Register SIPs with your debit card

Oct 19, 2019 7:15 AM 1034 views

Now use your debit card for SIP investment with IIFL Securities. All you need is to know our few easy steps here. 

Don’t use debit card for spends alone, use for investing! Start a SIP with debit card.

Registering SIPs is simple, we’ve made it simpler. Now you can use your debit card to invest in a SIP!

The process is super simple, quick, and involves no paperwork.

Read on to understand exactly how SIP registration works with a debit card and why is it better.

Why Setup a SIP with Debit Card?
Why Setup a SIP with Debit Card?

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
This is a 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 your debit card! You can use your debit cards 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 with debit card

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

  • Select Payment Mode as ‘Debit Card’

Debit Card option is enabled following banks HDFC Bank, Kotak Mahindra Bank, Ujjivan Small Finance Bank, YES Bank, INDUSIND Bank, Equitas Small Finance Bank, South Indian Bank, IDFC FIRST Bank, Bank of Maharashtra, Au Small Finance Bank, more to be added soon!

  • Select mandate details and click ‘Create New Mandate’
  • Enter your card details and authorize
  • That’s it, your SIP will be registered!

You can now start multiple SIPs with this mandate, no need to enter your details every time!

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.
Instant, paperless, completely free. Start today!

Visit indiainfoline.com

Tags: #Finance

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