Full explanation
SIP is an automated monthly investment into mutual funds. You set an amount (minimum ₹500), a date, and the fund — the money transfers automatically. Benefits: discipline (money invested before you can spend it), rupee cost averaging (buys more units when prices are low), no need to time the market. For long-term goals (10+ years), equity mutual funds via SIP have historically outperformed FD and PPF. Start with index funds (Nifty 50 or Nifty 500) — they beat most active funds over 10 years with lower fees.