- SIP instalment process:
- Online /E-Mandate
- Offline/Physical Mandate:
- Bank mandate Verification TAT:
- Cost of registering a bank mandate
SIP instalment process: As soon as you register for an SIP, the first instalment is deducted from your Bank account. So ensure, your account has sufficient funds. After the first instalment, you need to set up the auto-debit system for paying your SIP instalments. Depending on the bank that you want to register with, it can take around T+7 days incase of online mandate and 25 days for the offline mandate to be approved. Once the mandate is approved, an auto-debit structure will be set up with your bank.
Set up Autopay:
Online /E-Mandate: Based on the user's bank, Upstox checks with NPCI whether the bank supports the online mandate authentication process led by NPCI. If the bank is supported, the user can avail online mandate service.
To process a mandate, follow these steps:
Step 1: On the ‘Order status’ screen, click on ‘Set up AutoSIP’
Step 2: You will be directed to the email authentication page by BSE Star MF.
Step 3: By clicking on the ‘Continue’ button you will receive a security code
Step 4: Upon entering the security code, you will be directed to the 'Set up AutoSIP' Mandate page. Here, select your preferred verification mode, either NetBanking or Debit Card, agree to the Terms & Conditions, and proceed by clicking Submit.
Depending on the mode chosen by you in the above screenshot, you will be redirected to your respective banking portal to authorize the mandate.
Step 5: Following that, you'll be directed to the Mandate Approval Automation page, where you can review the details of the mandate.
Step 6: Lastly you will see the following message confirming your AutoSIP request.
As per the announcement by RBI, NACH (National Automated Clearing House) will be operational for all the days with effect from 1 August, 2021.
This means your SIPs will be debited on Saturdays and Sundays or any non working days apart from the date you selected while setting up your investment.
Please ensure that you maintain the required balance in your bank account to avoid any penalty charges by your bank. You can also check the return instruction charges with your bank to stay more informed.
Click to check with New Circular
Offline/Physical Mandate: In case your bank does not support online mandate then Upstox will facilitate you with an Offline/Physical Mandate form which will be in pdf format. It is basically a form that you sign which gives the exchange the permission to deduct the SIP amount at regular intervals to pay toward the SIPs that you have invested in via the Upstox platform.
To process a mandate, follow these steps:
Step 1: Take a printout of the mandate form after downloading.
Note: If you do not have the mandate form, you can visit the MF page and click on Download Form.
Step 2: Sign and mention your name as per the bank records.
Step 3: Scan the signed mandate form.
Step 4: Take a Photo of the mandate and click on upload signed form.
Note: Only JPEG files with less than 1mb size are allowed to upload. You must not edit any other content that is mentioned in the mandate form.
Step 5: Once the mandate is uploaded, it will take 25 days to approve the mandate by BSE.
Bank mandate Verification TAT:
The signed bank mandate will be verified by the Upstox team and sent to BSE who will then send it to your respective bank for registration. Depending on the bank that you want to register with, it can take about 25 days for the mandate to be approved. Once the mandate is approved, an auto-debit structure will be set up with your bank.
Depending on the bank that you want to register with, it can take around T+7 days incase of online mandate and once the authentication process is completed by you, your respective bank will send the status of your mandate to BSE and the same is reflected on the Upstox Mutual Fund Platform.
Cost of registering a bank mandate
Upstox does not charge you anything for registering any kind of mandate. However, with the recent circular from NPCI, your bank might ask you for a one-time fee in order to register the mandate. The charges differ from bank to bank. The Upstox team urges you to check the mandate charges with your bank.