There’s no right answer for this. Daily SIP is meant for a whole different group of investors than Monthly SIP. So if you’re looking to dive into mutual funds, instead of wondering which is better, care about which one is right for you and your financial goals.
Generally speaking, including as much as 20 transactions, daily SIP is for those individuals who have high income and enjoy daily inflow of cash—those who can take higher risks comparatively. On the other hand, monthly SIP is ideal for monthly earners. Plus, you must also factor the entry cost in daily and monthly SIP. Because, if not planned properly, it could end up eating your potential return from the fund!
So when deciding, factor your cash flow. Can you manage to put in money on the fund every day without failing? If not, stick with the monthly SIP. It’s just as good. Simply increase its amount and you would be fine with it.