Missing Mutual Fund SIP can cost you Rs 250 to Rs 750! This platform makes it free with ‘No-Penalty SIP’

Home-grown neo-banking and financial services platform Jupiter today (10 August 2022) announced its entry into the world of mutual fund investments. The first wealth creation offering from Jupiter is a zero-commission Direct Mutual Fund investment with ‘No-Penalty SIP’ as a unique offering in the market.

In a statement, Jupiter said that the No-Penalty SIP is a landmark feature, a first in the industry, for Indian investors. It further said that banks typically charge between Rs 250 and Rs 750 as a penalty each time the SIP AutoPay mandate fails due to insufficient bank balance.

“With Jupiter, these unfair charges are now a thing of the past. The No-Penalty SIP has been built to smartly auto-skip any such charges. If the user’s Jupiter bank balance is running low, their SIP mandate is automatically skipped,” the statement said.

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The company further said that a user can set up a SIP on Jupiter’s platform with a single swipe. If the user would like to skip their SIP payment for the month or cancel the SIP completely, that can be done with just a swipe too.

Save with Direct Mutual Funds

By investing in direct mutual funds, users can save up to 1.5% in commission fees every year, which would have otherwise been paid out as a commission for regular mutual funds.

With no commission being earned by the Jupiter platform, users will end up earning extra returns on their Mutual Fund investments, and thereby, generate greater wealth over a period of time.

Commenting on the start of Jupiter’s mutual fund investment journey, Prithvi Raj Tejavath, Business Head of Investments at the firm said in the statement, “We believe that being disciplined with your SIPs is 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 the 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.”

“Moreover, should the consumer choose to invest before 2 PM on working days, they can also get the NAV (Net Asset Value), which is shown on the Jupiter app,” the statement added.

The company said that new the feature is currently available to people who have Mutual Fund investment accounts already. In a few weeks, everyone who’s completely new to Mutual Fund investments will also be able to open their investment accounts on Jupiter.

(Disclaimer: Mutual funds investments are subject to market risks. Please consult your financial advisors before investing in any mutual fund scheme)

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