How do I start a Step-up SIP on Zerodha Coin?
With a step-up SIP, you can automatically increase your SIP amount by a predefined percentage. For example, if you are investing 10,000 every year and choose to set up a 10% step-up every year, your SIP amount will be Rs 11000 in year 2, Rs 12100 in year 3, and so on.
You can create a new SIP and select the step-up option in the mutual fund scheme. On the mutual fund scheme's page - click on ‘Direct SIP', the order window will open up. Here you will see a check box to select step-up. Enter the step-up percentage and the date when you want the SIP amount to increase.
Similarly, you can set the step-up option on the Coin mobile app:
You can also modify an existing SIP by selecting the edit option under the SIP & Conditional tab on Coin:
Similarly, on the Coin mobile app, you can select the SIP and select the automatic step-up option:
You will be able to see a "step-up" tag for each SIP with the step-up instruction under the SIP and Conditional option on Coin.
- An email will be triggered to your registered email ID once a SIP step-up is triggered.
- If the SIP is paused, the step-up will not be triggered.
- You can select/unselect the step-up option for the SIP anytime and modify the SIP.
- The SIP orders will be triggered at 11 AM to the exchange. These orders can be deleted before 11 AM. Please ensure the funds are available in the trading account before the cut-off time.