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.
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?
Coin-Direct MF SIP
Is it available now?
Is there any timeline when this feature can be available with coin?
that is crazy that you found that link.
We are currently testing it out. So should be possible very soon.
There is one advantage of deducting money from Zerodha trading account as compared to bank account. Once I did not kept enough funds for my SIP and I was penalized heavily (approx Rs. 300 plus taxes against an SIP of Rs. 1000/-) by bank for bounce of ECS.
In case of Zerodha, there will not be any penalty as the order will not be executed due to unavailability of funds. Correct me @nithin if I am wrong.
Yep, there isn’t any penalty for missing a SIP.
Will the collateral on MF be same as the current equity model we have in Zerodha?