Auto debit for SIP

Zerodha Coin - Direct MF
1

Hi

I was wondering that if I start a SIP in coin, will I have to manually add funds if the account is not funded enough or do you have a e-mandate kind of facility to auto debit my bank account for the SIP amount?

1 Like
2

Hello,

Good thing about using COIN for SIP is you don’t need to sign any mandate documents to auto debit the amount from your bank.
Amount is debited from your trading account on the particular day. Incase if you don’t have fund in your trading account, you will receive an email from Zerodha regarding the same. Also there is no late fee or something in COIN.

3

Hello,

What is good thing in that??
eMandate facilitate the investment without worry, once the salary is credited in our bank account. Auto SIP debit make the investment easy. and we only see, what is left to spend in bank account.

4

Hi,

Client can set a standing instruction to transfer funds to his trading account on his bank website. If he can have this standing instruction date a couple of days before SIP date on Coin, it will work similar to traditional SIP. 2 days before SIP date, money gets transferred from Bank to trading account. Money then gets invested into MF on Coin on the SIP date.

Please refer this Link, it should help you.

5

Kalpesh Thank you for the answer.

If you can help with the standing instructions for HDFC bank that would be really helpful.

Thank you,
Mohsin

6

Mohsin,

Please add zerodha equity bank account number as a beneficiary in your HDFC net banking.

After this, go to fund transfer section, click on withIn the bank,

There you will find option of set standing instruction, which will let you choose Date, frequency etc. select this as per your requirement and then you are good to go.

PS : make sure you choose transfer date 2days proir to your SIP date.

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7

There is no Late fee, But there are bank transaction charges, everytime we transfer money from bank account to trading account and vice-versa

Is there a way to avoid transaction charges?/

Thanks in advance…

8

Hey Vijay ,

Good point, If you are using HDFC bank, this won’t be charged but incase of anyother bank which is linked with your trading account, there will be charges.

Even if you enable ECN/NACH, you will have pay minimum charges for that as well.

9

Is there a way to avoid transaction charges, during both transactions (Bank to Zerodha and Zerodha to Bank), I am using SBI.

Thank you

1 Like
10

This charges are slippages & be avoided. Hope zerodha finds some way out.

11

Guys, is it possible for me to credit SIP amount from a platform like phonepe to your account? Kindly detail the instructions. Phonepe doesn’t charge for transfers so there seems to be way out. Kindly let me know