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Mandate
The debit mandate is an authorization by the account holder to his/her bank for debiting a certain amount from the bank account on a regular basis.
It is required to initiate regular SIP auto debits for investments.
An e-Mandate is an electronic authorization that allows automatic, recurring payments for SIPs in mutual funds, eliminating the need for manual approval each time.
The mandate option is visible after the final submission of your profile.
To do the E-mandate setup, follow these steps:
- Go to your profile and select the Debit Mandate section.
- Choose "Setup Autopay."
- A login pop-up window will appear; you can log in using Google or by receiving an OTP via email.
- Complete the mandate process using either net banking or a debit card.
- Your e-mandate will get approved within 3 working days.
You can refer to the video regarding the 'E-Mandate Process':SETUP AUTOPAY
The TAT for e-Mandate registration is 1-3 days.
This is the maximum limit of SIP that one can do per month with one-time debit mandate registration.
This is the most secured process for registration of your Mandate as the details get fetched only at the bank’s end. We do not store any details of your card or Internet Banking.
MySIPonline does not charge anything for the mandate registration process, but your bank might charge depending on the terms and conditions.
Kindly raise a ticket for mandate cancellation. Our support team will initiate the mandate cancellation process. You will receive a mail from BSESTARMF regarding mandate cancellation, and you have to approve the same by entering OTP.