I’m already having few SIPs with other Distributors. And all the Amounts are deducted directly from my linked Bank Account. So, in Coin, is there a facility to Auto Debit the SIP Amount from the Bank, rather than adding funds or taking funds from Equity account?
COIN - REDEEM units of MF other than ELSS in SIP
Money from bank or funds to be added to zerodha
Error in COIN - Weekly SIP not allowed?
Hi at present, no, but we are working on it. Currently, you need to have the funds in your trading account.
this is a much needed facility. Adding funds every month manually is cumbersome and we will tend to forget. SIP should be directly from bank account.
We are working on offering this option down the line.
This ECS facility is a primary basic feature of all MF brokers. I am surprised to find you do not have this facility already. I just switched to coins from my previous Brokerage house because of facility of Direct funds. But now I have to transfer money every month to continue my SIP and each time I have to pay Zerodha/payment gateway Rs 9. So Monthly fees goes up by 18% (Rs 50 to 59) !!
I appreciate Zerodha’s efforts to new products everytime, but you need to cover the essentials first.
And " Down the line" is a very vague term. It can mean next year also. So please specify a definite timeline. Within next month may be?
Directly debiting money from the bank means having to take a NACH form from the clients, like the way MF’s currently do. The issue with this is, we have to setup an entire team to manage receiving this form, sending it to the banks, tracking if everything is setup correctly. At the margins we are working, it becomes tough. The good news is that there is eNACH forms getting introduced by NPCI. These NACH forms can be submitted digitally. This should be out anytime soon. We will be ready as soon as it is out. Banks charge Rs 3 per NACH debit, distributors cover this charge through their commissions. We will not be able to, so there would be this cost.
Understood. Is there any otherway where I will not be charged any transfer fees and every month my funds will be transferred to Zerodha acccount on a specific date without any charges. MY bank is SBI.
Is there any schedule NEFT transfer possible that you know of? I will try to explore it too.
I don’t know which bank you have account with but many banks provide this facility of Standard Instruction.
All you need to do is add zerodha account as benificiary and put SI on that to transfer particular amount every month on given date.
You will have to do nothing. Amount will be transfered to your equity account and from there debited by coin platform for your monthly SIP.
You can also save yourself charges of payment gateway.
I hope this will help you.
But this needs to be officially supported by Zerodha right?
In my opinion, auto-debit from Bank Account for SIP is a must-have feature. It is cumbersome and counter-intuitive to have people manually transfer funds every month. With similar competing platforms offering this feature, I strongly believe this should be considered by Zerodha very seriously.
There is nothing zerodha need to about method I described. Its just transferring particular amount from your bank account to trading account without manually doing it.
If you are talking about Standing Instruction - what should be the account number / details of the beneficiary if I want transfer funds to my Zerodha account?
If I were to transfer funds using those details, how will Zerodha link it to my Zerodha account? Also, have you tried this method yourself - does it work?
Maybe @nithin can confirm if this would work.
I have transferred money many time.
For your question regarding mapping the amount to trading account, I always write my Client ID in description of transfer.
When you transfer funds via NEFT/RTGS, they will automatically mapped to your account. If the funds are transferred via IMPS then you will have to upload a screenshot and the UTR number in Q>Funds.
You can check more details here.
yup @Bhuvanesh I forget that when we use NEFT/RTGS our account information is shared with the recieving end. while this is not the case with IMPS.
Thank you for the help guys! I will most certainly try this out soon. It will also save me Rs. 9 every time to transfer funds (since my bank takes no charges for NEFT)
Any update on this? It seems NACH is live from the links at http://www.npci.org.in/clearing.aspx.
NACH is live, but this requires signature on physical mandate forms. We are waiting for e-nach, is in beta in couple of banks.