Systematic Withdrawal Plan (SWP) better than traditional investment option.
In the basket of financial tools, there is an option which provides fixed income per month by following the simple approach of Systematic Withdrawal Plan (SWP). SWP is a process of redeeming money from your mutual fund investment in a periodic manner. This ensures that a fixed amount is credited to your bank account on a fixed date periodically, just like salary income. This investment option is better than the traditional investment options like fixed deposit.
Here the benefits of investing through SWP.
Rupee cost averaging
Rupee cost averaging is one of the key benefits of the SWP. Due to this the investor even benefits when he withdraws the money from its investment. To understand this let us assume that Mr. A has invested Rs. 5 lakhs in a scheme with NAV of Rs. 50 and opted for the SWP of Rs. 10,000 every month. With the changing market dynamics the NAV for the scheme changes every month, after 5 month he has withdrawn Rs. 50,000 in total. (Rs. 10,000 each month). So the principle amount is reduced to 4.5 lakhs, however the value of investment will be higher. See table below
![](data:image/png;base64,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)
In short, due to rupee-cost averaging under SWP, investor will turn benefit even while withdrawal. Therefore, you earn even as you keep on withdrawing funds.
Tax efficiency
The SWP option is an tax-efficient option rather than the traditional investment option like fixed deposit. However, after imposition of LTCG on equities by GOI recently it attracts 10 per cent LTCG tax on gains above Rs. 1 lakh. On the other hand, the short-term capital gain tax (STCG) is 15 per cent on the profits which are booked before one year. Hence when an investor withdraws through SWP the tax liability reduces to great extent as he has to pay tax only on the gains and after one year it further reduces as now he has to pay tax at lower rate of 10 per cent.
Fixed Income
SWP’s are beneficial than traditional investment options as it provides definite inflow of cash monthly that is it assures a fixed income per month and earns returns more than the traditional investment option with the tax efficiency.
So smart investors should opt for SWP rather than the traditional investment option to secure higher returns and to reduce the tax liability. Going ahead for the risk averse investor it is advisable to park the money in the liquid funds or short-term debt funds instead of equity funds to avoid capital erosion with the volatility in the market.