STPs are a great way to automatically rebalance your portfolio between various schemes. We already published a detailed post about the same when we launched the facility sometime last month. Have a look here - What is a Systematic Transfer Plan (STP) and how to use one? We have built the functionality ground up, to be as flexible as possible. In this post, we'll show a step-by-step process on how you can initiate an STP on Expowealth and even how you can cancel one.
Step 1: Determine the purpose
As indicated in our detailed post, one could use an STP to move your holdings periodically between equity to debt, debt to equity or even within schemes of the same category. For example, let's say you believe your portfolio needs to shift from debt to equity, in either large cap or multi-cap schemes. For the sake of example, we are assuming a shift from an Ultrabond short-term fund, to a multi-cap fund.
Step 2: Select the STP parameters
In the next screen, you'll be asked the bare minimum parameters required to initiate an STP. You need to select the folio for STP, the scheme into which you need to switch-in, the monthly amount for the switch (you can also select the number of units to be switched each month), the day of the month for each switch and finally the number of instalments.
Step 3: Confirm and Modify if required.
The STP thus initiated will be visible on the Transactions page under the Systematic tab. You can see details about various STPs that are running, and even cancel them at the click of a button if required - A feature you'll not find anywhere else. Want to modify the STP to increase or decrease the amount? Just cancel and restart! Do note, if there are any scheduled STP transactions within one day of cancellation, they will still go through.
Hope this post serves a good guide to manage your transactions. Let us know if there are any other 'How-to's' that you need.