What is step-up SIP, and how can it be set on Coin web?

A step-up SIP is an automatic increase in the SIP amount by a predefined percentage.

Example Scenario

A SIP of ₹10,000 is made this year. A 10% step-up would mean that the SIP amount for the next year will increase to ₹11,000 (10% of ₹10,000 = ₹1000) and ₹12,100 (10% of ₹11,000 = ₹1,100) the following year.

To create a SIP with the step-up option, follow these steps:

1. Select the mutual fund and click on SIP.
2. Click on the check box for Automatic step-up (optional) .
3. Click on Increment percentage to select the percentage by which the SIP should increase.
4. Select the date under Choose date.
5. Click on Create SIP.

To enable step-up on existing SIPs, follow these steps:

1. Select the mutual fund scheme and click on Modify .
2. Click on the check box for Automatic step-up (optional) .
3. Click on Increment percentage to select the percentage by which the SIP should increase.
4. Select the date from Choose date .
5. Click on Update SIP and then on Confirm .

Did you know?

• The step-up percentage multiple varies from scheme to scheme because each scheme has a unique additional purchase amount multiple.
• An email is sent when the step-up SIP is triggered.
• While modifying an SIP, the automatic step-up option can be selected and unselected at any time.
• Funds in the Zerodha account cannot be used for mutual fund investments. See How to complete payments for the purchase orders on Coin?
• AMC SIP schemes cannot be created as a step-up SIP as the SIP for these schemes cannot be modified.
• To ensure that a Systematic Investment Plan (SIP) starts within the current month, it must be set up at least 2 days prior to the preferred execution date. For example, if the client wants the SIP to execute on the 5th of each month, they need to set it up on or before the 2nd of the current month. If the SIP is set up on the 3rd with an execution date of the 5th, it will start from the next month.