I chose the payment gateway method for funding my AMC SIPs instead of the mandate. But I couldn’t figure out how to make the payment. Please help.
If you prefer not to link the SIP to the mandate, you can set up the SIP, and on the due date (based on the preferred date chosen during SIP creation), the order will be triggered, allowing you to manually complete the payment, with your preferred payment mode ( UPI/Netbanking/NEFT)
However, if you choose to link a mandate, on the SIP due date (T day), the SIP will be triggered, and the amount will be automatically debited from your bank account and credited to ICCL’s bank account once the mandate is active.
Please note that when you create the SIP, the order will be triggered on the due date and payment will be processed according to the selected payment mode. Whereas for lumpsum orders, the payment mode can be chosen at the time of placing the order.
Thanks for your response. What happens if one forgets to pay on the SIP date when making a manual payment through the gateway?
If the payment is not completed, the order will automatically be marked as failed with the remark payment not initiated within T+5 days, and the investment for the month will be missed. For Zerodha SIP orders, the SIP will be triggered again on the next due date according to the frequency. However, for AMC SIP orders, if the payment fails for three consecutive SIPs, the SIP will be automatically canceled.
1 Like