Indians have invested Rs 3.24 lakh crore via MF SIPs

New Delhi: The assets under management of mutual fund companies that has come through systematic investment plans (SIPs) touched Rs 3.24 lakh crore in January, according to data from Association of Mutual Funds in India (AMFI).

In the current financial year (2019-2020), the total inflows through SIPs stood at Rs 82,929 crore, AMFI CEO NS Venkatesh said. Currently, mutual funds have about 3.03 crore SIP folios through which investors regularly invest in schemes. In January, the mutual fund industry saw 12.07 lakh new SIP folios added, while 5.95 lakh SIP accounts were closed or matured.

AMFI data shows that the MF industry had added, on average, 9.55 lakh SIP accounts each month during FY2019-20, with an average SIP size of about Rs 2,850 per account.

“The growing retail monthly SIP contribution is a thumping recognition of the retail investor acceptance of mutual funds as an avenue for long term wealth creation despite the market volatility,” Venkatesh said.

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