New Delhi, Jan 10 (IANS): Monthly SIP (systematic investment plan) contributions hit a record high in December 2021, rising to Rs 11,305 crore, the Association of Mutual Funds in India said on Monday.

In November, contributions through the SIP route were at Rs 11,005 crore.

Also, the number of SIP accounts grew to 4.91 crore from 4.78 crore during the period, the statement added.

The asset under management (AUM) of the MF industry stood at Rs 37.72 lakh crore at the end of December.

"Year 2021 has been a momentous year, with Mutual Funds emerging as the preferred investment destination with continued record equity flows through NFOs and ongoing investment into existing schemes," AMFI Chief Executive N.S. Venkatesh said.

"SIP has been the favourite medium of consistent investing and disciplined mode of savings by the common man. This is evident from the number of accounts rising."

Retail investors are understanding the nuances of managing market volatility and risk adjustment through SIP, Venkatesh added.

WhiteOak Capital Asset ManagementChief Executive Officer Aashish P. Somaiyaa said: "It is encouraging to see investors increasing their participation at this opportune juncture in the markets and economic performance of the country and it augurs well for the industry, for investors and the markets."