In “Amount Type” a you can set a pre-decided amount which will be invested in a security of their choice, how frequently this investment will take place and for how long. 

On ICICI Direct App:

In this transaction, every month Rs. 100 will be invested in IDBFC First Bank Limited stock monthly for 3 years beginning from 19^th June 2024.

On Website:

In this transaction, every month Rs. 100 will be invested in IDFCBAN stock monthly for 20 months.

The amount specified by you should be equal to or above the minimum amount defined by I-Sec. The shares will be purchased at market price and the quantity will be decided using the formula Stock SIP/Market Price

Amount Related

If the amount which is to be invested in SIP (Rs. 100) is more than what the stock is worth (Rs. 80), then the stock will be bought at Rs. 80 which is the prevailing market price.

If the stock price or LTP exceeds the set amount after a while, the system will start showing an error and no transaction will take place this is because the set amount cannot be less than the LTP.

As long as the amount is above the last traded price (LTP) of the stock, any amount can be set.

Date Related

Before the cut off time, any date can be chosen as the start date. However, the start date cannot be chosen as T-day (transaction day) after the cut off time. Any day after the T-day can be chosen as the start day in that case.

If any Stock SIP trigger date falls on a trading holiday, then the Stock SIP trigger will take place on the next trading day.