Your Guide on How to Change SIP Amount
Systematic Investment Plans (SIPs) are a popular investment option for mutual funds in the UAE. Through this route, you can easily invest in your favourite mutual funds at your decided frequency. However, considering the ever-changing financial circumstances and requirements, the query of ‘can we increase SIP amount in between’ often surfaces. read more
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Can I Change Amount in SIP?
It’s important to be clear from the start — you won’t find many options if you’re wondering “Can I change my SIP amount?”
The only major options in this scenario are SIP top-ups and cancellation. However, there is one more way, although its availability depends on your broker.
How to Change SIP Amount?
As mentioned earlier, the increase or decrease in SIP amount can be primarily made through a few options.
Let’s discuss each one in more detail here —
1. Via Top-ups
Top-up SIPs, also known as step-up SIPs, allow you to increase your contributions at defined intervals. Here, the amount that you invest in a specific period increases by a fixed amount or percentage.
Here’s an example of the same —
Both Aman and Bilal invest AED 2,000 per month in SIPs and decide to go for a top-up every year.
Aman chooses a percentage increase at the rate of 10%. Bilal, meanwhile, opts to increase the amount by AED 200.
Here’s how their investments will look like in the future —
|
Year |
Investment Amount for |
|---|---|
|
1st |
Aman: AED 2,000 |
|
2nd |
Aman: AED 2,200 |
|
3rd |
Aman: AED 2,420 |
|
4th |
Aman: AED 2,662 |
This type of SIP amount increase is ideal for salaried individuals who receive regular half-yearly or yearly increments. In this case, SIP contributions are automatically increased considering the increment in your salary without any manual intervention.
Note: SIP top-ups are possible only at certain intervals.
2. Via Policy Cancellation
If the purpose behind your query of ‘can I change my monthly SIP amount’ is to decrease your regular investment amount, you cannot take an SIP top-up.
In such a case, you can simply cancel your existing SIP. Once done, you can start a new one at a lower amount that matches your requirements.
To cancel your SIP, you will need to submit a request to the fund house. This can be done offline or through its website or mobile app.
Important: Keep in mind that early exits can bring exit charges and more. Furthermore, your investment goals can be impacted. Thus, it is advisable to have a word with a financial advisor before making any changes.
3. Via Broker’s Website
You don’t always need to cancel or start a new SIP — some brokers offer you the option to modify your SIPs in a few simple steps.
- Visit the broker’s site
- Choose the ‘SIPs’ option under ‘Mutual Funds’
- Choose the SIP you want to modify
- Select the option to edit or modify SIP and save the changes
Can we increase the amount in existing SIP?
Yes, you can increase the investment amount in your SIP via SIP top-ups. The increase can be in terms of a fixed percentage or amount.
How to decide how much amount to change in SIP?
With SIP top-ups, you can consider the general inflation rate or the average increment in your salary over the years and match the increase rate accordingly. However, before making a decision, consider your liabilities, family planning, and other factors as well.
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