… @Neelesh@Arjun_Oberoi@Deepak_Kumar_Singh Whatever could be the explanation, I think the inordinate delay in completing the SIP thru the newly STP option is something not acceptable. Please suggest if this timeline is acceptable for you. I am not writing this to criticize your team, but am really concerned if this is the correct workflow and this is the accepted timegaps that you had envisioned when designing this feature.
STP due date on Dec 1 (sunday)
SWP gets triggered on dec 2 (Monday)
Money gets credited to account at 10 am on Dec 3 (Tuesday)
SIP gets trigged at 11 AM on Dec 5 (Thursday)
Money still in my bank account as of 11 AM on December 7 (saturday)
*not sure if this transaction would get completed on monday even…
Even your T+2 concept doesnt seem to be working in this scenario. All the days of the week this week were working days. I am sending the Zerodha login ID to your DM. Can you please check? Atleast, this whole transaction of STP could have got completed by Dec 5 isnt it?
Hi @abrahama , As per our telephonic conversation, I hope your queries related to STP have been addressed. If you have any further queries, please let us know.
Hi @foobar , The STP SIP leg will be triggered once the redemption payout is credited to your bank account, as per the settlement time of the mutual fund scheme. Hence, once the redemption payout is credited to your bank account, the STP SIP leg will be triggered automatically on Coin.
Depending on the mandate linked to your STP, i.e, Nach or UPI mandates, the funds for the SIP order will be debited from your bank account on T+2 days or T+1 days.
Note - SIP linked to UPI mandates are triggered on T-1 Day while SIP linked to NACH mandates are triggered on T-2 Day.
This gets little frustrating now… STP order triggered for Dec 15, money credited to account on Dec 17th. SIP leg gets triggered on Dec 18 but money is still in my account as of 2:10 PM on Dec 20. It is quite unfortunate and is quite frustrating. I am sending the screenshot of the SIP leg and the login details in your DM. Not sure if I need to follow up with the team for each STP transaction.
Hi @abrahama , The STP was linked to UPI mandates. Hence, the debit against your STP SIP was scheduled for December 19th, 2024. We observe that your mandate debit request was rejected by the bank with an error remark: MANDATE DEBIT IS BEYOND PSP SPECIFIED AMOUNT CAP. We are checking this rejection error with the Payment gateway and will provide an update regarding the status as soon as we have more information.
I am trying STP for the first time. It is asking amount to setup. Lets say if I have 1 Lac in my source fund and I want 10,000 STP every month, what should I put in to the “Amount” Field? Will the STP run until the source fund runs out of money?
