Avoid these mistakes while investing for the first time in SIP

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SIP is still investors’ top choice as of right now. In February, a total of Rs 19,186.58 crore was invested through SIP. Concurrently, the amount invested in January was Rs 18,838.33 crore. About SIP, investors are ecstatic. If you intend to invest in this scenario, there are a few things you should consider before moving forward.

SIP

SIP account number on file

In February, there were 820.17 lakh SIP accounts, a record high that exceeded 791.71 lakh in January. However, the quantity of fresh SIP registrations declined in February. About 49.79 lakh new SIPs have been registered as compared to 51.84 lakh in January. Investors profit from interest at the rate of 8.2% under this government program. You can open this account up until the child turns ten years old after it is born. You can invest a maximum of Rs 1.5 lakh in this. Never make a SIP investment without doing your homework and consulting a professional.

SIP

Before investing in a SIP,

you should conduct thorough research or consult an advisor. It is not advisable to invest in any fund without conducting research. Aside from this, even when returns appear strong, SIP should not be taken. Make wise investments because mutual fund investments have increased significantly. Choosing an investment strategy based only on returns is not advised. Because returns can occasionally become negative despite typically yielding positive returns.

SIPSIP can occasionally be stopped and then restarted.

Experts claim that it is frequently observed that investors periodically close SIPs. He starts and stops at different moments. This is not how it should be done. By doing this investors do not get full benefit. At the same time, many times one has to suffer losses also. Putting money into a single strategy. Investing your money across a range of funds and sectors can help limit the impact on your portfolio if one fund or sector experiences a decrease.

SIPThe amount invested is excessively high or too little.

Investors need to remember that their investments shouldn’t be made in excess or insufficiently. It needs to be in line with your risk tolerance and financial objectives. You won’t receive a very high return if you invest very little money. It is necessary to select a brokerage app before you may initiate SIP for the first time. You can begin investing by using any software, such as Grow or Zerodha. Following this, you will have to complete the KYC formalities. After this, verification and video call KYC will happen in your app. To register a new account you will have to fill out an application form. Only after this, you can invest money.

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