Hello Zerodha Team,
I recently discovered that Coin does not support eMandates, NACH mandates, or UPI AutoPay for NRE accounts. This was quite surprising, especially since your platform prominently states that mutual fund investments are supported for NRI customers.
As things stand, the only way to fund SIPs for an NRE account appears to be through the payment gateway each month, requiring manual intervention for every installment. This defeats one of the primary benefits of SIP investing—automation and disciplined investing without the need for monthly action.
To rule out any banking limitations, I checked with my bank and confirmed that they support eMandates, NACH, and UPI mandates for NRE accounts. This suggests that the limitation lies on the Coin platform rather than with participating banks.
Given the significant effort involved in opening and maintaining an NRE-PIS account, it is disappointing to discover such a fundamental limitation only after completing the onboarding process.
Could you please share:
- Whether support for eMandates/UPI AutoPay for NRE accounts is currently being worked on?
- If so, whether there is an estimated timeline for rollout?
I believe this would be a valuable enhancement for NRI investors and would greatly improve the mutual fund investing experience on Coin.
Looking forward to your response.