Step-up SIP: How you may double, triple and quadruple your investment; know calculations
Mutual Fund Step-up SIP: When you start investing in a mutual fund scheme through a Systematic Investment Plan (SIP), you invest a fixed amount every month. But if you want, you can also opt for a top-up SIP, where you can increase SIP amount every year. Since you get compound growth in SIP investment, increasing SIP amount every year may help you achieve your investment goal faster and can multiply your money by many times.
If you start with a SIP of Rs 5,000; increased the amount by 10 per cent every and get 12 per cent annualised return on your SIP, your investment will double in a little over 12 years. Photo: Pixabay/Representational