The investment in the mutual fund continued to surge in August, shows data released from the Association of Mutual funds in India (AMFI).
With monthly SIP contributions rising to Rs. 9,923 crore, new SIP registration now reached 25 lakh, the highest number ever. The number of registrations last month was nearly 2.5 times higher than the long-term average. This is the third month in a row when SIP registration was more than 20 lakhs, taking the total count of SIP accounts to 4.3 crores.
In the last 12 months, the total addition of SIP accounts is nearly 1 crore. The new accounts opening-to-closure ratio was 2.6 in August and remained high two times in each of the past six months. As far as the average ticket size of the SIP inventors is concerned, it dropped to Rs. 2,294 from Rs. 2,355 in August compared to other times. It is due to the rising contribution of new accounts from the Fintech platform where average SIP investment is around Rs. 500.
CEO NS Venkatesh stated that “Retail assets under management (AUM) at Rs. 17.15 lakh crore, SIP AUM at a record high of Rs. 5.26 lakh crores, healthy rise in SIP accounts at record 4.32 crore and all-time high monthly SIP contribution at Rs 9,923 crore are reflectives of established and rising preference towards mutual funds as a long-term wealth creation avenue.”