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Mutual Fund SIP is the best way to invest in Mutual Funds. The basic requirement of SIP is that you must have fund available in your trading account on the day of SIP. It’s very difficult to keep track of regular fund transfer for your SIP investment.
Zerodha started “e-Mandate” where you can setup your recurring fund transfer. In such cases, you don’t have to worry every month or so to remember to fund your SIP account.
This can be done in 2 ways –
A mandate is a permission that you provide to your bank or any other financial institution to automatically debit the required amount from your bank account. Once an individual authorizes a concerned authority to debit from the said account on a fixed date of every month, through an e-NACH form, the rest is hassle-free for the individual. This is commonly used for the loan repayment, EMI, micro-lending payments, rental payments, Mutual Funds SIP, Equity SIP and other financial services.
After your e-Mandate is verified, you can set up recurring transaction.
To set up your transaction, you need to select the account credit date, frequency, amount and specify transaction name for reference.
When you schedule a transaction, there is no end date setup in the system. You need to manually go and cancel the transaction. To stop the payment, you need to give advance notice 3 to 4 working days ahead of time.
To cancel your e-Mandate registration, you need to lodge a request to your bank.
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