A Systematic Investment Plan (SIP) is a way to invest small amounts in a Mutual Fund of your choice regularly (weekly, monthly, quarterly, or twice a year). SIP helps one incorporate discipline into their investing habits. These payments are automatically debited from your bank account, so you never have to worry about missing an investment instalment.
SIP instalment process: As soon as you register for an SIP, the first instalment is deducted from your Upstox 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.
Step 1: Take a printout of the mandate form
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: Login to our MF platform https://upstox.com/mutual-funds/ under the MF portfolio there is an SIP tab where you can see set-up Auto-debit tag. Click on that and upload your Mandate.
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.
B) Online /E-Mandate:
Step 1: Log in to the Upstox MF Platform using User ID and Password.
Step 2: Click on the Portfolio.
Step 3: From the SIP tab click on the scheme name.
Step 4: Click on the 'Approve E-Mandate' button below.
Step 5: Next you will see the Authentication page from BSE Star MF to continue with the email verification code. After SIP Registration, you can also check the email you receive from BSE StarMF for E-Mandate Authentication. This will be with a subject line ‘BSE StarMF E-Mandate Authentication Link’.
Step 6: You need to proceed by providing the Verification code sent from BSE StarMF on your registered email.
Step 7: Upon clicking on the Continue button, you will receive the security code.
Step 8: After submitting the security code, you will see the below Mandate page. From here, choose the verification mode: Net Banking or Debit Card. After clicking on T&C, click on submit.
Based on the mode selected by you from the (above screenshot), you will be redirected to your respective banking portal where you need to authorize the mandate by either typing in the transaction verification code or an OTP.
Note: E- Mandate link needs to be approved within 5 days or else it gets expired.