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A SIP whose monthly amount rises by a set percentage or amount each year.
A step-up (or top-up) SIP raises the instalment once a year, usually in line with expected salary increases. Each year's instalments then compound separately, so the total cannot be worked out with the level-SIP formula alone.
The step-up is applied on each anniversary of the SIP, not spread across the year.
Figures on this page are filled from the same tax and scheme tables the calculators use, for the current financial year. Every term in the glossary.