SIP Autopay allows you to set up a payment mandate that automatically debits the Stock SIP amount. The amount is debited from your bank account based on the SIP date you have selected. Autopay helps you be consistent with your investments and is a great way to save time.
To set up an Autopay, you need to create a bank mandate as per the below steps:
Log in to your Upstox account
Switch to Upstox Pro mode
Head to ‘SIP’ in the Orders tab
Select the SIP Order for Autopay
Click on ‘Autopay mandate’
Click on ‘Setup a new Autopay’
Select the payment method:
UPI for up to ₹15,000
Net Banking for up to ₹2,00,000
Click on continue and you’ll be redirected to the UPI app or the Net Banking page
Approve the mandate and you are done
Ensure that you have sufficient funds in your bank account for your SIP payments. If there’s insufficient balance in the case of Net Banking, you might have to pay bank charges.