Paytm and SBI launch SIP with minimum investment of ₹250
What's the story
Paytm has partnered with SBI Mutual Fund to launch the JanNivesh Systematic Investment Plan (SIP). SEBI Chairperson Madhabi Puri Buch announced the initiative today. The scheme provides flexible SIP options like daily, weekly, or monthly contributions, addressing a variety of financial requirements and preferences. The minimum investment amount is ₹250, a move aimed at encouraging more people to invest through SIPs.
Scheme
Paytm Services to offer JanNivesh SIP
The JanNivesh SIP will be offered by Paytm's subsidiary, Paytm Services Private Limited (PSPL). To set up their SIP on the Paytm app, users will have to select the JanNivesh SIP icon in the 'Do More with Paytm' section. They can then select their preferred investment frequency - daily, weekly or monthly - and choose an investment amount starting from ₹250.
User guide
Setting up JanNivesh SIP: A step-by-step guide
After choosing the investment amount, users will have to enter their PAN details and complete SEBI-mandated KYC steps by entering the required information. They can then review their SIP details and set up a UPI Autopay mandate. Once the UPI Autopay mandate is established successfully, their SIP will be registered. This way, JanNivesh SIP setup will be user-friendly and simple on Paytm app.
Availability
It is also available on other platforms
Apart from Paytm, the JanNivesh SIP will also be available on other digital platforms like Zerodha, Groww, and the SBI YONO app. This move comes as part of an effort to make the scheme widely available and encourage more Indians to start investing in their future. The initiative fits SEBI's recent ₹500 incentive proposal for educating first-time investors in mutual funds and supporting sustainable long-term investments.