Jupiter introduces no-penalty SIP investment feature
August 11, 2022
The no-penalty SIP feature is a first in the Indian industry. Banks typically charge between ₹250 and ₹750 as a penalty each time a SIP auto-pay mandate fails due to insufficient balance in a bank account. The no-penalty SIP has been built to auto-skip any such charges. If a user’s Jupiter bank balance is running low, their SIP mandate is automatically skipped.
According to the platform, all it takes to set up an SIP is a single swipe. If the user would like to skip their SIP payment for the month, or cancel the SIP completely, that, too, can be done with just a swipe.
Jupiter added that investing in direct mutual funds allows users to save up to 1.5% in commission fees every year, which would have otherwise been paid out as commission for regular mutual funds.
Prithvi Raj Tejavath, business head of investments at Jupiter, said, “We believe that being disciplined with your SIPs are a great way for young investors to build wealth, and with just one comprehensive platform for banking and investing, Jupiter had an opportunity to slash down any penalties on missed SIPs due to low balance in your linked bank account. Our No-Penalty SIP auto-skips when your balance is running low, so you’re never charged for faltering on your Mutual Fund investments.”