Introducing instant SIP activations!
We are extremely excited to announce a new feature that is going to enhance the experience of setting-up & managing SIPs on ETMONEY.
The beauty of SIPs lies in their automation — automation of getting triggered on the due dates without any intervention from your side. By definition, even the payment towards these automated monthly investments has to be automated :). For ease of use & understanding of our users, this feature is called Easy Pay on ETMONEY. However, so far setting up these automated monthly payments for your investments i.e. registering for Easy Pay required paperwork at the last mile. The paperwork involved printing a form, signing, scanning and then uploading it on ETMONEY App. This form is called a “mandate”.
Thanks to NPCI’s newest offering for digitizing recurring payments, ETMONEY has now removed this last step of paperwork altogether. This step of printing one’s mandate form, signing, scanning, and uploading is being replaced by a simple one-time online authentication using netbanking. So, this mandate has been upgraded with an “e” to e-mandate. No points for guessing who’s the first investment platform in the country to do so. It has to be ETMONEY!
From now onwards, whenever you are about to start setting up your Easy Pay, you would be offered the choice of setting up via e-mandate OR through the paper-based process.
Who can set-up Easy pay using netbanking?
For now, anyone who has a bank account with these 10 banks can use this feature: ICICI Bank, Axis Bank, HDFC Bank, Yes Bank, Punjab National Bank, IDFC Bank, IndusInd Bank, Bank of Baroda, Central Bank of India and Kotak Mahindra Bank.
For investors who don’t have accounts in these initial banks offering the e-mandate facility through NPCI, we continue to support physical mandate set-up. So even if you don’t have an account with any of the above-mentioned banks, you can still use the paperless version of Easy Pay.
All our existing investors who already have the Easy Pay previously set-up through this paper-based mandate process can continue using their Easy Pay without any change. There is no need to migrate to the e-mandate version at all.
How can you activate Easy Pay online if you don’t have one set-up already?
Well now that you are aware of this amazing feature, let us also look at these simple steps through which you can go ahead and set-up the payment for your SIP in just a few clicks.
Step 1 — On the ETMONEY app, just select the Mutual Fund scheme you wish to invest in
Step 2 — On the Order Confirmation page, enter the SIP amount and set the day of SIP and tap on ‘Continue’
Step 3 — While confirming payment set-up through Easy Pay, choose the option of ‘Activate via Net Banking’
Step 4 — Next, enter the Easy pay limit you want to set. We recommend you select a higher limit as it would help you to use easy pay for high SIP or one-time transactions in the future.
Step 5 — Tap on ‘Confirm and Proceed to Net Banking’ to log into your net banking account to set-up your mandate instantly.
Step 6 — Once you complete the authentication, you will be redirected to the ETMONEY app and your SIP will be registered instantly!
Well, that’s it. This is how convenient setting up auto-payment of your SIP looks like with ETMONEY’s superior tech integration.
So, go ahead, set-up your easy pay mandate today and start SIPs and make one-time investments with ease.
Originally published at https://www.etmoney.com.
