A SIP is a smart and organized way of investment in mutual funds. The SIP will invest your money in the market at your convenience time. SIP is hassle-free and the amount is automatically deducted from your bank account. SIP will provide you with the power of compounding. The SIP will help to decide the fund house of any Mutual Fund according to the market. The interest rate of the SIP will vary wrt the tenure and the scheme you have selected for your investment.

There are 4 most popular types of SIP available in the market.
Flexible SIP: Also known as Flex SIP or Flexi SIP. This SIP will allow you to select the SIP amount according to your financial condition as well as market condition.
Step-Up SIP: This SIP will allow you to increase the SIP amount at a fixed interval of time. This SIP is best for salaried people.
Perpetual SIP: In all the SIP you have entered the start date but you didn’t fill in the end date. By default, the SIP end date will be marked as the year 2030. So you are not allowed to stop the SIP in between. But this SIP will help you to do so and allow you to choose the end date of the SIP.
Trigger SIP: This SIP will help you to set a trigger for your SIP Investment. In this investment, the SIP amount is deducted from your bank and purchased as a unit of the selected schemes.