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What is Step-up SIP?
A systematic Investment Plan (SIP) is one way to invest in tax-saving mutual funds. Here, you invest a small sum regularly (weekly/monthly/quarterly) as per your affordability. Just step it up by adding an automated feature that will increase your SIP contributions after a specific period! Step-up SIP is also known as top-up SIP.

You are essentially topping up your SIP by a certain percentage every month – for instance, 5000 in 2015, 5000+15% in 2016, and so on. You can do this in line with your current income, prospective yearly increments, and of course financial goals. This lays down a set plan for the investor to reach the predetermined investing amount over a period of time.

Difference between Step-up SIPs and Conventional SIPs
In the traditional form of SIP investing, investors do not have the option to increase their periodic contributions during the investment tenure. If one wants to invest more money than they were originally able to they must open a new SIP. This is where Step-up SIP proves to be highly resourceful as it allows people to translate their increased earnings into their already ongoing SIPs instead of starting a new account or simply spending it away.

As we have already seen, investing in Step-up SIPs has immense benefits over regular SIPs. This will ensure that you maintain the savings that you require to reach your financial goals. Considering all these parameters, there is certainly no reason for you to delay your Step-up SIP.

Source - ClearTax: http://bit.ly/3gGNbvW

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