Introduction
Saving is a way of a brighter future. To make your future safe, start saving and investing today. If you will invest your savings in the right way, then you can get attractive returns on it. Today we will tell you about a scheme that you can choose for saving as well as for investment purposes. The scheme that we are today going to discuss with you is SIP. It stands for Systematic Investment Plan. I think many of this era people have listened and also have knowledge about this scheme. But we will tell you in detail about it. Also, we will tell you how this scheme will make you the richest.
Suppose you are 25 years old and want to save for your older age then SIP is best for it.
Helpful Tips To Plan Best SIP To Get Higher Returns
If you want to calculate your age, then try the online Age calculator website. Use the SIP Calculator to know the approx return that you will get on your invested amount. By using both calculators, you can plan your SIP in a better way and get maximum returns from it.
You can start your monthly, quarterly, or yearly SIP with a small amount of 500RS. Grow is a trading app that you can trust for it. Also, there are several options that you can choose for SIP. Such as HDFC SIP, AXIS bank SIP, SBI SIP, etc.
Types Of SIP
There are two types of SIP schemes.
1) Direct SIP
2) regular SIP
In direct SIP, you can start it by yourself using any trading application. Such as Kite or Groww. If you do not have any knowledge regarding SIP and want to take the help of another person then you contact any SIP agency. SIP agent takes 1% of the commission on your SIP amount and helps you maintain it properly.
SIP VS Lump Sum Investment
SIP is an approach for investing a fixed amount for a regular duration, While a lump sum is an investing approach in which you can invest any scale of amount at any random time. There is no fixed timing for investment. SIP is safer than a Lump Sum investment. Go with the above-given options if you want to start your SIP today.
Summary
So this is all about SIP that today everyone should know. Here is the best approach that you can choose for safe future planning. It will show you how you can get higher returns from periodic savings. A higher period of savings gives you more returns.