A Step-Up SIP (Systematic Investment Plan) lets you automatically increase your SIP amount after a set period, like every 6 or 12 months.
Example: If your current SIP is Rs. 1000 and you choose to step up by Rs. 100 every 12 months, after one year, your SIP will increase to Rs. 1100. After the second year, it will be Rs. 1200, and so on, increasing by Rs. 100 each year.
Why choose Step-Up SIP?
- Gradual Increase: It helps you gradually increase your investment, potentially boosting your returns over time.
- Compounding Benefits: You invest more over time, benefiting from compounding without having to remember to increase your SIP manually.