many units (units = shares) do you want? What type of investor are you?
It is essential to choose how much money you want to invest every month or every week. This will depend on how often you need money and how much it will be worth at any given time.
As per convenience, select a date. One can even choose multiple dates for various monthly SIPs
Once you choose the mutual fund company, start the SIP by submitting the form online or offline (depending on your fund house).