It is absolutely compulsory to complete the mandate authentication/approval process in order to successfully start the SIP.
There are 2 kinds of mandate at the Upstox MF platform knowns as Online (E-Mandate) and
- Online/E-Mandate: Based on the user's bank Upstox MF check with NPCI whether the bank supports the online mandate authentication process led by NPCI. (List of supported banks for Online/E-Mandate).
- : In case your bank does not support online mandate then Upstox MF will facilitate you with 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 MF platform.
The process to Authenticate/Approval the Mandate.
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)
2. Sign and mention your name as per the bank records
3. Scan the signed mandate form.
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 file with less than 1mb size is allowed to upload
Note: You must not edit any other content that is mentioned in the mandate form.
1. Log in to the Upstox MF Platform using User ID and Password.
2. Click on the Portfolio.
3. From the SIP tab click on the scheme name.
4. Click on the 'Approve E-Mandate' button below
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”
6. You need to proceed by providing the Verification code sent from BSE StarMF on your registered email..
Upon clicking on the Continue button, you will receive the security code
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
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 20-25 days for the mandate to be approved. Once the mandate is approved, an auto-debit structure will be set up with your bank.
Once the authentication process is completed by you, then within 7 working days your respective bank send the status of your mandate to BSE and the same is reflected on the Upstox MF 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.