- Mandate should be approved before the SIP instalment due date.
- Between two instalments there should be a gap of your selected frequency.
Note: There should be a 30 day gap between the first instalment and subsequent instalments if you select frequency as 'monthly'.
Assume: Let’s consider today is 16th September where you registered for SIP in ABC Fund for monthly and selected the SIP date as 1st October. In this scenario, the 2nd instalment will take place on 1st November rather than on 1st of October because the 1st instalment will get deducted on 16th September itself or the date of instalment selected by you.
If the said criteria of 30 days gap between 1st instalment and subsequent instalments doesn’t match then probably SIP gets spill over to the 1st of November.