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Can I increase the monthly SIP amount. If yes, please let me know the process or options to increase the existing monthly SIP amount.
-Francis Sylvin
You cannot increase existing SIP amount. You will have to make fresh SIP investments in your existing fund with the same folio number without disturbing the existing SIP investment. Or you can terminate the previous SIP by filling the SIP Cancellation form, and then make a new purchase with the increased amount.
Few fund houses like HDFC, ICICI Pru, SBI, Axis and Birla Sun Life allow investors to increase SIP amount quarterly, half-yearly or annually, but this facility is available only to fresh investors.
This article was originally published on May 16, 2013.
Disclaimer: This content is for information only and should not be considered investment advice or a recommendation.
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