The day of SIP is the date of every month on which your SIP installments will be paid. Every month on this date money gets auto-debited from your account if you have set the instructions for auto investment.
Here is an example to understand what is day of SIP – If you started a SIP on the 13th of June and chose ‘Day of SIP’ as 1, then on the 13th of June itself, the first installment is paid and on the 1st of every month, your 2nd installments onwards will be paid. Note that the second installment will be at least 30 days away from the first one. Therefore, in the above example, the second installment will be on 1st August (and not 1st July).
Every mutual fund has a set of allowed SIP dates. You can choose any date from the available dates. For e.g, you started SIP on May 10th. And the next available dates are 1, 7, 15, 21, 28 for a Mutual fund. Then your next SIP date can be June 15, June 21, June 28, July 1, or July 7.
To sum it up there must be a minimum of 30 days gap from the first installment to the next installment.
Once you have chosen the day of SIP and made the first installment payment, you are just one step away from automating your future SIP installments. Go to your bank’s net banking and add BSE (under Mutual Funds) as the BILLER in your bank account for automating monthly investments. Follow the below blog for more details: – How to Do Paperless SIP on Groww
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