Introducing e-Mandates – Now fund your SIPs automatically

September 17, 2019
Coin, Console

Using SIPs to regularly invest makes for a good personal finance habit. However, when you set up Coin SIPs, you constantly need to nudge yourself to transfer funds on the scheduled date. There is now an easier way to ensure your SIPs are funded on time – e-Mandates!

e-Mandates allow you to schedule automatic transfers from your bank account for your investments, mutual fund SIPs, etc. You can set up an e-Mandate in two simple steps:

  1. Register an e-Mandate on Console using your net banking or debit card credentials
  2. Schedule transactions to automatically transfer funds

e-Mandate registration usually takes up to 5 working days, in contrast to physical mandates which take about a month. You can register an e-Mandate with the bank account linked with your Zerodha account if the bank supports NACH e-Mandates. NACH e-Mandates are currently supported by banks on this list. In addition to these banks, State Bank of India also supports the e-Mandate facility.

Setting-up an e-Mandate

Create new mandate

To set up an e-Mandate, go to Console. Click on Funds → Bank mandates. On the Bank mandates page, click on the ‘Create new mandate’ button as shown in the image above.

Select bank account

*Before you proceed, ensure that pop-ups are not blocked for the Console web URL. Click here to know how to disable pop up blocker in Chrome & refer to this link to do the same on Firefox.

After clicking on ‘Create mandate’, select the bank account from which you want the funds to be debited. Check the details of the eMandate displayed to you in the next window and click on ‘Submit’.

Select authorisation method

You will then be directed to the mandate approval gateway. You can choose to authorize the transaction using net banking or debit card (if your bank allows it) as shown in the image above.

A token amount (Re. 1 or Rs. 2, depending on your bank) may be debited from your account for authentication. This amount will generally be reversed by the bank. Your mandate registration will be verified in the next few days after which you can schedule transactions.

Scheduling Transactions

 

Scheduling transactions

Once your mandate is registered, you will need to create a Schedule by specifying the amount, account credit date, frequency and transaction name as shown above.

The ‘Name’ will be posted as a narration on your bank statement and your trading account ledger to help you identify the transaction. The ‘Account credit date’ is the date by which funds will be available in your account for your investments. This can be chosen to match your SIP date. The money is debited from your bank account one working day before the account credit date.

You can choose any ‘Frequency’ (weekly, monthly, alternate months, quarterly, or yearly). The transactions will be automatically scheduled as per the selected frequency. The ‘Amount’ you enter will keep getting automatically added to your trading account funds until you delete the schedule.

The maximum limit for transfers in one day is Rs. 1,00,000 (one lakh). You can set up schedules for multiple days. You can also set up multiple schedules for the same day as long as the total does not exceed one lakh.

Charges

There is a cost to NACH e-Mandates, but for the next three months, you can register and schedule e-Mandate transactions free of cost.

Happy investing,

Team Zerodha

India's largest retail brokerage

62 comments

  1. Nagesh kini says:

    Thanks for the detailed article. Unfortunately the Link provided for the list of banks supporting E-NACH is not working.

  2. Rohit says:

    How much it will be charged after 3 months

  3. Saksham Gupta says:

    Please clarify whether if we schedule within 3 months then debits will be free for lifetime or after 3 months we will start incurring charges

  4. Franky Johnson says:

    We need Systematic Withdrawal Plan and Systematic Switch Plan

  5. Yekavi says:

    The decision to charge transaction fee or not, should be clearly stated. And the approximate fee should be provided too, so that the consumers/ users could decide to use the service or not. Otherwise, half information creates apprehensive to the customers. Thanks.

    • Matti says:

      The cost of registering a mandate would be Rs. 15. This is a one time cost. The cost for each transaction is around Rs. 5. Hence, when we do start charging, this will be approximately what we charge.

  6. Bijoy mallick says:

    I have a regular fund but I want to go from regular plan to direct plan.
    What to do ?

  7. Shashank says:

    It’s good to have e-Mandate feature but transaction charge fee most not charged.

  8. Ajit says:

    Hi zerodha team,

    Support to Rupesh’s question. We are paying for so many things and not charging anything. If it is Nach and chargeable then what is meaning of digital transaction. I would like if we considered this request to make charges nil. I m sure more customers will start it as major obstacles or time consuming is fund transfer only.

    • Matti says:

      Hey Ajit, we haven’t started charging yet. However, there is a cost associated with mandate registration as well as each transaction. If it is feasible for us to offer this for free, we will continue to do so. However, if the cost has to be passed on to the customer partially or in full, we may do that too.

      • Ravi says:

        There is no charge when we transfer funds from Google Pay or other wallets to Zerodha, then why the charges for it. When the free options are available, why anyone will register for it. How this system of funds transfer is better than transfer of funds free of charge from Google pay etc.

        • Ankur says:

          For convenience, people will opt for auto debit with 5 Rs per transaction.

          Some banks like kotak have also started charging for upi.

  9. Bijoy mallick says:

    I have a mutual fund in dmate account of axis Bank but I want to go zerodha platform.is it possible ? And how ?

  10. Maninder says:

    which banks are available on zerodha platform for emandate

  11. Sachin Gupta says:

    Much like everyone on this thread. Would like to understand the cost for these transactions. Better to keep it known upfront as other companies do not charge this.

    Regards
    Sachin

    • Matti says:

      The cost of registering a mandate would be Rs. 15. This is a one time cost. The cost for each transaction is around Rs. 5. Hence, when we do start charging, this will be approximately what we charge.

  12. Jayant says:

    This is like honey trapping, transparency says that either cost should be known or the option to cancel the e mandate be available.

    • Matti says:

      The cost of registering a mandate would be Rs. 15. This is a one time cost. The cost for each transaction is around Rs. 5. Hence, when we do start charging, this will be approximately what we charge.

  13. Mihir says:

    This is something that I could do very conveniently if I used the same broker and bank. This is a limitation for zerodha coin platform and not a value added service.
    Having this functionality makes life easy for your customers and that should be a priority. Value added services is something that you should focus on and charge a premium for.
    Ensuring I have an easy way to make SIP payments is not a value add, but a necessity.
    Please end the suspense instead of dealing with it 3 months later. 😀

  14. Harshil says:

    Systematic withdrawal plan(SWP)
    & Systematic transfer plan(STP) are required

  15. Shweta Gupta says:

    Just add zerodha’s hdfc account as a beneficiary in your bank account net banking page and set a scheduled transfer with transfer frequency ( monthly, quarterly, half yearly, yearly) and the neft fee is nil now for a few bnks as per RBI new rule, in this way u will be saving your fund addition charges as well as scheduled transfer will be done automatically

  16. Johnson says:

    I want to transfer liquid fund to multiple equity funds in STP mode in different funds. Is it possible?

  17. Debayan says:

    Suppose, I do the e-mandate today. It costs Rs.15. Now, I want to do a SIP. I cashed in Rs. 1000. So, the total transaction charge that I have to bear will be- Rs.(15+5+1000)=Rs. 1020.
    For the next month if suppose i want to add Rs. 2000 then i will have to pay Rs. 2000+Rs.5= Rs.2005
    Please clarify this doubt

    • Matti says:

      Since we’re not charging anything for the mandates right now, there will be no charges for the first 3 months. If we do start charging later on, it’ll only be Rs.5 per transaction, since the mandate is already registered. Also, while the first 3 months are free, we’d only start charging this later on IF it is required. We’d ideally want to keep this free for all. 🙂

  18. Manish says:

    I think most of the brokers provide it as free value add service. One time mandate we can understand but fees on each sip is not something good for us.

  19. Zoeb says:

    ”There is a cost to NACH e-Mandates, but for the next three months, you can register and schedule e-Mandate transactions free of cost. “
    So this wording means even though the facility is free. It will be charged after three months?

  20. Sachin kumar Madesiya says:

    My cnc orders not show in my zerodha dimat account after 3 days

  21. Ghanshyam Swami says:

    What will be the minimum fund to transfer?

  22. Ambuja Garnaik says:

    Sir, I want to do a stp in your platform. How can I transfer from debt fund to mutual fund in SIP mode. Please suggest.

  23. Pranith Kumar karampuri says:

    Please don’t charge the fee just like in other platforms for automatic transfers at the time of sip. One time mandate fee is acceptable. But recurring fee would be a problem.

  24. Manoj says:

    How do we cancel this e-mandate?

    • Matti says:

      For now, there are no APIs for cancellation, so you’ll have to get in touch with your bank. However, if you cancel the scheduled transactions on Console, there will be no transfers from your bank account to Zerodha account.

  25. Vithal says:

    Hi,

    I am having regular mutual funds investing in other platform, I would like to bring mutual funds to zerodha coin and thought to change regular plan to direct plan. Could you please suggest me on my queries.

    Thank you.

    • Matti says:

      There is no conversion from regular to direct, as such. You’ll have to redeem the regular funds and buy the direct variant.

  26. Amita singh says:

    I want to withdraw my money how can I do this. plz help

  27. Anees says:

    E mandate is showimg user name not found. And its not working

  28. Sudheer says:

    I have created a e-mandate recurring every month on 3rd for funding my SIP payments .The first schedule was to be triggered on oct 3rd and I got a mail also from zerodha that auto debit is scheduled for 3rd OCt and amount would reflect in trading account by 4th.However my bank account didnt get debit and now in e-mandate page ,it shows next schedule as 4th Nov and it has skipped the current schedule without debit of account.I raised a support ticket #20191004169479,the support agent said amount would get reflected by 4th Oct which hasnt happened and the ticket is closed.Can you check what happened here?

  29. Shaiju says:

    What is the cost after 3 months?
    You should have mentioned it first.

  30. Prasanth Kumar M says:

    Hi,
    I’m very satisfied with COIN.
    But, recently I search SUNDARAM EQUITY FUND for investment, but that fund is not yet listed in COIN platform, and almost all other platforms like PAYTMMONEY, MONEYCONTROL etc, has already set the facility for that. Hope will consider this too.

    Thank you.

  31. Archana says:

    Is there anyway we can transfer SIP funds from other funds ?

  32. Kamal Kant says:

    I agree while using sip to fund transfer

  33. Suman says:

    Are eMandate charges started? I wanted to enable eMandate. But want to check before starting it. If not, any tentative date from when it will be started?

  34. Nilesh says:

    How can I invest in sip…

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