SIP account addition continues to surge amid bullish sentiments
AMFI showed. This was well above the average monthly addition of 2.2 million over the past two years, led by a renewed investor interest amid the market rally. The benchmark indices have gained nearly 16% in the past six months fueled by domestic and foreign inflows.
The monthly SIP addition remained above three million for the second month in a row. The SIP addition was 12.5 million accounts in the past 12 months. The net addition in August was 1.6 million, the highest in 23 months. The total SIP account tally reached a record 69.7 million.
The monthly inflow in the SIP funds was Rs 15,814 crore in August while the average ticket size was Rs 2,269 per account, the highest in 19 months. Given the past 12-month cumulative SIP inflow of Rs 1.7 lakh crore, the assets under management (AUM) of the SIP linked funds reached Rs 8.5 lakh crore.
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The share of SIP AUM in the total mutual funds AUM was at a record 18.2% in August 2023. The total SIP accounts grew by 23% annually over the past five years thereby playing a pivotal role in 31% annual growth in the SIP linked AUM.
