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SIP – Invest in Best Systematic Investment Plans

SIP (Systematic Investment Plan) – Meaning, Invest in Best SIP Mutual Funds

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Top SIP Mutual Funds in India for 2022

Investing via an SIP helps you stagger your investment over a period and gives you the benefit of rupee cost averaging. You don’t have to time markets if you choose to invest in mutual funds via an SIP.
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What is A SIP?

A systematic Investment Plan, commonly referred to as an SIP, allows you to invest a small sum regularly in your preferred mutual fund scheme. By activating an SIP, a fixed amount is deducted from your bank account every month, which gets invested in the mutual fund of your choice.
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Unlike a lump sum investment, you spread your investment over time with an SIP. Therefore, you don’t need to have a large amount of money to get started with your mutual fund investment through SIPs. By investing via an SIP, you are forced to set aside a sum at regular intervals, which help you instil a sense of financial discipline in the long run.


How Do SIPs Work?

Every time you invest in a mutual fund scheme through an SIP, you purchase a certain number of fund units corresponding to the amount you invested. You don’t need to time the markets when investing through an SIP as you benefit from both bullish and bearish market trends.

When the markets are down, you purchase more fund units while you purchase fewer units when the markets are surging. Since NAV of all mutual funds are updated on a daily basis, the cost of purchase may vary from one SIP instalment to another. Over time, the cost of purchase averages out and turns out to be on the lower side. This is known as rupee cost averaging. This benefit is not available when you invest a lump sum.
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Benefits of investing in mutual funds via SIP

With an SIP, you can get started with your investment with a small amount and reap significant returns in the long run. It’s simple and the most convenient way of investing in mutual funds. It also brings financial discipline.

Convenience

You can invest in a disciplined and phased manner through an SIP. It gives you the convenience of starting your investment with as low as Rs 100 a month.


Rupee Cost Averaging

SIP helps you invest in equity funds without having to time the stock market. You invest a fixed amount regularly across stock market levels when you invest in equity funds through the SIP. It helps you buy more equity fund units when the stock markets are crashing and lesser units when markets rise. You will be averaging out the purchase price of equity fund units over time thereby lessening the impact of short term market fluctuations on your investment.
Lets understand Rupee Cost Averaging with an Example: Suppose you invest Rs 1000 every month in an equity fund through an SIP. Stock markets are highly volatile and the Net Asset Value (NAV) of the equity fund keeps changing. It means you will not be able to invest at the same NAV every month. If you invest Rs 10,000 every month from January to June in a particular year your SIP investment could look like this.


Month NAV Number of Units (Rs 10000/ NAV)
January 100 100
February 95 105
March 96 104
April 93 108
May 94 106
June 98 102
Total 576 625


From the above example, the average purchase price for units of equity funds was Rs 96 (576/6) over 6 months and you purchased a total of 625 units. If you had invested a lump sum amount in January, your purchase price would have been higher at an NAV of Rs 100 and you would have bought 600 units. (Rs 60,000/100). Therefore, Rupee cost averaging has helped you average out the purchase price of units over time.


Power of Compounding

Power of Compounding helps you magnify your returns over time. It is basically a return on your returns from equity mutual funds. For example, suppose you invest Rs 100 in an equity fund which fetches you returns of 10% per annum. You do not take out your profit from equity funds which is effectively reinvested in the mutual fund and your total corpus is Rs 110. The returns you now earn from the equity fund are on Rs 110 and not Rs 100 which is return on your returns.
You can invest in equity funds through the SIP to enjoy the power of compounding. It helps if you start your SIP as early as possible and stay with your investment for the long run to enjoy the power of compounding benefit.
Lets understand the power of compounding with an example. Suppose four people, Ramesh, Suresh, Mahesh and Uday who are 30, 35, 40 and 45 years old have invested Rs 5,000 per month in equity funds through the SIP. Let's assume equity funds offer an annual return of 12%.
The table below shows their accumulated corpus at retirement at the age of 60 years.


  Monthly SIP (Rs) Age (Years) Time till Retirement (Years) Investment Amount (Rs) Final Corpus (Rs)
Ramesh 5,000 30 30 18,00,000 1,58,49,569
Suresh 5,000 35 25 15,00,000 94,88,175
Mahesh 5,000 40 20 12,00,000 49,95,740
Uday 5,000 45 15 9,00,000 25,22,880
You can use ClearTax SIP Calculator to calculate the investment amount and the final corpus.

Inference: As you see from the table, Ramesh has accumulated a corpus of over Rs 1.5 crore. It is way above the accumulated corpus of Suresh, Mahesh and Uday. The primary reason for this is Ramesh has invested for a longer period of time. Moreover, the power of compounding benefit has propelled Ramesh’s investment to a massive portfolio.

Low Initial Investment: You can invest as low as Rs 500 per SIP instalment in equity funds. It helps you start investing for your financial goals without having to wait until you accumulate a lump sum amount. However, it helps if you invest a higher amount through SIP if you want to attain your long term financial goals faster.


2x Higher returns than RD

ELSS mutual funds have the potential to provide much higher returns than bank FDs, PPF and other traditional investment options.


Ease of Investing

Investing in equity funds through SIP is a convenient way of building wealth over time. It is pocket friendly as you can invest a minimum of Rs 500 per SIP installment.SIP gives standing instructions to your bank to deduct the requisite amount every month and this amount gets invested in the equity fund.

Why should you invest in SIP Mutual funds?

Poeple should invest in SIP mutual funds because The concept of SIPs is focused on the philosophy of “Save First, Spend Next”.
With an SIP, you can invest small amounts at fixed intervals (weekly, monthly or quarterly) instead of making a one-time investment.
Power of Compounding
The rupee cost averaging results when you stagger your investments over a long period. This ensures that you get much more returns as compared to a lump-sum investment.
Start with as low as Rs 100 a month
You can start investing in mutual funds through an SIP with an amount as low as Rs 500. Over time, you can increase your monthly SIPs when you get the feel of what mutual funds are capable of.
Rupee Cost Averaging
The equity market is volatile, and when you invest via an SIP, you will buy more number of units during a slump and less number of units in a booming market, and as a result, you would decrease the cost per unit in the long run.
Become a disciplined investor
Investing via an SIP would make you disciplined in terms of managing your finances. With the option of automated payments, you don’t have to go through the hassle of investing manually every month.
Acts as an Emergency Fund
You can stop your SIPs at any time, and the fund house has no say in this. Also, you can redeem your investment at any time (if there is no lock-in period).

Who Should Invest Through SIP?

The first-time mutual fund investors may consider starting their mutual fund journey by initiating an SIP. This is ideal for those having a regular source of income, such as a salary. You can divert a portion of your regular income towards mutual fund investments by initiating an SIP. This helps you instil a sense of financial discipline in the long run as you will be forced to set aside a sum at regular intervals.

SIP or one-time: How should you invest?

Often, first-time investors get confused about choosing between an SIP investment or one-time investment.
One-time investment
In this mode of investment, you make a one time payment of a considerable sum of money.
Monthly SIP
On the other hand, in an SIP, a fixed amount of sum is deposited at regular intervals of time in a mutual fund scheme. In short, one-time investment mode can be chosen if you have money in hand right now that can be invested, and an SIP can be chosen if you are expecting a regular inflow of money in future. First-time investors are advised to take the SIP route.
SIP Investment One-time Investment
Periodic investments in a tenure One-time investment in a tenure (lump sum)
Earns better during market lows Earns better during market highs
SIPs can protect investments from potential market crash One-time investments can lead to major loss during market crash, which happens often enough

How to Choose Best SIP Mutual funds?

The internet will provide you with the A-Z of the mutual funds you shortlisted including their past returns.
However, you have to make sure that the fund you pick meets the below criteria.

Goals

It is important to ensure that you choose to invest in those funds that help you achieve your goals.
You have to assess your requirements and match them with the objectives of the fund under consideration before initiating an SIP into it.

Risk tolerance

It is essential that you invest only in those funds whose risk level falls under your risk appetite.
If you are a risk-averse investor, then it is important that you invest in those funds that carry minimal to no risk.

₹500 Crore Asset Under Management

A Rs 500 crore asset size can be a reasonable benchmark when selecting a fund. This doesn’t mean that funds below this corpus are bad, but it is not advisable unless you are willing to take some risk.

Duration of SIP

The longer the duration of your SIP, the better. It is advisable to continue your SIP for as long as possible. Even if you don’t invest, you can continue letting your investment stay invested. This way, you give your investment the time to grow to a significant sum

Fund House

The reputation of the fund house is an important factor while choosing a plan as it tells how well they were able to handle market highs and lows without letting their investors feel the impact of fluctuations.

How To Invest in SIP

Set Investment Goals

Every mutual fund is built around an objective to achieve. You have to analyse your requirements and choose that fund which is in sync with your goals and risk profile. If you are finding it difficult to choose the right mutual fund, then let us know your requirements, we will shortlist funds accordingly.

Decide between SIP or lump sum

There are two ways of investing in mutual funds; a lump-sum investment or stagger your investment over time via an SIP. You have to assess your profile and choose to invest either a lump sum or an SIP.

KYC

All our mutual fund investments mandate KYC documentation and a net banking account. Undergoing KYC verification is mandatory as per the norms of the Securities and Exchange Board of India (SEBI), without which you cannot invest in mutual funds, and it is a one-time process. There is usually no need to sign cheques and fill out forms if you are investing in mutual funds with us.
Invest in Handpicked Mutual Funds
Start an SIP with ClearTax & invest in best performing mutual funds to get better return on investment than Bank RDs/ PPF

FAQs (Frequently asked Questions)

As a tax-paying citizen, the Section-80c of the Indian Tax Act allows you some breather –
a deduction of up to 150,000 from your total annual income.

  • What is SIP (Systematic Investment Plan) in mutual funds?

    A systematic investment plan or SIP is the most convenient way of investing in a mutual fund scheme. Through an SIP, you can stagger your investments over time by investing a fixed sum at regular intervals. The frequency of your SIP can be weekly, monthly, quarterly, or bi-annual, as per your comfort. SIPs are open-ended, meaning you can initiate or terminate an SIP at any time. There is an option of pausing your SIP for a while if you don't have enough money to invest. There are no penalties levied on the investors for terminating or pausing their SIP.

  • How to invest in SIP?

    Before you initiate an SIP into any mutual fund scheme, you need to ensure that the objectives and risk levels of the mutual fund scheme under consideration are matching your profile and risk tolerance. Once you have established that a particular mutual fund is suitable for you to invest in, you can initiate an SIP. You need to have a bank account and link the same with your investment account. To make the SIP investment process a seamless one, you can activate ECS or give your bank standing instructions to deposit a certain amount from your account into the mutual fund scheme of your choice on the predetermined dates.

  • How to stop an SIP?

    It is never advisable to stop your SIP unless you have achieved your investment goal. The market movements shouldn't influence your decisions. Remember, the longer you stay invested, and the more you invest, the higher your return on investment will be. Once you have decided to stop an SIP, you need to inform the same to the fund house. You can do this by logging in to your mutual fund investment account held with the fund house and fill and submit the 'stop SIP' form. Alternatively, you can also visit the branch of a fund house and submit a duly filled SIP cancellation form. If you had activated ECS, then ensure to inform your banker to cancel it at the earliest.

  • How to stop SIP online?

    You can stop your SIP online by logging in to your mutual fund investment account with the fund house and submit 'Stop SIP' form. This facility is also available R&T agents and third party sites you have invested with. You can terminate an SIP within a few clicks at the comfort of your home.

  • How SIP works?

    A systematic investment plan or SIP is the most popular way of investing in a mutual fund scheme. Through an SIP, you stagger your investment over time as you invest a small sum at regular intervals. Your SIP frequency can be weekly, monthly, quarterly, or bi-annually, as per your comfort—every SIP instalment results in purchasing of the new fund units at the prevailing NAV. Over time, the cost of purchase of fund units averages out and turns out to be on the lower side. When you continue your SIP when the markets are down, you purchase more fund units while you purchase a fewer number of units when the markets are down. Therefore, you get the benefit of both falling and surging markets. This is referred to as rupee cost averaging. You can benefit from realising higher capital gains when the markets have peaked as your purchase cost gets averaged out and turns out to be on the lower side.

  • What is an SIP account?

    An SIP account is an arrangement made by the fund houses that allows you to invest a small amount of money into your choice's mutual fund plan at regular intervals. Having an active SIP account helps you instil a sense of financial discipline over time as you are forced to set aside a fixed sum at regular intervals.

  • How to invest in SIP online?

    You can invest in SIP online by signing up for an investment account with the fund house of your choice. Before you can initiate an SIP into a mutual fund of your choice, you need to undergo KYC verification. You can do this on the fund houses' website or through RTAs'. You will only need to provide your PAN card, proof of address, and your photo in the prescribed format. Once you have completed your KYC verification, you can start investing in SIP online by linking your bank account with the investment account.

  • Which SIP is best?

    Before deciding on the SIP suitable for your profile, you need to understand your cash flow. If you are a salaried employee, then investing through a monthly SIP is suitable as you get your salary on predetermined dates, which helps you invest regularly. If you want to purchase fund units more frequently and optimise the cost of purchase of fund units to the fullest, then you may consider investing through a weekly SIP. If you get performance-based bonus payouts on a quarterly or bi-annual basis, then you may consider investing via a quarterly or bi-annual SIP.

  • What is NAV in SIP?

    Net asset value (NAV) is the price at which investors can purchase or sell mutual fund units. The NAV of most mutual funds is updated on a daily basis after the business hours. All mutual fund transactions happen only at the prevailing NAV. Every time you invest via an SIP instalment, your cost of purchase will be the prevailing NAV.

  • How to open an SIP account?

    To open an SIP account, you first need to hold an investment account with the fund house of your choice. You have to complete KYC verification before you can get started with your SIP account. The verification required your PAN, proof of address and a photo in the prescribed format. Once you have undergone KYC verification, you can set up an SIP account within your investment account by filling up the 'Start/Initiate an SIP' form.

  • How to select mutual funds for SIP?

    Every mutual fund scheme comes with a set of objectives to achieve. Therefore, the risk levels of mutual funds vary across fund plans. You have to assess your requirements and risk tolerance. You may choose to invest in only those funds whose objectives and risk levels are matching your profile. You have to analyse the fund from various angles such as past performance, expense ratio and financial ratios. Invest in those funds that stand out among others.

  • How to redeem SIP mutual fund online?

    You can redeem your SIP investments online by logging in to your investment account held with the fund house and terminate your SIP by submitting a 'Terminate SIP form'. If you don't terminate your SIP, then you will purchase the fund units on the next SIP instalment date. If you don't want to terminate your SIP, then you can directly redeem the fund units purchased through SIP by placing a redemption request. Your transaction will be processed at the prevailing NAV.

  • How to calculate SIP returns?

    If you are to estimate the returns your SIP investment is going to provide your in future, then you have to follow the simple steps mentioned below:
    • Go to our SIP Calcularor
    • Enter the SIP amount of your choice
    • Enter the duration of your SIP
    • Enter the expected rate of return using the sliding scale
    Once you have entered the details above, our SIP calculator will show the estimated returns your SIP investment would generate.

  • How to select a mutual fund for SIP India?

    Before you decide to invest in mutual funds, you need to analyse your requirements and risk tolerance level. Once this is done, you need to look for those fund plans whose objectives and risk levels are in sync with your profile. Apart from that, you have to check for the expense ratio, financial ratios, and past performance of the fund plan under consideration to understand if it is the best in its category. Once you have selected a mutual fund scheme, you can initiate an SIP into it by creating an investment account with the respective fund house.

  • How to increase SIP amount?

    Some fund houses don't allow modifications in the SIP. In this case, you can initiate a new SIP with the amount you'd like to invest. In case your fund house has provisions to top-up your SIP, then you can do so by logging in to your investment account held with the fund house. If you want to automate increasing your SIP amount, then you may consider investing via step-up SIPs. These SIPs automatically increase your SIP amount at regular intervals, and you only have to maintain sufficient balance on the predetermined dates to facilitate smooth investment.

  • How much should I invest in SIP?

    To determine the amount that should be invested through an SIP, you need to assess your requirements and investment tenure. It entirely depends on these two things. However, your need to note that the more you invest, the faster you will inch towards your goals. Once you are clear with your requirements, you can use our SIP calculator to estimate the amount you should invest through an SIP:
    • Go to our SIP calculator
    • Enter the SIP amount of your choice
    • Enter the duration of your SIP investment
    • Enter the expected annual rate of return using the sliding bar
    Here, you can modify the SIP amount and see how soon your goals can be achieved.

  • What is SIP account in banking?

    An SIP account is held with an asset management company. Through an SIP account, you can invest a fixed sum at regular intervals in the mutual fund schemes of your choice. Every time you invest via an SIP instalment, you purchase new fund units at the prevailing NAV.

  • How to calculate tax on SIP?

    The tax implications on the redemption of units purchased through an SIP is slightly complicated. Consider the following example. You invest in an equity fund through a monthly SIP which lasted for 12 months. Now, if you decide to redeem your units after 15 months, then those units that were bought through the first three SIPs provide long-term capital gains as their holding period exceeds 12 months. Long-term capital gains of up to Rs 1 lakh a year are tax-exempt. Any long-term gains above this limit attract a long-term capital gains tax at the rate of 10%, and indexation is not allowed. The units purchased after the third months would not have completed a holding period of 12 months, and hence the capital gains realised through these units are considered short-term. These gains are taxed at 15% plus applicable surcharge and cess.

  • How to become crorepati by SIP?

    You can accumulate Rs 1 crore in your investment account by following the simple rule of 15*15*15. It says that on investing Rs 15,000 through a monthly SIP for fifteen years in a mutual fund scheme that offers annualised returns of 15%, your investment account would accumulate Rs 1 crore at the end of 15 years. In case you are ready to invest more or have a longer investment horizon, then you may estimate the time or the ticket size of your SIP using our SIP calculator.

  • How to invest in ELSS through SIP?

    An equity-linked savings scheme (ELSS) is a popular Section 80C investment which offers tax deductions of up to Rs 1,50,000 a year. You can save up to Rs 46,800 in taxes a year with ELSS. You can initiate an SIP into an ELSS fund of your choice by creating an investment account with the respective fund houses. Once you have your investment account and have undergone KYC verification, you can initiate an SIP by linking your bank account with your investment account. Note that the fund units bought by every SIP instalment are locked-in for a period of three years from the date of purchase.

  • What is SIP in share market?

    Similar to the way you can invest in mutual funds through a systematic investment plan (SIP), you can also purchase stocks through an SIP. You can either initiate an SIP into a single stock or basket of stocks. It depends on the stockbroker with whom you hold an account.

  • How to switch SIP from one fund to another?

    If you are to change the mutual fund scheme into which you are investing via an SIP, then, you should essentially terminate the SIP into the existing fund at first. Then, you need to switch funds. For this, you will have to redeem your units held with the current fund at the current NAV. After that, you will purchase the units of a new fund at the prevailing NAV. You have to pay applicable tax on the capital gains realised and exit load if any. Once you have completed the switching process, you have to initiate a fresh SIP.

  • What is ELSS SIP?

    You can initiate an SIP into an ELSS, the most popular tax-saving investment under Section 80C of the Income Tax Act, 1961. Every SIP instalment into an SIP counts towards tax deductions under Section 80C. You can claim a tax rebate of up to Rs 1,50,000 and save up to Rs 46,800 a year in taxes.
    Also, do your ITR filing using ClearTax to claim maximum deductions easily!

  • What is XIRR in SIP?

    Extended Internal Rate of Return or XIRR is a technique to calculate the returns when there are several transactions being made at different time periods. XIRR can be considered your own return rate, which is the actual returns earned by your investments. It is a single rate of return which covers all your investments (and redemptions) made through every instalment of your SIP and amounts to the total value of your investment. XIRR can be calculated on an excel sheet. You can easily calculate XIRR on an excel sheet using the following command; XIRR(value, dates, guess)

  • How to calculate SIP returns in excel?

    The following are the simple steps to calculate XIRR on an excel sheet:
    1. Enter all the transactions you have made in a column. Here, you need to add a minus symbol for redemption transactions.
    2. In the following column, enter the date of transactions.
    3. Use the following command to calculate your XIRR; XIRR(values, date, guess).
    4. On executing this command, your XIRR will be displayed.

  • What is SIP top-up?

    An SIP top-up is an option which allows you to increase the ticket size of your SIP at predetermined dates. This option helps you stay ahead of inflation as you are automatically increasing your investments.

  • Which is better SIP or mutual fund?

    You cannot compare an SIP with a mutual fund. This is not an apple to apple comparison. A mutual fund is an investment vehicle while an SIP is a way of investing in a mutual fund scheme. Investing in mutual funds via an SIP is an excellent option. Through an SIP, you can invest a small sum on a regular basis. The frequency of SIP can be weekly, monthly, quarterly or bi-annually, as per your comfort. The other way of investing in mutual funds is via a lump sum.

  • What is OTM in SIP?

    A one-time mandate (OTM) is a banking process which automates your SIP investment. By submitting an OTM form, your banker will credit a fixed sum at regular intervals and invest in the mutual fund scheme of your choice at the predefined dates. Opting for a one-time mandate makes your entire investment process seamless as you don’t have to invest manually.

  • How to check SIP balance?

    In order to check the amount accumulated in your mutual fund portfolio, you will have to access your mutual fund statement. This can be done by logging in to your investment account held with the fund house and selecting the ‘View/Download Statement’ option. Alternatively, you can also access the statement on the websites of RTAs.

  • What is the average return on SIP?

    Unlike traditional investments, mutual funds don’t provide returns at a fixed rate. It completely depends on the performance of the underlying securities in the portfolio. However, long-term investments made in equities have more often than not delivered returns in the range of 12% to 15%. The longer you invest via an SIP, the more the returns you get on your investment.

  • What is perpetual SIP?

    A regular systematic investment plan (SIP) gets terminated at a predetermined date. You will notify your banker to terminate your ECS or standing instructions after a particular number of instalments. There is no predefined date on which the SIP would get terminated in the case of a perpetual SIP. The SIP continues until you stop it. Investing in mutual funds through a perpetual SIP is suitable for long-term investors having an investment horizon of longer than seven years.

  • How safe is SIP investment?

    A systematic investment plan (SIP) is a way of investing in mutual funds The safety of your SIP investment depends entirely on the underlying securities in the portfolio. However, investing in mutual funds via an SIP is considered to expose you to lower levels of risk as you stagger your investment over time and thereby minimising the exposure towards the market. In simple words, you don’t invest a large sum at once and bet on the markets by investing through an SIP.

  • How to change SIP date?

    Most fund houses allow modifications in the date of SIP for which investors are required to submit a common transaction slip. Until your date of SIP has changed, you may consider pausing your SIP. Alternatively, you can terminate your ongoing SIP and initiate a new one and the transaction date you are comfortable with.

  • Which is better FD or SIP?

    Fixed deposits and initiating an SIP into a mutual fund plan are among the most popular investment options lately. Investing in an FD is advisable if you are a risk-averse investor and are ready to compromise on the returns you are going to get on your investment. On the other hand, investing in a mutual fund via an SIP may not offer an assured return over time, but you get the potential to earn much higher returns than a fixed deposit.

  • How to track SIP investment?

    You can track your mutual fund investments by logging into your investment account held with the fund house. You may require you to have your folio number to make the tracking process seamless. You can also track your investment on the websites of the authorised RTAs. if you have invested in mutual funds via a third party, then you can track your investment on their website as well.

  • Why SIP is best?

    Investing in mutual funds via an SIP is the best option you have as it allows you to stagger your investment over time. Through an SIP, you can invest a small sum at regular intervals. The frequency of your SIP can be weekly, monthly, quarterly or bi-annually, as per your comfort. You can initiate or terminate your SIP at any time, and the fund house has no say in this. You can also pause your SIP when you are running short on cash. There are no penalties levied on pausing or stopping your SIP. Investing via an SIP is the best as it offers a great level of flexibility.

  • How to withdraw SIP amount online?

    If you are to withdraw/redeem your investment made in a mutual fund via an SIP, then you have to place a redemption request. This can be done by logging in to your investment account held with the fund house. Alternatively, you can also redeem your units via an authorised RTA. In case you have invested via a third party, you can place a redemption request on their website as well.

  • How to get SIP statement online?

    You can access your mutual fund statement online by logging into your investment account held with the fund house using your folio number. Alternatively, you can view your statement on the website of an authorised RTA. If you invested through a third party, you could view your statement on their website.

  • SIP or RD which is better?

    Recurring deposits and investing in a mutual fund scheme via an SIP have become popular among individuals earning a regular income. These options allow you to stagger your investment over time as you can invest a small at regular intervals. Recurring deposits offer a fixed rate of return and require you to invest a certain amount every month for a fixed duration. On the other hand, SIPs are open-ended, meaning you can initiate or terminate your SIPs at any time. Investing in a mutual fund via an SIP is a better option as you get the potential to earn much higher returns than a recurring deposit.

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