How to Increase Your SIP Amount in an Axis Mutual Fund
Investing in mutual funds through Systematic Investment Plans (SIPs) offers a flexible and convenient way to grow your wealth. One of the key benefits is the ability to easily increase your investment amount whenever you want. This article will guide you through the process of increasing your SIP amount in an Axis Mutual Fund, whether you prefer to start a new SIP or modify your existing one.
Options for Increasing Your SIP Amount
There are two main ways to increase your SIP amount in an Axis Mutual Fund:
1. Initiating a New SIP
If you wish to increase your SIP amount, the simplest method is to initiate a new SIP for the additional amount. You will need to close your existing SIP and open a new one with the desired amount. This process ensures that you maintain the flexibility and control over your investment strategy.
Example: If you have an ongoing SIP of Rs. 5000 in PPFAS Flexi Cap Fund and you want to increase the amount to Rs. 8000, you should close the existing SIP and start a new one for Rs. 8000. Alternatively, you could keep the existing SIP and initiate a new SIP for Rs. 3000 in the same scheme.
2. Modifying Your Existing SIP
Another option is to modify your existing SIP to increase the amount. This can be done directly through the Axis Mutual Fund app or KFinTech app, making the process seamless and convenient.
To modify your existing SIP:
Log in to the Axis Mutual Fund app or KFinTech app. Select the scheme in which you want to increase your SIP amount. Follow the steps to modify your existing SIP, increasing the SIP amount as needed.It's important to note that modifying your existing SIP does not attract any additional charges. This means you can increase your investment without any extra expenses.
Using the Top-Up Facility
Many mutual fund platforms also offer a top-up facility, which allows you to increase your SIP investment by a pre-defined amount or percentage. For instance, if you currently invest Rs. 5000 in the Axis Small Cap Fund and you want to increase it to Rs. 7000, you can choose to increase the SIP amount by Rs. 2000 or by 40% (since Rs. 2000 is 40% of Rs. 5000).
Conclusion
The flexibility of SIPs in Axis Mutual Fund makes it easy for investors to adapt their investment strategy according to their financial goals. Whether you choose to start a new SIP, modify your existing one, or use the top-up facility, there are options available to suit your needs. There is no restriction on increasing your SIP amount, and you can do so without any additional costs.
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The best part about SIPs is their flexibility. You can easily increase or stop your investments whenever you want. Since your question is about increasing your SIP, you have two main options:
Option 1: Start a New SIP
Simply follow the steps you used to start your original SIP and initiate a new one for the additional amount you want to invest.
Option 2: Modify Your Existing SIP
Alternatively, you can use the top-up facility to increase your SIP amount by a pre-defined increment in absolute or percentage terms.
Here’s an example: If you have a monthly SIP of Rs. 5000 in the Axis Small Cap Fund and you want to increase it to Rs. 7000, you can choose to start a new SIP of Rs. 2000 or use the top-up facility to increase your investment by 40%.
Remember, no matter which method you choose, there is no restriction on increasing your SIP amount, and you can do so without incurring any additional costs.
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