What is "SIP Name" and why is it required?

You can give each new SIP that you create through Auto-Invest a unique name. This feature will assist you in tagging an objective for your SIP and remembering its dues on a regular basis.

For example, you can name a SIP after your spouse, your child, or your dream, such as "Home." You can enter up to ten characters in your name. Furthermore, you cannot use the same name for two different SIPs.