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Mirae Asset Mutual Fund Lowers SIP Minimums to ₹99, Effective October 1, 2024

02 October 20242 mins read by Angel One
Mirae Asset Mutual Fund lowers SIP minimums to ₹99, effective October 1, aiming to enhance accessibility for investors across most schemes.
Mirae Asset Mutual Fund Lowers SIP Minimums to ₹99, Effective October 1, 2024
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Mirae Asset Mutual Fund has announced a significant reduction in the minimum investment amounts for its Systematic Investment Plans (SIPs), effective from October 1, 2024. The new monthly and quarterly SIP amounts will be as low as ₹99, with subsequent investments allowed in multiples of ₹1 across all schemes managed by the fund, with the exception of the Mirae Asset ELSS Tax Saver Fund.

The announcement was communicated to unitholders through a notice-cum-addendum dated September 24, emphasising that the new minimum amounts will apply at the time of fresh SIP registrations. Notably, this change is aimed at attracting a broader range of investors, particularly those who may have found the previous minimum SIP amount of ₹500 (and multiples of ₹1 thereafter) a barrier to entry. 

The Mirae Asset ELSS Tax Saver Fund, however, will maintain its minimum SIP requirement of ₹500, with subsequent investments needing to be in multiples of ₹500. This adjustment reflects Mirae Asset’s commitment to enhancing accessibility to mutual fund investments, aligning with broader industry trends.

Earlier this month, SEBI Chairperson Madhabi Puri Buch indicated that the mutual fund industry could further lower the minimum SIP ticket size to ₹250, enhancing the investment landscape for retail investors. Some mutual funds are already offering SIPs with a minimum ticket size of ₹100, while others stick to ₹500.

Currently, Mirae Asset manages around 67 mutual fund schemes, which include 28 equity schemes, 5 hybrid funds, 18 debt funds, 2 commodity funds, and 14 other schemes, including index funds and ETFs. With these new SIP limits, Mirae Asset aims to cater to a more diverse investor base, encouraging participation in the mutual fund space.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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