Whereas for people earning a monthly salary, monthly SIP is a better option.
Daily SIPs are better for individuals who are into business or any profession that earns daily wages. Daily SIPs can limit the losses as the investment is made in granular portions however, as the risk is minimised, the returns are lower than the return offered by monthly SIPs. Hence, before investing in the daily SIPs, one should consider the particular mutual fund’s credibility and strategy. The growth prospects of daily SIPs are usually dependent on the efficiency of fund management. However, you can expect stable returns when investing in Large-cap funds through daily SIPs. 
If the market is declining, then the daily SIPs would give you lower returns compared to monthly SIPs. Accordingly, if your daily SIPs are getting invested when the market is rising, you may observe higher returns. Usually, small-cap funds are considered volatile, and day-to-day investing through SIP in small-cap funds would lead to higher volatility than monthly SIPs.
Daily SIPs would get impacted for the funds that have invested in mid-cap and small-cap stocks. Points to be considered before choosing SIP type: However, you could opt for daily SIP if you earn daily wages. You must look at picking the right equity fund and investing through daily or monthly SIP (as per convenience) to maximise return over a period. You could consider SIP as a tool for investing in mutual funds. You may focus on selecting the right mutual fund over the best fund to achieve your investment objectives depending on your risk tolerance. You could opt for SIP dates close to your salary date for convenience. You would be better off going for monthly SIPs over daily SIPs if you get a fixed salary each month. However, you could struggle to monitor your investment if you opt for the daily SIP over the monthly SIP. For instance, the difference in return between daily, weekly or monthly SIPs is negligible over time. Studies have shown that SIP frequency, be it daily, weekly or monthly, has no major impact on returns. Which type of SIP would be beneficial for you? Daily SIPs: A fixed sum is invested daily in the mutual fund. Weekly SIP: A fixed sum is deducted every week and put in the mutual fund scheme. These are the most commonly used types of SIPs. Monthly SIP: A fixed sum is invested monthly in the mutual fund. SIPs can be classified based on their tenure generally, monthly and weekly SIPs are popular modes of investments. 
SIPs are available for different durations as mentioned below.
The discipline that SIP brings and maximising return would help the investor build a large corpus in the long-run, even with a small investment. Also, by consistently investing in equity funds through SIPs, you get the power of compounding benefit, which gives a return on your returns. This method has become widely popular as it uses the technique of ‘rupee cost averaging’ to maximise returns with time. It helps you average out the cost of purchase of the mutual fund units over some time. Also, by consistently investing in equity funds through SIPs, you get the benefit of power of compounding, which gives a return on your returns. SIP will enable the investor to buy more mutual fund units when the stock market corrects or crashes and lesser units when markets rise. SIP would help you stagger your investment over intervals which makes them safer than lump-sum investments. SIP is usually a better investment option than a lump-sum investment as it utilises market volatility to average out the cost of the investment. SIP is a facility offered by mutual funds that allow the investor to invest a fixed amount of money periodically in a mutual fund scheme. SIP is a systematic investment plan that brings discipline to your investments.
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