Introducing Internet Banking for SIP Registration

Oct 19, 2019 6:45 AM 880 views

Welcome to the new era of investment through a digital step. Simply, login into your internet banking to set up auto-debit for your SIPs through internet banking.

Registering SIPs is simple, we’ve made it simpler. Now you can use internet banking to setup auto-debit for your SIPs. No more paperwork!

You can use your internet banking login to authorize SIP amounts to debit from your bank account. This makes the whole SIP registration journey stress free. The process is super intuitive; for those who need help, we’ve documented the steps at the end of this article.

Read on to understand exactly how internet banking for SIP registration works and why is it better.

For the uninitiated, when you setup an SIP, you have to select a payment mode, i.e. where the money for your SIP will be debited from.

You have two options

  • your IIFL Ledger
  • your Bank Account. 

Paying for SIP through Ledger
Money for your SIP is debited from your ledger account with IIFL. This payment mode requires no paperwork and is instant. However, you have to make sure you maintain sufficient balance or fund your ledger at the SIP dates (we will remind you, of course!). Ensuring that your ledger is funded adequately for each SIP installment can be a task in itself and requires your constant attention. 

Is there a better way?

Of course, paying for SIP through bank is much better way to pay for your SIPs where amount is directly debited from your bank account. Setup and forget. Setting up this payment mode requires you authorize IIFL to debit the SIP amount from your bank account. This authorization is called a ‘Mandate’. 

Once you register a mandate, you can link multiple SIPs to it. No need to create a mandate every time you want to start a SIP.

The traditional way to register a mandate is through ‘NACH’. We email you a prefilled NACH form, you take a print of it, sign it, send it to our office, we verify and send to the bank for approval. Even though the process is a onetime thing, it is a bit tedious.

Is there a smarter way to register a mandate?

Of course, with internet banking. You can use your bank’s internet banking portal to authorize IIFL to debit SIP amounts every month.
The process hardly takes a couple of minutes and is completely paperless.

Here is how you start a SIP and register a mandate via internet banking

  • Login to mf.indiainfoline.com
  • Click ‘Invest Now’ and enter SIP details

  • Select Payment Mode as ‘Internet Banking’

Internet banking option will be shown only to users whose account lies with the following banks
Kotak Mahindra Bank, IDFCBankLtd , Axis Bank, Central Bank of India, Bank of Baroda, Punjab National Bank, INDUSIND Bank, Ujjivan Small Finance Bank Ltd , Yes Bank, IDBI Bank, ICICI Bank, HDFC Bank, SBI

  • Select mandate details and click ‘Create New Mandate’
  • Login to your internet banking portal
  • Approve a Mandate Registration fee of Rs. 2
  • That’s it, your SIP will be registered!

Have more questions? Checkout our FAQs or reach out via phone, email, or chat!
Check support section on your dashboard (mf.indiainfoline.com) for contact details.

New to IIFL? Invest in schemes from 40+ AMCs with just a single account.
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Tags: #Finance

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