\n
\u00a0<\/strong><\/p>\n When making Systematic Investment Plans, or, SIPs, you can have your bank automatically transfer the money from your account. Here are some scenarios that you may encounter.<\/strong><\/p>\n You\u2019ve registered an SIP with your bank for auto-debit. You want to change the bank from where the money is debited. Can you do that?<\/strong><\/p>\n Yes, of course! It will take 30 days for the change to happen. In the auto-debit form of mutual funds, fill out the\u00a0 \u201cChange Bank Mandate\u201d option, attach a cancelled cheque, and give the form to either your mutual fund branch or to CAMS Service Centre. Some funds have a separate form for this. Read the relevant instructions before you fill the form. Once the details are updated in your records, you\u2019ll get a confirmation.<\/p>\n You forgot to fill in details on when to end the SIP or filled in a wrong date.<\/strong><\/p>\n Let\u2019s say you forgot to fill in a date when the SIP should stop. All funds have a default end date and also dates when investments will be made. You will automatically be included in that. You can also decide that you don\u2019t want to invest in the SIP after a particular period. All you need to do is give the fund written instructions by filling out an application form or just writing a letter with all the relevant details.<\/p>\n What if, instead of writing 2015, you wrote 2051? Must you invest till then?<\/strong><\/p>\n No! You can fill out an application form or write a letter. The fund will process it as per your orders. It takes up to 30 days.<\/strong><\/p>\n What if you had given the bank standing instructions to debit your account, but it was unable to do so because there was no money and the fund stopped your SIP. Can the fund do that?<\/strong><\/p>\n Of course, it can do that! The fund\u2019s documents will spell out when it has the right to stop your SIP. Usually, if three consecutive SIPs don\u2019t go through\u2014the fund\u2019s documents will tell you the exact number\u2014the fund can stop the investment. The fund will inform you about the stoppage of the SIP.<\/p>\n Can you gradually increase how much you contribute to the SIP?<\/strong> \u00a0<\/strong><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" \u00a0 When making Systematic Investment Plans, or, SIPs, you can have your bank automatically transfer the money from your account. [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yst_prominent_words":[],"_links":{"self":[{"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/posts\/937"}],"collection":[{"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/comments?post=937"}],"version-history":[{"count":0,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/posts\/937\/revisions"}],"wp:attachment":[{"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/media?parent=937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/categories?post=937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/tags?post=937"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/yst_prominent_words?post=937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n<\/em>Most funds now let you do this. Let\u2019s say you started an SIP for Rs.5,000 every month.\u00a0 You are going to get a small pay raise every six months and decide that you want to increase the SIP by Rs.500 every six months.\u00a0 That way, after six months, you will be investing Rs.5,500. After another six months, you will be investing Rs.6,000; then 6,500, then 7,000. Most funds require a minimum installment of Rs.500.\u00a0 However, check with the Fund about the details.<\/p>\n