Process Flow - SIP Basket

Aug 06, 2020 4:15 AM 417 views

Background

Whenever clients think about SIPs, they would generally have a long term / medium-term goal in mind. One of the points that the client would always be keen to know about would be which schemes should be selected for SIPs and how should the total SIP amount be split into these schemes.

We are introducing a solution that facilitates answers to these questions on our digital platforms. Presenting - SIP Basket.

What is SIP Basket

SIP basket is a bucket of SIP schemes for a specific theme. Currently, we are offering aggressive, moderate, and conservative SIP baskets. These baskets are backed by inputs from our research team, and consist of answers to - 

  • Which schemes should a client split their SIPs across depending on the theme selected
  • How to allocate funds across the selected schemes

This, hence makes it very easy to convey the research-backed options possible to the client.

How to initiate SIPs through SIP Basket feature

The process to initiate SIPs through the SIP Basket feature is very easy and can be completed for a client within seconds.

Login to mf.indiainfoline.com & select client ID

  • Select SIP Basket option - This option is available in menu Invest >> SIP Basket as well as below holdings on the dashboard.

  • On SIP Baskets page, the SIP baskets curated by research & ready for investment would be available for selection. Select the preferred basket.

  • Once a basket is selected, you can see the schemes suggested under this basket along with their %age allocation.

  • Select SIP Start Date, SIP Duration, and SIP Basket Investment amount.

Please note below key points.

  • Since the SIPs would be processed simultaneously through the basket, the common SIP dates available across schemes would be available for selection.
  • There would be certain minimum SIP Basket amount which ensures that the individual SIP criteria for respective schemes are met in line with the %age allocation. SIP Basket orders can be initiated in multiples of such investment amount.
  • First Order Today option is also available with this feature; if opted for, the funds for the first installments would be debited from client’s, ledger & hence adequate balance needs to be present in the ledger.

Once the user clicks on Invest Now, the cart would be displayed in line with the selection.

Key point to note:
Since the SIP Basket is being processed, removal of any scheme(s) individually through the cart would not be possible, since this would result in deviation from the allocation recommended through the SIP Basket.

  • Select appropriate payment mode, and proceed.

It is always recommended to apply for SIPs through mandate since this removes the dependency on fund requirements in client ledger. If a new mandate is to be created, it is again recommended to go for online mandate options such as internet banking/debit card with which mandates can be initiated digitally and within seconds, and the mandate approval time is much shorter compared to a physical mandate.

  • Once you confirm, SIP would be placed for the client.

If you have opted for new mandate creation with internet bank or debit card, the mandate processing link would be sent to the registered contact details of the client - please advise the client to click on the link and process the mandate once.

Tags: #Finance

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