How to Setup and Start a SIP on same day?

Before setting up a SIP, ensure you have an active mandate for your registered bank account. If not, please refer to this guide on creating a mandate.

Steps to set up a SIP:

1. Visit the Novo Platform or App.

2. Choose the mutual fund you want to start a SIP in. (Use the smart filter to check funds with your preferred minimum SIP amount.)

3. Click “Buy Now” and select whether you want to invest via SIP or Lumpsum.

4. Select an existing mandate or create a new mandate from the order screen.

5. Enter the amount you want to invest as SIP.

6. Choose your preferred investment frequency (e.g., monthly, quarterly).

7. Select the start date. By default, it is today, but you can set a future date (e.g., 1st of every month).

8. The end date is set to “Until Cancel” by default, but you can modify it as per your goal.

9. Enable the “Make Initial Payment Today” option to make your first payment immediately. Future payments will be auto-debited as per your chosen schedule.

10. If enabled, click “Pay Now” to complete your first transaction.

11. You can view and manage all your SIPs under the “My Plans” tab.

Note: The settlement cycle depends on the fund you have chosen and when the amount is credited to the clearing corporation.