SIP Inflows Hit Record Rs 29,361 Crore in September
Systematic Investment Plan (SIP) contributions reached an all-time high of Rs 29,361 crore in September 2025, with 92.5 million active accounts, according to data from the Association of Mutual Funds in India (AMFI).
Key Takeaways
- SIP inflows hit a record Rs 29,361 crore in September
- Equity fund inflows declined 9% to Rs 30,422 crore
- Gold and Silver ETFs saw record inflows of Rs 8,363 crore and Rs 5,342 crore
- Mutual fund industry AUM grew to Rs 75.61 lakh crore
Mixed Flows Across Categories
While SIPs surged, equity scheme inflows fell 9% month-on-month to Rs 30,422 crore, even as benchmark indices recovered from a two-month decline. Debt schemes witnessed significant outflows of Rs 1.02 lakh crore, leading to a total outflow of Rs 42,815.65 crore from open-ended schemes.
Sustained Retail Investor Confidence
Nehal Meshram, Senior Analyst at Morningstar Investment Research India, noted: “The moderation in monthly (equity) flows appears cyclical rather than structural, coming after exceptionally strong inflows in July and August.”
AMFI Chief Executive Venkat N Chalasani emphasized the industry’s growth momentum: “The mutual fund industry maintained its growth momentum in September, with total assets rising to ₹75.61 lakh crore despite temporary outflows linked to advance tax payments. Equity funds witnessed positive inflows for the 55th consecutive month, reflecting investors’ confidence in equities as a long-term asset class.”
He added that over 3 million new folios were created, taking the total beyond 250 million, indicating expanding trust in mutual funds for wealth creation.
Safe-Haven Assets See Record Demand
Passive funds attracted Rs 18,094.6 crore in inflows, a 65.4% increase, driven by massive interest in gold and silver ETFs. Gold ETFs saw record inflows of Rs 8,363 crore (up 282%), while silver ETFs attracted Rs 5,342 crore (up 203%).
Meshram explained this trend: “Gold ETFs witnessed a resurgence in safe-haven demand in September 2025, reflecting a combination of global risk aversion and tactical positioning ahead of major central bank policy reviews. Investors turned to gold as a reliable store of value amid heightened geopolitical tensions, volatile markets, and a stronger U.S. dollar.”
Multi-asset allocation funds also benefited, with inflows rising 41% month-on-month to Rs 4,982.21 crore.
Kartik Jain, MD & CEO of Shriram AMC, attributed this to global factors: “Global macro factors like anticipated interest rate cuts, stubborn inflation, slowing global growth, and persistent geopolitical tensions are driving investors towards safe-haven assets. Fresh investments by central banks in gold and silver, coupled with record flows in bullion ETFs, further reinforce this demand.”
Industry Growth Continues
Nine new fund offers mobilized Rs 1,959 crore during the month. The mutual fund industry’s total assets under management increased to Rs 75.61 lakh crore in September from Rs 75.19 lakh crore in August, while SIP AUM stood at Rs 15.52 lakh crore.
Vikas Gupta, CEO & Chief Investment Strategist at OmniScience Capital, commented on investor behavior: “The majority of retail investors again demonstrates the recency bias. This behavioural error seems rewarding in the short term and punishes the portfolios in the long run.”
