Can I schedule transfers directly from my bank to Coin MF platform for SIPs?

I wish to start a SIP(Systematic Investment Plan) in a direct mutual fund on Coin every month after my pay day. How do I schedule a bank transfer from my bank account for a date regularly from my bank since Zerodha doesn’t have an option to debit funds directly from my bank account?

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You can use a feature called a standing instruction wherein you can schedule a transfer from your bank account to your Zerodha trading account on a fixed date. This feature is available in all major banks and is pretty easy to setup. You can schedule transfers NEFT or RTGS on a fixed date every month. You can then setup the SIPs in Coin based on that. This way you won’t have to go through the hassle of providing a NACH mandate.

Here in an illustration of how to set it up in State Bank Of India(SBI).

Step 1 Login to your SBI internet banking portal and select e-services.

Step 2 Select interbank transfer.

Step 3 Select the mode of transfer, i.e NEFT or RTGS. IMPS transfers arent available for recurring transfers yet.

Step 4 Select the beneficiary i.e Zerodha. It takes about 4 hours for a beneficiary to be approved for most banks so you have to add Zerodha as the beneficiary and wait till it is approved. You can find the beneficiary details here.

Step 5 Set the frequency. You have the option of scheduling every X days or months. Make sure to select the right date so that it coincides with your SIPs instalment date.


and voila, your recurring transfer is now live and you don’t have to keep manually transferring funds to your trading account every month.

Note: You should set a standing instruction only from the bank account that has been linked to your trading account. If the transfer happens from an account which has not been mapped, the funds won’t be credited to your trading account.

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Hi @Bhuvanesh,
If I set Zerodha (05230340001348) as the beneficiary, how will you identify that the amount is for my trading account?

I too have Hdfc acc, so, I guess, there will be no charges for this standing instruction.
Hope you understand my question.

You can only set a standing instruction from an account which has been linked with your Zerodha account. If it is linked then the funds will be automatically credited.

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Thanks @Bhuvanesh.

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In that case aren’t we ending up paying the Rs 9/- + 18% GST (extra) transaction charge for every SIP?

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There is no payment gateway charge since this is transferred from your bank using NEFT.

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As per ICICI bank, the Standing Instructions can only be setup on the merchant site. I tried a test transfer to Kite account but did not see any option. Below is a screenshot from their FAQ. Can you please let me know how I can set this up for ICICI bank ?

@kumshw
If you have added Zerodha account in your list of payees, you can always schedule a recurring payment on specified date with specified amount.In the screenshot below u can change the payment type to recurring

Thanks,
Sudheer

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Ahh, did not realize that I could use this option also. Thanks Sudheer. The Zerodha Account mentioned in your screenshot is the actual account I need to add as a payee, right ?

@kumshw
I think that is the right account which is also mentioned in the thread above.But please do confirm with Zerodha once.

Yes, it is the right account.

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Do I need to upload transfer receipt on zerodha in this case ?

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Nope.

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What about HDFC bank,? How I can schedule money transfer thru HDFC bank?

How can do same thing in Kotak Banking
-need to transfer schedule payment in coin

My current bank, HDFC charges Rs. 25/- + GST per transaction for any kind of scheduled payments including standing instruction. And e-mandates are failing for HUF accounts. Is there something else I can use which has a lower cost?

You can use UPI/NEFT/RTGS to transfer funds but it isn’t automated.

Right, that is an option. I am actually using UPI for the time being, but I am looking for something to fire and forget.

Does Zerodha support paper mandates, as supported by other platforms like ScripBox/Kuvera etc.?
That may have the seal of Karta which satisfies the bank’s requirement and it is still pull by Zerodha, so no cost from bank side.

@MohitBangalore can you check this