What is SIP in mutual funds and how does it work?

SIP stands for Systematic Investment Plan. It is a method of investing in mutual funds, where an investor invests a fixed amount of money at regular intervals, typically monthly or quarterly, instead of investing a lump sum amount at one time.SIPs work by allowing investors to invest small amounts of money at regular intervals, which can help them to build a disciplined investment habit and achieve their long-term financial goals. When an investor opts for a SIP, they authorize their bank to debit a fixed amount of money from their account at regular intervals and invest it in the mutual fund scheme of their choice.
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