Help with getting started
Context : I have been saving up money for over a year now and not actively invested it anywhere due to x reasons. Now I want to start SIPs as I have achieved my emergency fund and want to reap the benefits of the power of compounding. Q.1) Which apps offer the option of one time lumpsum + continuing the monthly SIP in a fund? (Lumpsum to makeup for what I failed to do last year) Is what I am thinking the best strategy and practical? if not, please suggest Q.2) Recommend me an app with a good customer support team , good number of fund options to invest and have hassle free deposits and withdrawals ? PS: I have downloaded Groww and I don't see it offering many funds to invest into.
1) Lumpsum right now is not ideal as markets are pretty high and on rise. Don't worry about missed time, just start SIP now. Every app offers lumpsum. You can even do directly through fund house website/app.
2) Every app offers hassle free withdrawal,as this is handled by fund house. These app guys just place request on your behalf. Your money is with fund house. Your Mutual fund investment has a folio no / linked mail/mobile. You can login to the mutual fund website and place redemption request yourself and it comes directly to your linked bank account.
Don't go with apps that are stock brokers,as they open demat account when creating account with them, and some even have maintenance charges. Go with something like ET Money, Kuvera
Cool! Thanks for your points.
Just to clear 1st qn, what I meant was an option of investing where I can do lumpsum of say 1L at the time of opening and then continuing in the same fund with SIPs of 10k.
What I mentioned here makes practical use case sense to me at least, do applications offer this scheme?
Download 2-3 apps like zerodha, groww... and try them out... choose the one which is to your convenience. I personally use groww.. but all the apps offer same features.
Since you are beginning invest 500 or 1000 in any fund, keep for a week or so and then withdraw it. You will get to know the entire process from start to end. You will know how much time it will take to get Nav units to how many days for redemption all that...
Once you are confident, then start SIP. Most of all schemes offer both lunpsum and SIP.
Happy investing
Do these apps provide an option to change the SIP amount multiple times in a time period?
Because I see on Groww we can only increase by a fixed amount/percentage on 6M interval.
What if I am laid off and want to reduce SIP amounts or what If i receive a heavy bonus and want to invest extra SIP of 50k only for a month?
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