Autopay or mandate is an instruction to your bank to transfer money to 5paisa on a regular basis to fulfill all your Systematic Investment Plan (SIP) registered with us. It helps in effortlessly transferring money to us without you going to the internet banking portal every time. At the same time, it can help to start many SIPs without any additional paperwork.
How to Setup Autopay?
Follow the steps to set up Auto Pay:
1. Go to Mutual Fund dashboard
2. Navigate to orderbook and go to the SIP section.
3. Here, if the total SIP amount is greater than the approved mandate amount, there will be an option to set up Autopay in the top right corner.
4. Click on this Setup Autopay Button
5. Now the screen will show the available mandate amounts
6. Choose your preferred amount and click on proceed
7. After verification, you will be redirected to your bank's screen for approving the mandate.
8. Once you follow the bank's instructions and approve the mandate, autopay will be set up for your SIPs
Note: We have the Gateway for Net Banking for some banks. If your bank is not one of those then you will have to Upload your mandate.
Also, To set up using Net Banking keep your net banking credentials handy and follow the instructions as they come. To upload the mandate, you will have to take a print of the mandate, sign it, and upload it.
Auto Pay setup through Net Banking gets approved within 2 Days. Auto Pay setup through Upload Mandate takes approximately 10 days to get approved.
If AutoPay is active then SIP can be started in 7 days from the date of the SIP registration, in case a new AutoPay is created, or it is still under process SIP will be started from the next month to avoid any missed/failed installments.
From any single bank account, you must give only 1 mandate. The same mandate can be used for all SIPs.