SIP account redemptions rise to 11-mth high as investors dip into savings

Investors pulled out around Rs 6,580 crore from their SIP accounts in MF schemes for the pre-festive splurge

Retail investors seem to have dipped into their mutual fund savings to meet pre-festival spending. According to data released by the Association of Mutual Funds in India (Amfi), investors pulled out Rs 6,578 crore from their systematic investment plan (SIP) accounts in September, the highest in the last 11 months.

The redemptions were on the higher side during the previous festive season as well. In September 2021, investors redeemed more than Rs 8,600 crore, the highest since the start of the previous financial year (FY21) when Amfi first started disclosing the net SIP numbers.

The monthly SIP inflow data available