What is an iSIP?

An iSIP or an internet-based SIP is a completely paperless way of setting up an SIP. In an iSIP, after you have set up the SIP, you will have to add the mutual fund house officially called a Asset Management Company (AMC) as a biller in your bank through internet banking. This process will need to be done for every iSIP in every scheme. The AMC will then present monthly bills to your bank. If you select the auto-pay option while adding the biller, the payment will happen automatically when the bank receives the bill. Currently, the following AMCs support iSIPs: Birla Sun Life Mutual Fund DSP BlackRock Mutual Fund HDFC Mutual Fund ICICI Prudential Mutual Fund IDFC Mutual Fund Reliance Mutual Fund UTI Mutual Fund