Discontinuation of pooling for mutual funds and how it affects Coin

[GauravAgarwal4]

Hi Bhuvan, it appears that mandates are limited to Rs 1Lac only. Does that mean that on a single day we cannot have sips totalling for more than 1Lac? Is the work around to create multiple mandates and link different sip to different mandates?

[Bhuvan]

@GauravAgarwal4

Hi Bhuvan, it appears that mandates are limited to Rs 1Lac only. Does that mean that on a single day we cannot have sips totalling for more than 1Lac? Is the work around to create multiple mandates and link different sip to different mandates?

The daily limit per mandate is Rs 1 lakh and yes, multiple mandates can be created.

[Bhuvan]

@Gaurav_Bhandari

Hi @Bhuvan, I can see mandates option now in coin…wanted to know is it fully functional or still in beta?

They’re live now.

Discontinuation of pooling for mutual funds and how it affects Coin

Updates Mandates are now live on Coin app and web. Follow the steps in the article to create one. It takes up to 3 days for a mandate to be registered and once it’s registered, you can link it to an SIP. Please update the Coin app to create mandates. Steps to create a mandate on the Coin app Let us know if you spot any issues during the creation.

[Bhuvan]

Check this, please.

Discontinuation of pooling for mutual funds and how it affects Coin

Updates Mandates are now live on Coin app and web. Follow the steps in the article to create one. It takes up to 3 days for a mandate to be registered and once it’s registered, you can link it to an SIP. Please update the Coin app to create mandates. Steps to create a mandate on the Coin app Let us know if you spot any issues during the creation.

[nikhil27]

Its easy to create the mandate, takes few second to create it.

[Nitish_Mittal]

Have applied for a mandate, let;s see how well it works.

[Younus_Farveaz]

Is there any way to automatically withdraw funds from trading account to fund the SIP?

[Sunil_Sethy]

Thank you team zerodha, you kept you word

[gowtham4]

@Bhuvan

Let us know if you spot any issues during the creation.

1. https://zerodha.com/tos/merch-mandates
   Terms and condition page not working

2.What are the charges for eMandates?
Is this one time charge? and if mandate fails is there any other penalty apart from bank side?
What will be penalty from bank, any data for the same?

[Bhuvan]

@gowtham4

1. https://zerodha.com/tos/merch-mandates
   Terms and condition page not working

2.What are the charges for eMandates?
Is this one time charge? and if mandate fails is there any other penalty apart from bank side?
What will be penalty from bank, any data for the same

1. Will be fixed.

2. Yep, this is charged by the bank. Mandate failures may also result in some penalties that varies across banks.

[Bhuvan]

@Younus_Farveaz

Is there any way to automatically withdraw funds from trading account to fund the SIP?

No such option but unused funds will anyways be automatically transferred back from your trading account to your bank account.

New Running Account Settlement Rule - Single day for clients of all stockbrokers in India

In India, stockbrokers are required to follow one of two ways to settle balances with their clients. The balances can either be settled bill-to-bill or maintained in form of a running account with the stockbroker. In a bill-to-bill settlement process, money receivable by a client as per each contract note is transferred to their bank account. On the other hand, maintaining a running account means that instead of funds getting settled into the bank account each time, the credit is made available…

[Arun_Gupta]

Hello Bhuvan,

I am happy to see this working now. It saves a lot of time for the Clients. It’s implemented quite late though.

As being a client I have the right to convey the feedback in case something doesn’t meet my expectation, I am equally responsible to give the positive feedback when things work.

The efforts from Zerodha are much appreciated in this piece.

Best regards
Arun Gupta

[anantk007]

@Bhuvan Is there no way to create a mandate with a secondary bank account ?

[Karthik_Ragu]

Can the mandate amount be greater than my SIP amount? If so, I believe only the SIP amount will be debited

[Prateek_Malpani]

Hi @Bhuvan @ShubhS9

I had placed an order for mf (non sip) on coin on friday and made the payment via rtgs (as abovd the limit for upi).
In the past i used to get the unit details over the weekend and confirmation from coin on monday.
For the current transaction i have not got any details or confirmation.
Can you please have a look at this as the funds involved are material.
I have already raised the ticket but the reply recieved is very generic rather than looking into the details.
Can you please help.

[Ticket #20221212480327]-

[ShubhS9]

Hi Prateek, checking this. You’ll have an update on the ticket.

[Prateek_Malpani]

Hi @ShubhS9
I got a reply that the order is not mapped to my account and the funds would be returned back in 10 to 20 working days.
This does not make sense as had placed orders last friday and they went through correctly.
Also the resolution that funds would be returned after 10 to 20 working days is not a acceptable solution as the funds involved is very large (upwards of multiple lakhs), hence leading to massive opportunity loss and nav impact.
Can you please look into this personally and provide a better solution.
Please let me know if we need to take this offline or in dm.
Im reachable of my account contact phone if that helps.

[Suyash.K]

I haven’t tried RTGS but internet banking goes through smoothly for me.
But yes, taking 10-20 working days for the refund seems a bit too much.

[Prateek_Malpani]

I worked smoothly for me last week. God knows what went wrong this week.

[jhakkastrader]

is payment through RTGS mode open now ???