To automate your Mutual Fund SIPs you need to complete the e-Mandate approval process by following these steps:
Step 1: Log in on Upstox and go to the Mutual Fund section.
Step 2: Place your SIP order. To know the process click here.
Step 3: On the ‘Order status’ screen, click on ‘Set up AutoSIP’
Step 4: You’ll be redirected to the email authentication page from BSE Star MF
Step 5: By clicking on the ‘Continue’ button you will receive a security code
Step 6: 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 7: Following that, you'll be directed to the Mandate Approval Automation page, where you can review the details of the mandate.
Step 8: Lastly you will see the following message confirming your AutoSIP request.
KEEP IN MIND
- The e-Mandate link sent to your registered email needs to be approved within 5 days or else it will expire.
- Based on the bank that you want to register your e-Mandate with, it can take around T+7 days for your request to be processed.
- Once the authentication process is completed by you, your bank will notify BSE and the same will reflect on Upstox.
- Upstox does not charge you anything for registering an e-Mandate. However, with NPCI’s recent circular, your bank might ask you for a one-time fee in order to register the mandate.
- These charges differ from bank to bank and you can check for the latest ones with your bank.