SIPor Systemic plan is one the best ways to invest money in the Stock Market. Using this method you can invest as low as 100 rupees per month in the Stock market. A SIP plan automatically deducts funds from your bank account at predetermined intervals and invests them in mutual funds that you have purchased. The best part about SIP is that it allows you to take advantage of rupee cost averaging, which lowers your investment costs and increases your earnings over time.
With the increase in earnings, many people want to Increase the SIP Amount. However, the process isn’t easy in the Upstox app to increase your SIP amount. But don’t worry we are here to help you. In this article, we are gonna share How to Increase SIP Amount in Upstox 2024.
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How to Increase SIP Amount in Upstox
In the Upstox app, we don’t have a separate option to increase the SIP amount. However, You can increase the SIP amount by cancelling the ongoing SIP. For this, you will have to stop your ongoing SIP. For this you will need to follow these steps:
- Open the Upstox app and log in using the user ID.
- Navigate yourself and go to the Mutual Fund section from the bottom dashboard if you are using Normal Upstox. However, if you are using Upstox Pro then you can find it under the explore section discover page.
- Next, click on ‘Portfolio’ and scroll down to ‘Your portfolio’ under which you will see the SIPs tab.
- Select the fund you want to stop SIP.
- Tap the Stop button located in the top right corner of the app and Confirm it.
This will terminate all upcoming SIP instalments but it won’t trigger redemptions. If you have an SIP instalment in the next 7 days then won’t be able to cancel it. After cancelling your SIP order you can start a fresh SIP on that same but this time you can increase the amount. If you don’t know how to start SIP then you can follow these steps:
- Navigate yourself to the Mutual Fund Section.
- Now search for the fund you want to invest, you can also find the fund from Your portfolio section.
- Select SIP and enter the amount date.
- After that confirm your payment and set up Autopay.
It can take up to 3 days for units to be credited to your account. Also if you cancel and then start a fresh SIP then it will attract multiple charges. Therefore we recommend you not to change your SIP amount too frequently. If you don’t have money or are low on money on the SIP date then you can pause SIP and continue it once you think you can pay instalments.
SIP Calculator
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FAQs: How to Increase SIP Amount in Upstox
Yes, you can increase the SIP amount in upstox by cancelling the ongoing instalment and starting a new one.
Yes, Direct mutual funds are available in Upstox.
The minimum SIP amount depends on the fund house. Generally, most of the funds have a SIP limit of 100.
If you skip 3 straight instalments then your SIP will be cancelled.
