A Stock SIP is a disciplined way to invest a fixed amount or buy a fixed quantity of a stock every week/month. Just like an OTT platform subscription, think of a Stock SIP as a weekly or monthly subscription to a stock of your choice.
To set up a Stock SIP, follow these steps:
Click on any stock that you wish to buy
Tap on the ‘Buy’ button. You’ll see the default order type as ‘Market’. Click on this drop down menu and change the order type from ‘Market’ to ‘SIP’
Next, select the frequency and day on which you’d like to set up your Stock SIP for. You can choose monthly or weekly.
Lastly, select whether you want your Stock SIP to be by a fixed amount or quantity. If it is by a fixed amount, enter the amount you’d like to invest in that stock. If it’s by a fixed quantity enter the quantity that you’d like to buy.
Keep in mind:
Your first Stock SIP order will be placed on the same day.
All future orders will be placed according to the schedule selected.
If the market is closed at the time of setting up your Stock SIP, the order will be executed when the market opens next.