What is Auto Pay and how to set up Autopay?
Autopay or mandate is a convenient way to instruct your bank to transfer funds regularly to 5paisa for your SIPs without manual intervention. It eliminates the need to log in to your Internet banking portal each time and simplifies the process of initiating multiple SIPs without additional paperwork.
Setting up Autopay:
Through App:
1. Log in to the application.
2. Go to User > My Reports > MF order book > SIP.
3. Click on the AutoPay setup button.
4. It will redirect you to the DIGIO page to set up autopay mandate for your default bank.
Through Web:
1. Log in to the website.
2. Navigate to Financial product > Mutual fund > Orderbook > SIP.
3. Click on the AutoPay setup button.
4. It will redirect you to the DIGIO page to set up an autopay mandate for your default bank.
Ensure to set up autopay before the 2nd installment of your SIP to avoid missing deductions. You can only have one mandate per bank account, which can be used for all your SIPs. If you change your default bank, you must set up a new autopay mandate for any new SIPs created thereafter.
For a list of approved banks for mandates, refer to the NPCI link provided: [NPCI Approved Mandate Banks List](https://www.npci.org.in/PDF/nach/live-members-e-mandates/Live-Banks-in-API-E-Mandate.pdf)
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