What is the first thing to do for a (new) first time investor to open an SIP mutual fund account?
It is quite easy. Go with an online direct mutual fund platform (e.g.: Jamā.co.in ) that is the best for SIPs (Read my answer for more on which platform to choose and why).
If you are a first time investor, you will need a Know Your Customer check. This can be done online with an OTP helping you invest within minutes.
Why Direct Plan Funds only?
Every Mutual Fund Scheme (there are thousands) come in TWO plans - Direct and Regular. If you do NOT invest in “Direct Plans” then the bank or broker or ‘distributor’) takes upto 1.5% commission yearly (they are paid monthly). The may appear small but over a career you give away 40%-50% of your total investment (not just initial amount) as this compounds. Even if markets dip, this commission stream flows endlessly.