Mutual Funds
How to register for a Bank Mandate for auto-debit of SIP?
This facility will help register your primary or multiple bank mandates for auto debit. The default limit is set for 1 lac. You can log in to your account and under the Mutual Fund section, go to the register mandate section and then click on “e-Nach Mandate”.
Process follow the below steps:
Step 1: e-NACH Mandate Registration on Our Platform:
- Select the mandated amount. By default, our system will show Rs. One lakh is a mandated amount, which can be edited by you. We advise you to keep it higher looking at your future SIP potential.
- Click on the "Register e-NACH Mandate" button.
- You will immediately receive an email with an online registration link from BSE Star MF for e-NACH Mandate authentication.
Step 2: Register through Your Bank:
- You need to click on a given online link for authentication through either net banking or a debit card. You can choose any one of the above two options provided.
- Once your Mandate has been approved, you will get a notification via SMS / email and you would be ready to place SIP orders.
Step 3: SIP Registration using e-NACH mandate:
- Depending on your bank, this mandate approval takes around 24-48 hrs.
- Post your mandate approval, you can start the SIP by selecting a date that is 7 days from the day of SIP registration.
- Any new SIP that you place will automatically get registered under this Mandate.
- There is no compulsion of selecting "First Order Today (FOT)" and your SIP amount will automatically get debited from your registered bank account.
- If you select "FOT", you need to make the payment on the same day for the selected FOT and from the next SIP date, the amount will be automatically debited from your bank having registered mandate.
e-NACH FAQ
What is an e-NACH Mandate?
It is an authorization to your bank to allow BSE to debit your account up to a certain limit based on your instructions given in the form. BSE shall forward the debit requests to the bank based on the transaction request from the investor for SIP. The debits will happen through the National Automated Clearing House (NACH). We are not involved in monetary transactions. We will not hold any of your funds. BSE will be the entity that debits the amount from your bank.
What happens once I proceed to Register e-NACH Mandate?
Once you click on "Register e-NACH Mandate", you will receive an email with a registration link, which will ask you to complete the authentication of the mandate through Net-Banking or a Debit Card.
What if my mandate amount is Rs 100,000 but I have just one SIP of Rs. 5000 per month?
The mandated amount is specified just for convenience so that we don't have to update the mandates as your investments grow. Also, it does not mean that BSE will debit the maximum when your actual order amount is less. You can have an e-NACH Mandate done even without a single order. No amount will be debited. If your maximum authorized amount is Rs 1,00,000 - no single transaction payment (lump sum or SIP) can exceed that. You could have multiple SIPs going out on the same day whose total still exceeds Rs 100,000. But individually, BSE cannot debit more than Rs 100,000 per transaction or order.
Other important points to remember while registering for the e-NACH Mandate:
- User is assumed to maintain and honor the required balance when the SIP is due.
- If the transaction is delayed or not affected at all for reasons of incomplete or incorrect information, the user owns responsibility.
- Users shall inform us about any changes like the closure of bank accounts registered for SIP.
- The SIP will be discontinued automatically if payment is not received for three successive installments.
Can BSE debit money from my bank without my knowledge?
No. BSE can only debit the amount you specify, on the date that you specify, towards the SIP. If you have no open orders with us, BSE cannot debit any amount.