Introducing UPI autopay for SIP payments

Zerodha Feature Announcements
1

UPI Autopay is now live on Coin Web and Cashier. The per-debit limit has recently been increased to ₹1 lakh, allowing you to use the UPI autopay feature for SIP debits for more than 15k as well. Here’s how you can get started:

How to Set Up UPI Autopay on Coin:

  1. Access the Mandate Section:

Visit Coin Mandate.

  1. Create a New Mandate:

Select the option to create a new mandate and click “Confirm.” This action will redirect you to the cashier screen.

  1. Enter UPI Details:
  • On the cashier screen, choose the UPI option.
  • Ensure you enter the UPI ID linked to the bank account associated with your Zerodha trading account.
  • Click “Confirm” to proceed. A success notification should appear on the cashier screen.
  1. Authorize UPI Payment:
  • You will receive a notification on your UPI application.
  • Authorize this notification to set up autopay. An initial debit of ₹1 will occur, which will be refunded from BSE within 2-3 working days.
  1. Check Autopay Status:
  • Once the autopay is successfully set up, you can check its status in your UPI app and the autopay section of Coin.
  1. Activate Mandate:
  • The mandate will become active within 5-10 minutes on the Coin platform.
  • You can then create a new SIP for the fund or map it to an existing SIP.

How SIP Debits Work:

  • Debit Timing: The debit request for UPI Autopay is triggered on T-1 day morning from Zerodha’s end and sent to the payment gateway. You will receive a notification for the debit that is about to happen.
  • Payment Processing: On the T day, the specified amount is debited from your bank account by 6:30-7:00 AM and a request is sent to Indian Clearing Corporation Limited (ICCL).
  • Order Mapping: The order will be mapped to the payment once the payment gateway reports the MIS. This process applies to both AMC SIP and Zerodha SIP.

Current Areas of Improvement:

  1. Immediate ₹1 debit is not being processed.
  2. Issues with certain UPI apps like Google Pay, BHIM, and PhonePe - we are checking with NPCI
  3. Mentioning the ₹1 lakh limit for autopay approval in the flow of UPI Autopay
  4. Disabling the UPI Autopay option on the Cashier mobile web view, as we are working on getting the in-app option to set up a UPI autopay instead of redirecting to a separate cashier page.

If you have any feedback, please let us know in the comments.

5 Likes
2

So finally we do have the feature live, atleast on Coin Web. Great to hear that Neelesh!
Will try it out and update here in case of any issues. Thanks!

1 Like
3

@Neelesh
Tried the flow & approval of mandate failed.
App used - Navi UPI
Error code - XD INVALID AMOUNT (REMITTER) [This error was thrown by NPCI]

4

Kudos team. Finally!

I tried the flow on coin ios latest app it opened the cashier Zerodha tab. I upi id was selected and it was pre filled
I submitted. It said sorry try again later.

EDIT: Same issue on the website.

6

This new → confirm is very confusing and inconsistent. where else do you see such behavior?

7

image

1 Like
8

@Neelesh

When approving mandate on BHIM app, it shows maximum limit of ₹40000.

9

How were you able to create this mandate? We get the above screenshot error. I use BHIM too.

Is the MCC of zerodha’s payment merchant wrong?

even then some banks have higher limits…

11

Could you DM me your ID, mandate UMRN and the bank account from which it was being tried?

12

Is the bank account you are trying from the same one for which you entered the VPA? Also, is the same mapped to your Zerodha trading account??

13

Yep, we will see what we can do around it because, before redirecting to te cashier page we need a confirmation bar hence the current behaviour is like this.

14

Yep BHIM is an issue we are checking with them if possible please DM me your ID, mandate UMRN and the bank account from which it was being tried?

1 Like
15

Zerodha bank account = BHIM UPI linked Primary Bank account ...@upi = Indian bank UPI ID linked bank account ...@indianbank.

I regularly pay using the same ..@upi ID for lumpsum orders and KITE wallet topup.

16

These are resolved, only BHIM is an issue that NPCI is checking.

1 Like
17

Try this:

New Mandate image

https://en.wikipedia.org/w/skins/Vector/resources/skins.vector.styles/images/link-external-small-ltr-progressive.svg?fb64d

18

@Neelesh A general question: What is the upi mandate fails due to low balance. Will coin stop attempts from next month. As this can lead to penalty from bank. Can you clarify

19

https://old.reddit.com/r/personalfinanceindia/comments/1atxten/penalty_for_failed_autopay_sip/

See bank policy

  1. National Automated Clearing House (NACH) Mandate (including ‘E’ mandate)
    One time Mandate Authorisation
    Charges per mandate ₹50/- + GST
    Failed Mandate ₹250/- +GST

https://sbi.co.in/documents/16012/22770835/150722-Revision+in+Service+Charges+updated+as+on+30062022.pdf/db73b02d-63f0-fbc9-3c9b-f1a905e4aea2?t=1659079567234

UPI autopay setup seems free but failure penalty might/ might not be there.
Another question is about pausing or revoking: one can keep the SIP running on coin but pause it on the BHIM app. So what happens then with regards to the order, and penalty.

20

The mandate name field was showing a green tick before.
On a fresh attempt I used a new Mandate name, and the UPI mandate creation was successful.
The mandate name was different from the previous used values.

21

@Neelesh
Couldn’t find the option for DM
Here are the info:
gatewayMandateId:ZERODHA4582302446624804
gatewayReferenceId:425529438121
merchantRequestId:AXB20240911140237297308383473664000
umn:810759ac2a834fc0a4b296b915692e3a@naviaxis

Bank was Canara Bank

23

What about kite? Can this be used for adding funds to Kite?