In our previous post , we introduced the Stock SIP feature, allowing you to invest in your favorite stocks while benefiting from rupee cost averaging.
Now, let’s explore how to use it. This step-by-step guide will walk you through the process. Let’s get started!
How do you find this feature?
To access Stock SIP, follow these steps:
- Log into your Upstox account on Upstox Pro.
- Head to the ‘Orders’ tab in the app.
- Navigate to the ‘SIP’ section.
- Select ‘Create SIP’ to begin setting up your SIP order.
How do you use this feature?
1. Plan Your SIP
- Tap on ‘Create SIP’ and give your SIP a name.
- Choose your SIP frequency: Weekly or Monthly.
- Select your preferred day (for Weekly SIP) or date (for Monthly SIP) for execution.
- Add the stocks you want to invest in (up to 20) and set the quantities.
- Review the details and click ‘Confirm SIP’.
2. Automate your payment
- After creating your SIP, set up an Autopay mandate to automate your payments.
- Choose UPI for amounts up to ₹15,000 or Net Banking for larger amounts (up to ₹2,00,000).
- Approve the mandate through your UPI app or Net Banking page.
3. Pay First Installment
- Once Autopay is set up, pay the first installment for your SIP to kickstart the process.
When should you consider using this feature?
You should consider using the Stock SIP feature if:
- You want to invest regularly in a diversified stock portfolio but don’t want to manually buy stocks.
- You prefer automating your investments so you don’t have to keep track of each trade.
- You are looking to reduce the emotional stress of buying and selling stocks based on market conditions and benefits from rupee cost averaging.
Now that you understand how to set up a Stock SIP, let’s walk through an example to see how it works and some common pitfalls to avoid.
To get started, check out our post here.