Hi team,
Request:
Users should have an option to choose day of the week to place SIP orders for Mutual funds in Coin.
Current Workflow:
We can place weekly SIP orders. It starts on a weekly basis from the date when we started. But this can change if there is a holiday in between.
Problem I faced:
I started weekly SIP for a MF on Tuesday. Every week the funds were debited on Tuesday and the order was placed on Tuesday (this was optimised).
Last week because of Holiday (Holi), the money was debited on Sunday and now my weekly SIPs have shifted to Sunday. So, every week the money will debit on Sunday and the order would be placed on Monday. This is not optimal.
The solution I was suggested by Customer Care was to cancel the current SIP and place the weekly SIP order again. This is a bad approach because then I need to monitor and might need to readjust it multiple times.
If Zerodha can add a feature where request would be placed on specific day of the week, then we would not need to monitor this. I am okay, if because of a Holiday the funds are debited a day in advance or the order is placed next day of Holiday. But this cancelling of the SIP and restarting is what I want to avoid.
Please note that I am not concerned about the returns of SIP from different days / dates. I would just like money to be debited from my account only on the day the order will be placed. This would reflect good for my bank account as well as the interests earned.
Thanks
Ronak