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Starting a SIP in MyCAMS
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Starting a SIP in MyCAMS
Earlier in Systematic Investment Plan and Compounding effect we have seen how an SIP can be an easy tool for wealth build over a period of time.
Now, in this session, let us see how we can use MyCAMS to start an SIP investment.
MyCAMS is a tool offered by CAMS for retail mutual fund investors.
If you are a CAMS investors, you can create a login and password.
CAMS used you PAN number and automatically links all your existing folios of schemes that are managed by them.
Now, let us see how to start a Systematic Investment Plan in CAMS.
Start by loggin in to MyCAMS at https://www.camsonline.com/MyCAMS.aspx
Click on the Transact icon
Then click on Systematic Transactions
If you want to start a SIP in an existing folio of a mutual fund, click on SIP link in the menu
If you are new to the mutual fund house or if you want to start a SIP in a new folio to be created, click on iSIP link in the menu.
The steps for SIP and iSIP will be almost the same except for the creation of the folio number.
Select a Mutual Fund Name (Example: Birla Sunlife Mutual Fund)
If you are an existing investor in its schemes, the folio numbers you have invested in the past will be listed.
Select the Scheme Name (Example: Birla Sunlife Equity Fund - Direct Plan - Growth Option)
Select Dividend Option (Applicable if you chose Divend scheme in the above step; Else ignore)
Investment Frequency depends on the scheme name selected above. In general most investors who wish to invest once a month can choose "Once in a month option".
If you wish to invest on multiple dates in a month, you need to submit separate SIP requests (by repeating the above steps for different dates).
Select a starting and ending SIP date.
If you select the Perpetual SIP, the SIP will run till 31-Dec-2099. Do not worry. You can cancel the SIP at any time by giving a one month notice.
The number of SIP installments will be automatically calculated and displayed to you.
Enter the installment amount
Then select a mode of payment and the bank name.
Finally, click on the ratio button about the terms and conditions (SID etc) and click on the Submit button.