This is my 1st time setting up mutual funds. I am creating it in zerodha coin. I came up on this installment amount and initial investment. Can anyone please explain what is this initial investment?
Zerodha requires you to buy an MF once before setting up SIP. They send your SIP information to AMC along with this initial investment. Thus you will have to set it as non zero. Got this below response from their support team.
“Whenever you place a SIP order at Zerodha Coin, we do not follow the conventional SIP model. All your orders are sent to the AMCs (fund houses) as lump sum investment orders on your chosen SIP dates. Lump-sum investments consist of 'Minimum Initial Investment Amount' and 'Minimum Additional Purchase Amount'.
As you haven't initiated the minimum initial investment amount your SIP order was not triggered on the SIP date. You can delete the SIP and create a new one or you can make a lumsum investment in Parag Parikh Flexi Cap Fund so that your SIP will be triggered from the next SIP date.”
So is it like I am paying the initial investment for the current month,( even though I want my sip to start from next month), and the installment amount is for the subsequent months to come?
Yes
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