Setting up Stock SIPs involves 3 simple steps:
Creating a Stock SIP Order → Setting up Autopay → Paying the first instalment
Here’s a how-to for each of the steps:
Creating a Stock SIP Order:
Log into your Upstox account
Head to the ‘Orders’ tab and go to SIP section
Tap on ‘Create SIP’ and give it a name
Select the SIP frequency between Weekly or Monthly
Select the day (for Weekly) or the date (for Monthly) for your next SIP
Click on ‘+Add’ to add Stocks to your SIP Order (up to 20 Stocks)
Select the quantities for each Stock
Click on ‘Create SIP’ and verify the details and click on Confirm SIP.
Select the Autopay mandate or ‘Setup a new Autopay’
Click on ‘Create SIP’
Note: You can create a maximum of 50 Stock SIP Orders, each with up to 20 Stocks.
Setting up Autopay:
To set up an Autopay, you need to create a bank mandate as per the below steps:
Head to the SIP order you created
Click on the SIP mentioning Autopay pending.
Click on ‘Set up Autopay’
Select the payment method:
UPI for up to ₹15,000
Net Banking for up to ₹2,00,000
Click on continue and you’ll be redirected to the UPI app or the Net Banking page
Approve the mandate and you are done.
Ensure that you have sufficient funds in your bank account for your SIP payments. If there’s insufficient balance in the case of Net Banking, you might have to pay bank charges.
Paying the first instalment:
After setting up the Autopay, you can pay the 1st instalment for your SIP Order and automate the process for future investments.
Note:
Your SIP Order will be created even if you don't set up an Autopay or pay the first instalment.
After setting up the mandate, you'll receive a notification before any SIP is executed to confirm the approximate amount.
Autopay is a great way to be a consistent investor in the Stocks of your choice.
Paying the first instalment ensures that you take the first step in your investment journey.