How to become rich: This app allows you to begin SIP, and gives you pay later option
SIP is smart way of saving money. All you have to do is open an SIP account with a financial institution, and link it with your bank account.
The mutual fund industry is at booming stage, and digital payment app Paytm Money has been providing various measures for investors to make their investment easier and flexible. A new feature has once again been launched by Paytm, and this time it is for Systematic Investment Plan (SIP) lovers, as they can begin investment in this tool and choose an option to pay later. SIP is the most basic, flexible and easy way for you to of earn big money through hard-earned investments. With this, Paytm has launched “Register SIP Now, Pay Later” feature for its users.
Pravin Jadhav, Whole-time Director, Paytm Money said “Paytm Money encourages disciplined investing in mutual funds via SIPs for its investors, and we are pleased to see that more than 75% of our investors are opting for SIPs. With the ‘Register SIP Now and Pay Later’ feature investors who wanted to invest via SIPs, but, didn’t have funds at the time of registering, can now choose to make the payment when they have the required funds. Paytm Money will continue to innovate in this space with the aim to provide the best SIP management experience to its users”.
For investors who have enabled the Auto-Pay via mandates for their SIPs, the amount will be automatically invested on scheduled SIP date; whereas, investors who have opted to make payments via UPI or Net Banking will be reminded to make payments for their SIPs on the scheduled dates.
Within a few months of its launch, Paytm Money crossed over 1 Million users mark to become the largest platform for Mutual Fund investments in India. A vast majority of investors on Paytm Money choose to invest via SIP mode in mutual funds on its app.
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Paytm in its press release said, "With this newly launched feature, all investors now have the option to start their SIPs by making the payment immediately or choosing to pay later. For users opting for this, Paytm Money sends the SIP for registration to the AMC once the first payment for the Mutual Fund scheme is made successfully."
In India, SIP is an easy step to negotiate and it also ensures discipline in your savings. All you have to do is open an SIP account with a financial institution, and link it with your bank account. Depending upon your investment strategy, money will automatically get deducted from your bank account on weekly, monthly or quarterly basis.
Considering there are intervals of investment like weekly, monthly or quarterly, you tend feel very little impact of market volatility.
It is highly disciplined, passive and automated. Funds get deducted automatically from bank, which makes you more committed to guaranteed saving/investment.
Investment amount in SIP starts as low as Rs 500 per month, which eliminates the burden of managing your overall expenses on monthly basis, as very little amount of money is deducted.
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