Hey Friends I hope that you are an investor in mutual funds. Almost everybody talks in favor of it
It gives good returns in the long term if funds are placed in a disciplined way.
While investing in a mutual fund, the SIP is considered right as it works on an automatic investment philosophy
When the price is less, then buy more While when the price is more, then buy less
SIP is considered as a preferred way to make a mutual fund investment
As you know that while using SIP, one has to do it manually This makes the investment journey cumbersome
Also, you may know that Groww tries to simplify your journey and make it smooth.
Following this, Groww has brought Autopay. Here your money will be automatically deducted from the bank account and get placed at the mutual fund selected in the form of SIP.
You have to do nothing much but just follow a small process.
After that, your bank mandate will be setup Every month money will get deducted from your bank account and get invested in the mutual fund chosen by you
Your investment journey will get smooth and simple if you follow this process
Following this, I will tell you how to use Automated SIP and set up a bank mandate in today's this video.
So that every moth money is deducted from the bank account automatically This process about which I will be telling you in today's video is quite simple and smooth
As I told in previous videos that we have brought new series - Get to know Groww This series will talk about features of Groww which can simplify your investment journey
Today's video falls in this series. I, Jagdeep Singh, welcome you to the Groww Youtube channel Let's quickly start this video.
But before starting this video, if you have not subscribed to our channel, then surely do it.
Every week we add 3-4 educational purpose videos on this channel, which will help you in becoming a good investor Let's speedily start today's video
I will explain to you the process steps Also, you will be able to see the steps on the screen
While telling you the steps, I will also discuss points to be kept in mind while following this process
Alongside on screen, I will show you how it works You will easily understand how to set up a bank mandate
So friends for the Autopay setup you need to open the Groww app The next step to be followed is going to bank detail
After clicking on it will find this screen After reaching the bank detail page, you will find the banks you have verified on the Groww app
You know that there is a need to verify your bank account to do any bank transaction
Now, if you want to set up autopay Click on your primary bank, and you will see your bank detail
Now you can find an option on this page- Set up Autopay After clicking on this, your process starts through which you can then set up Autopay
After clicking on Setup Autopay, you will find a screen to set up a mandate Here all information to create a mandate and about the client is available
For creating a mandate, two options are available First is through debit card
In the unavailability of the first option, the second option of Net banking is available
Here you can see both the options You can choose among then and then click and proceed Lets first try setting a mandate through a debit card
Under the first option, after clicking on the debit card, you will be directed to your bank account There you will have to enter your details
As I told you before that, ICICI bank is my primary bank After entering the bank details, your work is done
You will then receive an OTP, and after entering the OTP, the process is complete
After this, you will find a final confirmation screen, where you need to again confirm your details before closing it
Then you will receive a congratulations screen. In a span of 2-7 days, your mandate will be approved.
Your SIP process will then be simplified After completing the process, you need to check the Autopays that you have allowed
You can go to the bank details option, and there you will find your approved Autopay. The Autopay process is pretty simple, and after its completion, you can check all the details to track your mandate set up.
In the second step, I will try to explain setting up an Autopay mandate using Net banking. You have to follow the same process altogether. After clicking on the Autopay option, you will find the same screen, here you have to select Net banking instead of Debit card.
After selecting Net banking and affirming the terms and conditions, you will be redirected to your bank account.
After reaching there, you will have to approve it
After this, Groww will direct you to your registered bank, where you will find a mandate registration form
After reaching here, you will find all details regarding the mandate Here I would like you to carefully look at your details as it is an important step
After affirming the terms and conditions, you can then proceed to the next step
You will be directed to the Net banking site. In this test, we are using the HDFC bank.
After reaching the Net banking site of the bank, you need to add your Customer Id and password and give confirmation to your mandate
So after filing all your details over there, your work is over, just like in the case of a Debit card In a span of the next 2-7 days, your mandate will be approved
You can then view your mandate details on your bank detail page So this was the process regarding setting up a mandate through Debit card and Net banking
Here two processes were explained to set up a mandate using either the Debit card or Net banking facility. Now let us assume that you don't have any facility of the two mentioned
Apart from these, we will talk about the other process available When you set up your mandate, there will be an option available below
There, a process is mentioned if you don't have the Netbanking and Debit card option.
You will then reach on a Sign form. After downloading this form, you need to affix your signatures to the places mentioned.
Then after signing this form, you need to upload it at the same place.
You need to take caution while filing this form and not make any changes to it Making any marks or cuts can increase the chances of the form's rejection
This process is quite simple as you need to affix the signature at the places mentioned. Then you need to upload the form again, after which the mandate set up from your side would be over.
Theses were the three ways through which you can set up your mandate The prime reason to set up SIP is to make your investment process smooth as the amount is monthly deducted from your bank account
The money is deducted from your bank account and invested in the mutual fund on the date selected. Hence the chances to miss investing are minimized, and discipline in long-term investing is also maintained.
So, Friends, this was today's video where we talked about setting up a mandate In the upcoming series of Get to know Groww, we will update you further with the new features.
Because all the features that we bring in are to simplify your investment journey I, Jagdeep Singh will persistently update you about the new features
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Happy investing!