Is there any difference in SIP in Mutual funds v/s Monthly Investment in MF

1st scenario: I buy xyz mutual fund using Sip on 1st jan by giving 1st time rs 5000 and after that rs 1000 every month.Now 1st day of every month rs 1000 will be deducted from my account.

2nd scenario:I buy xyz mutual fund using investing minimum lumpsum amount rs 5000 on 1st jan rather than sip.then 1st day of every month I additionally add rs 1000 to the mutual fund.
What is difference between the two scenario?Please let me know… Thanks in advanced.
Yes there is a difference between SIP and monthly investment. While both the modes of investment fall into regular way of investing, SIP is automated while monthly investment is not.
In SIP, depending on the number of units or amount to be deposited, funds are deducted.
On the other hand in monthly investment, you have to manually do the process of selection of funds depending on the current market condition to make the investment.

SIP being automated works on the day fixed, irrespective of the market condition. However, in mutual fund by self investment, no such provision is given.

Furthermore, SIP can be done for a small amount of Rs. 500, but in mutual funds, the minimum investment amount is Rs. 5000.

These are some of the differences between the two modes of investment.