Deducting SIP Amount directly from Bank

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)

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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.

Can I be sure that you will be enabling “deduction from bank feature” as soon as e-nach is fully live? That is the only problem I have right now with Coin. It is a headache to manually transfer money every month.

Absolutely we will . By the way you can even now have standing instructions set for this. Check the below link

please help with this.

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Any update on eNACH @nithin

I believe eNACH is available with Digio called NACHBase. Zerodha is already using Digio for eKYC and eSign.

1)Do I need to add funds to zerodha for payment of mutual funds or money will be deducted from bank based on sip date?

You Need to add funds into your Zerodha Trading Account.

@nithin having funds in trading acccount does not yield any returns. Bank to MF autodebit is not enabled now.

as a workaround, can we park these funds in LIQUIDBEES and then authorize you/Coin to debit the amount by liquidating these LIQUIDBEES shares.

Bank to trading/MF auto debit should be possible very soon with eNACH. We are planning on having STP kind of feature where you can move from one fund to another.

I believe eNACH is available with Digio NACHBase. Zerodha is already using Digio for eKYC and eSign. Is it same eNACH feature you are talking about? Is there any timeline when this feature can be available with coin?

Yep the same, in the next couple of weeks

Is there any penalty if I schedule an SIP but fail to transfer money to my trading account on the said day of the month?

no penalty applicable

What if I scheduled an SIP for 10000 for 4 different funds and I have only 3000 in my trading account? How will the 3000 be distributed among my funds?

Is it available now?

As per NPCI website, NACH eMandate and Corporate Live Status. Zerodha is already a live member of eNACH.

Is there any timeline when this feature can be available with coin?

@nithin

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