Is it possible to decrease or increase the SIP amount?
Yes, you can increase or decrease the amount of your SIP investment.
If you want to increase your SIP amount, you can start a new SIP in the same mutual fund with the increased amount. For example, if your current SIP is ₹10,000 per month and you want to increase it to ₹12,000 per month, you can simply start a new SIP with the increased amount in the same mutual fund.
Or You can change the amount
Similarly, if you wish to decrease your SIP amount, you can start a new SIP with the reduced amount while keeping your existing SIP intact.
It's worth noting that while this solution works well in most cases, some mutual funds may stop accepting new SIPs for various reasons. If you find yourself in such a situation where your mutual fund isn't accepting new SIPs, and you want to change your investment amount, it's recommended not to cancel your existing SIP. Instead, you can start a fresh SIP in a different mutual fund with the desired amount.
By understanding this simple solution, you can easily adjust your SIP investments according to your financial goals and requirements without much hassle.