How To Do Paperless SIP On Groww

Systematic Investment Plans (SIP) is the best way of investing in Mutual funds. Through SIP, your investments are regular, automated and timed to earn best returns. Here is how you can start paperless SIP on Groww within a few minutes.

  1. Select the Portfolio or Mutual Fund for investment
  2. Chose the “Start SIP” option while investing and pay for the first installment through the netbanking
  3. Add BILLER in your bank for automating monthly investments.

Select a Portfolio or Mutual Fund for SIP

There are a bunch of high-quality portfolios created by experts on Groww.

mutual fund portfolios on groww

If you are kind of do-it-yourself, you can select your own mutual fund. Almost all the mutual funds from major fund houses are available on Groww.

mutual funds on groww

 

Click Start SIP

Once you have selected what mutual fund to buy, just click on “Start SIP” Button as shown in the figure below:

start sip in mutual fund

Once you click you can pay for the first installment through the net banking. Here I am assuming that you have completed your accunt opening process at Groww (if not you can do so at https://groww.in/onboarding).

sip payment on groww

Adding the Biller for SIP

  1. Copy the 15 digit Unique Registration Number (starting with BSE…) that you got after making the first transaction. You can also find it here.
  2. Log-in to your bank’s internet banking and follow the following steps –
    1. Click Bill Payments
    2. Click Register/Add New Biller
    3. Select Biller – mutual funds
    4. Select Company – BSE ISIP or BSE Ltd
    5. Add the “Unique Registration Number”
    6. Select “Auto Pay” and “Pay Entire Bill Amount”
    7. Confirm to submit the request

Within 3 working days, you will get SMS from your bank approving the new biller. Once the biller is approved, your monthly investments (SIP) is set. You can manage and track the investments on Groww dashboard.

How to add biller on Axis Bank

Step 1: Go to Pay Bills

Axis paperless SIP

Step 2: Click Add New Biller

axis-paperless-sip-02

Step 3: Select Mutual Fund and BSE Limited

axis-paperless-sip-03

Step 4: Add the URN and select the options as shown below

axis-paperless-sip-04

How to add biller to HDFC Bank

Step 1: Click BillPay & Recharge

HDFC Paperless SIP

Step 2: Click Register New Biller

hdfc-paperless-sip-04

Step 3 Select Mutual Funds and BSE Limited

hdfc-paperless-sip-02

Step 4: Add the URN and select the options as shown below

HDFC paperless SIP

How to add biller to ICICI Bank

Step 1: Click PAYMENT & TRANSFER and select BILL PAYMENTS

ICICI Paperless SIP

Step 2: Click REGISTER under Pay New Bills section

ICICI Paperless SIP

Step 3: Select Mutual Funds

ICICI Paperless SIP

Step 4: Select BSE ISIP# and Click REGISTER

ICICI Paperless SIP

Step 5: Add the URN and select the options as shown below

ICICI Paperless SIP

How to add biller to SBI

Step 1: Click Bill Payments

sbi paperless sip

Step 2: Click Manage Biller

sbi paperless sip

Step 3: Click Add

sbi paperless sip

Step 4: Select Biller as BSE Limited

sbi paperless sip

Step 5: Add the URN and select the options as shown below

sbi paperless sip

Banks supported for paperless SIP

Here is the list of Banks that are supported for paperless SIP. If your bank is not in the below list, please contact support@groww.in or call at 91088 00604.

  1. State Bank of India
  2. Axis Bank
  3. Bank of Baroda
  4. Bank of Maharashtra
  5. Canara Bank
  6. Catholic Syrian Bank
  7. Central Bank of India
  8. City Union Bank
  9. Corporation Bank
  10. Cosmos Bank
  11. Development Bank of Singapore
  12. Federal Bank
  13. FIRSTRAND BANK
  14. HDFC Bank
  15. ICICI Bank
  16. IDBI Bank
  17. IDFC Bank
  18. Indian bank
  19. INDIAN OVERSEAS BANK
  20. IndusInd Bank
  21. Karnataka Bank
  22. Lakshmi Vilas Bank
  23. NKGSB bank
  24. Punjab National Bank
  25. Ratnakar Bank
  26. Saraswat Bank
  27. South Indian Bank
  28. The Dhanalakshmi Bank
  29. UCO Bank
  30. Union Bank of India
  31. United Bank of India
  32. Yes Bank

AMC supported for paperless SIP

Here is the list of Mutual Funds (AMC) that support automated SIP. If the Mutual Fund you want to invest in is not in the list, please contact support@groww.in or call at 91088 00604.

  1. AXIS MUTUAL FUNDS
  2. BIRLA SUN LIFE MUTUAL FUND
  3. BNP PARIBAS MUTUAL FUND
  4. BOI AXA MUTUAL FUND
  5. DHFL PRAMERICA MUTUAL FUND
  6. DSP BLACKROCK MUTUAL FUND
  7. FRANKLIN TEMPLETON MUTUAL FUND
  8. HDFC MUTUAL FUND
  9. HSBC MUTUAL FUND
  10. ICICI PRUDENTIAL MUTUAL FUND
  11. IDBI MUTUAL FUND
  12. IDFC MUTUAL FUND
  13. INVESCO MUTUAL FUND
  14. KOTAK MAHINDRA MUTUAL FUND
  15. L&T MUTUAL FUND
  16. LIC MUTUAL FUND
  17. MIRAE ASSET MANAGEMENT
  18. MOTILAL OSWAL MUTUAL FUND
  19. PEERLESS MUTUAL FUND
  20. PPFAS MUTUAL FUND
  21. PRINCIPAL MUTUAL FUND
  22. QUANTUM MUTUAL FUND
  23. RELIANCE MUTUAL FUND
  24. TATA MUTUAL FUND
  25. TAURUS MUTUAL FUND
  26. UTI MUTUAL FUND

 

Posted in SIP