i-SIP is an online and secure way of setting up a systematic investment instruction in mutual fund schemes. This facility can be used by existing and new investors.
The investor does not need to visit the AMC office, fill physical forms and attach proofs and payment instruments while starting a systematic investment plan (SIP).
To use the i-SIP facility, investors should:
- Be KYC compliant
- Have an account in an approved bank
- Have the Internet banking facility activated
Fill up i-SIP form
The investor needs to access the mutual fund website and fill up the online i-SIP form. Personal details such as PAN, bank account number, and SIP related details such as scheme name, SIP amount, frequency of SIP need to be mentioned. The investor also can register nomination in the form and add mutual fund agent’s ARN.
Generation of unique registration number (URN)
A URN is generated after all the information is filled up and submitted. It is sent out to the investor’s email id and mobile number and acts as a reference number to register i-SIP on the investor’s Internet banking website.
Registration on Net banking portal
Within 10 days of the URN being generated, the investor must access his bank’s Netbanking portal. In the bill payment section, the investor can add the mutual fund as a new biller. The URN must be entered when prompted. Once the biller details are added, the bank will activate the biller after verification. While adding biller details, the investor can give an auto debit instruction for SIP installments.
Points to note
- The i-SIP registration process is meant for only one SIP instruction. To add any other scheme, a separate i-SIP registration process must be completed.
- i-SIP instruction can be discontinued at any point by deleting the biller from the investor’s Netbanking portal.