SIP booster lets you increase the SIP instalment value at a set frequency and amount. So, instead of starting a new SIP in a fund every time you have additional money, you can increase the SIP value by a fixed amount and set frequency. Moreover, you can also set a cap on the SIP amount whereby, once you reach the set limit the last boosted SIP amount will continue for remaining tenure of your SIP.
For ex: You have an existing SIP in Motilal Oswal Multicap 35 fund for Rs.5000 per month till Dec 2030. With SIP booster you can choose to increase this SIP value by Rs.1000 every 6 months upto a maximum value of Rs.10,000. So the SIP value will be Rs.6,000 for 6 months; Rs. 7,000 for 6 months; Rs.8,000 for 6 months till if reaches Rs.10,000 per month.
So you can decide the amount of top-up, frequency and maximum value using SIP booster.
Yes, you can use the same URN for SIP Booster. However, you will have to modify the URN autopay limit to the extent of the increased SIP value. For ex: if you decide to avail SIP Booster upto Rs.15,000 and if your existing URN value is Rs.10,000 – you will have to login to your net banking and modify the URN value.
Similarly if you also choose to enhance the SIP tenure, you will have to modify the tenure of your URN.
Your existing OTM can be used for SIP booster. Please ensure that you activate your OTM, if not done already. If your existing OTM is less that your increased SIP value, you need to register for a new OTM.
