How does step-up SIP work, and how do I set it up on FYERS?
How Does Step-Up SIP Work, and How Do I Set It Up on FYERS?
A Step-Up SIP helps increase your investment amount automatically over time, allowing your contributions to grow without manual intervention. You can enable Step-Up either while creating a new SIP or later by modifying an existing SIP.
How Step-Up SIP Works
Step-Up SIP increases your SIP amount automatically by a fixed amount.
It can be enabled during SIP creation or by modifying an existing SIP.
The frequency can be set as Weekly, Monthly, or Yearly.
The increased amount applies only to future SIP instalments.
Once the Step-Up cycle ends, the SIP continues with the last increased amount.
It requires an AutoPay mandate with a maximum debit limit higher than the highest stepped-up SIP amount.
Steps to Set Up Step-Up SIP While Creating an SIP
On FYERS App
Go to Invest → Mutual Funds.
Select a scheme and tap SIP.
Enter the SIP amount, frequency, schedule date, and bank.
Tap Show advanced.
Enable Step-Up.
Enter the step-up amount and step-up frequency.
Review the details and tap Start SIP.
Approve the AutoPay mandate if prompted.
On FYERS Web
Go to Mutual Funds and open a scheme.
Click SIP.
Enter the SIP amount, frequency, schedule date, and bank.
Click Show advanced.
Enable Step-Up.
Enter the step-up amount and step-up frequency.
Review the details and click Start SIP.
Approve the AutoPay mandate if prompted.
Steps to Add Step-Up SIP to an Existing SIP
On FYERS App
Go to Orders → Mutual Funds → SIP.
Open the running SIP and tap Modify.
Tap Show advanced.
Enable Step-Up and enter the required details.
Confirm the changes and approve the AutoPay mandate if prompted.
On FYERS Web
Go to Orders → Mutual Funds → SIP.
Open the running SIP and click Modify.
Click Show advanced.
Enable Step-Up and enter the required details.
Confirm the changes and approve the AutoPay mandate if prompted.
Ensure your AutoPay mandate limit is higher than the highest stepped-up SIP amount to avoid instalment failures.
What If...
Scenario
Outcome
I enable Step-Up while creating an SIP
The SIP amount increases automatically as per the selected step-up details.
I add Step-Up to an existing SIP
Step-Up applies only to future instalments after modification.
The stepped-up amount exceeds the mandate limit
The affected instalment may fail due to mandate limit restrictions.
I modified Step-Up details later
The updated Step-Up settings apply to future instalments.
I remove Step-Up
The SIP continues with the current amount without further increases.
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