The Systematic Investment Plan is commonly referred to as “SIP”. It is a convenient way of investing in mutual funds, which allows all investors to invest a fixed amount at a regular interval. Due to its flexible and scheduled investment plan, this is the most preferred method of investing in various funds available in the market.
The SIP date is the day when an investor must make a payment for their monthly investment in a mutual fund.
What is Groww App?
The Groww app is one of the best performing trading apps in India. They also provide the systematic investment plan feature in their app. Investors can invest as little as 100 INR/month (different across various fund types) using the Groww account. With the user-friendly interface of the app, it’s easy to start investing, even for beginners.
The Groww mobile application allows you to edit your SIP at any time. We’ll discuss the detailed steps in this article.
Here are some of the fund types provided in the Groww app:
- High return
- SIP with INR 500
- Better than FDs.
- Tax Saving
- Top companies
- Sector bets
All the above mentioned fund types have different minimum monthly investment requirements (starting from 100 INR and can go up to 1000 INR) and strategies. Your job is to review the funds thoroughly and invest according to your risk profile.
How to start with a SIP on Groww App?
- Go to the Mutual Funds tab.
- Select the fund of your choice.
- Select tenure.
- Click on the “Monthly SIP” button.
- Enter the amount as per your plan.
- Select the SIP date as per your convenience.
- Click on the “Invest Now” button and pay with the available payment method.
How do you change the SIP date on Groww app?
- Go to the Mutual Funds Tab.
- Click on “Dashboard”.
- Select the SIP that you want to change.
- Click on the “Edit SIP” button to edit the amount and date.
- You can now select the amount and the date that best suit your needs.
- Confirm and save the changes.
N.B.: Changes made within two working days of the payment date won’t be effective for the upcoming installment; they will be effective for the next installment only.
How to skip a Systematic Investment Plan payment on Groww app?
- Go to the Mutual Funds Tab.
- Click on “Dashboard”
- Select the SIP from your dashboard.
- Click on the “Edit SIP” button.
- Click on “Skip installment.”
- Once you confirm the changes, the next installment will be skipped.
Yes, but the minimum investment requirements for each fund vary. Please review the funds to know where you can invest 500 INR.
You have the option to skip an upcoming installment in the Groww app. This page will give you more details about the procedure.
Groww gives you the flexible option to invest monthly, and you can edit or modify your SIP at any time through the Groww app. As a beginner, I would choose to start with a SIP to invest in mutual funds.
You are allowed to skip only one installment at a time. In the case of multiple installments, you should do so one at a time.
It is required to make any changes to the SIP 2 working days prior to the upcoming payment date.
Yes, you can find your choice of index fund from the available ones on Groww. You can search by fund name and start investing in it. The minimum SIP investment is different depending on the fund types (starts with 100 INR).