Indians invest whopping Rs3.4 billion per day in October in SIP

Record monthly high spending on systematic investment plans of mutual funds



By Web Desk

Published: Fri 12 Nov 2021, 2:31 PM

Last updated: Fri 12 Nov 2021, 2:44 PM

Indians invested a whopping Rs3.4 billion every day in October in systematic investment plans (SIPs) of mutual funds, according to the Association of Mutual Funds in India (AMFI).

October saw a record monthly contribution of Rs105.19 billion, more than a third higher than in the same month in 2020. According to analysts, the shift from stock markets to mutual funds has happened as the former have risen by more than 100 per cent since the March 2020 lockdown, tempering the prospects for further rapid growth.

Interestingly, over 15 million new MF accounts were opened between April and October 2021, as against 14.1 million in the entire previous fiscal (April 2020 to March 2021).

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Another record witnessed by the MF sector was in September, when the highest number of SIPs were registered (2.68 million), taking the total number of such plans to 46.4 million from last October’s level of 35 million.

Investors can put in a fixed amount every month at pre-defined intervals under SIPs. There were 46.43 million accounts under the systematic investment plans at the end of October, which was another record for the Indian mutual fund sector.


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