I have invested in Birla Sun Life Frontline Equity Fund (Direct Growth Plan) through a Systematic Investment Plan (SIP) every month. But I have selected a Step-Up Plan by mistake. My SIP instalment increases every year. I am not interested in this mode. Please tell me how do I avoid the Step-Up feature.
- Lakshmi Sirisha Gaddam
In a step-up Systematic Investment Plan (SIP), the SIP amount increases automatically at a pre-defined rate and period. For example, a person who is investing ₹10,000 every month via a SIP can opt for a step-up plan and ask the fund house to increase his SIP amount by 10 per cent every year. This method helps investors to increase their investment along with an increase in their income. If you don't wish to continue with increasing your SIP commitment regularly, you will have to cancel it and begin a new SIP.
This article was originally published on February 10, 2016.
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