Step Up calculator is a calculator that gives you the future value of your SIP investments if you increase your SIP periodically by a given percentage.
SIP or the systematic investment plan helps you to compound your investment in order to build your wealth. However, when you step up your SIP investments periodically they have the chances of even building greater wealth for you. The other reason is as you grow your income also grows so your savings should also increase proportionately therefore you should top up your SIP periodically.
Yes, one can start Step-Up SIP option through online platform as well by selecting right fund option based on your risk appetite.
Note - If an investor does not specify the frequency, the default frequency for Step-Up will be considered as Half yearly.
No, an investor cannot Step-Up an existing SIP. The investor can step-up any SIP only if at the time of starting a fresh SIP, step-up SIP column is selected. If the step-up SIP column is not selected at the time of fresh SIP then the investor will have to again start a new SIP and select Sep-Up SIP column.
No, an investor cannot modify a Step-Up facility which is already availed. If an investor wants to make any modifications in an existing SIP, the investor must cancel the existing SIP and enroll for a fresh SIP with Step-Up option.