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

113 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

    • Matti says:

      We haven’t decided the pricing as it. It would depend on the bank charges, however, it won’t be much.

      • Rupesh says:

        Why is there a transaction fee? Other platforms do not charge anything for bank mandate for setting SIP. Please help understand.

        • WhyChargeMandates says:

          I second that…. Zerodha is sitting on a stinking stack of cash and is the biggest player in town by volume and subscribers. cant it just wave off charges for auto mandate…

          Hello, the money comes to your wallet only right? i mean think over it.

  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

    • Matti says:

      The transactions after the 3-month period will be charged, if we decide to start charging.

      • Sushant says:

        Why do you want to charge for this when other platforms/apps dont charge for the same thing.
        Remember why people started moving to Zerodha in the first place?
        Dont force people go to other platforms

        • Suyash Bele says:

          Indeed a good point. The whole reason for choosing zerodha is the same reason. If it starts charging, there’ll be no choice than to move to other platforms.

    • Vinay says:

      You said, there won’t be any charges for the first three months after registration on e-mandate.
      But what will be the charges after that for each month?

      • Mohit Mehra says:

        Currently, we do not have a charge structure in place. Once we finalise the charges, we will ensure this is communicated to all clients in advance.

  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. 🙂

      • 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.

        • PAUL VARGHESE says:

          Hello Sir,

          I want to do SIP for 1000 per month, but the coin only allows minimum of 5000. That way you are cropping out majority of investors.

          • Lindo says:

            Hi Paul,

            At Zerodha, we do not follow the conventional SIP model. All your orders are sent to the AMCs as lumpsum investment orders on your chosen SIP dates. This allows you more control over your SIPs. You can select the SIP dates and frequency as per your convenience & you can easily pause, modify or restart your SIP online without any hassle or document submission. The minimum amount that is shown on the Coin platform in such cases is the minimum first-time lumpsum investment amount, once that is done the additional purchases can be for lower amounts too.

  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…

  35. Srinivasan says:

    Is there any maximum amount limit for emandate in a single day?

  36. Siddarth says:

    The link still does not work. After clicking it, it just goes into endless loop..

  37. surya prakash says:

    how to know my selected investment is SIP or lumpsum?

  38. surya prakash says:

    How to increase the amount of SIP investment per month? OR do i need to create another SIP

  39. Chethan says:

    If I set-up a SIP for 5th of every month, will it work fine if I set the transfer also for 5th of that month?

    • Matti says:

      You’ll have to set the schedule a little earlier, as explained in the post above as it takes time for the bank to process teh mandate and make funds available.

  40. Solanki Sureshbhai javabhai says:

    My documents is reject.

  41. Varun says:

    can you please work on to add digibank by DBS.

  42. R. N. Kumar says:

    Pls. enlist Bank of Baroda for e-mandat facility immediately. I have to register for e-mandat.

  43. R. N. Kumar says:

    I m getting problem regularly for fund transfer through UPI.
    All times it gets transaction failed.

  44. Amit Chaudhary says:

    20191030582402

    Still not updated POA

  45. Amit Chaudhary says:

    Zerodha Faltu service

  46. Amit Chaudhary says:

    20191030582402

    Faltu service

  47. Amar says:

    Hello Zerodha Team

    I wish to invest in SIP on dates like 3 and 9 of every month. I think its lucky number for me but option on coin is for 1/5/10/15 etc. When are you going to open each day schedule. or can it be done through e-mandate. in that case what date should be for me for transferring fund for SIP on 3 and 9

  48. VINOD KUMAR says:

    Plz make a option to credit redeemed amount in Bank Account directly on mutual fund redemption page.

  49. Rakshith says:

    is emandate works for smallcase? If yes, please share the steps how to configure.

    Thanks,
    Rakshith

  50. Kalu ram says:

    Hello sir ji my pan card upload plz help mera pan card dubara upload karna h kes hoga

  51. sathiyaraj says:

    Qn1:How to start SIP on a particular date? i cannot see any option to select date, it only shows order will be placed
    before 1:30 on trading days?

    Qn2: my linked bank account is ICICI bank, and had set up multiple SIP with weekly, monthly multiple frequency, for eMandate, from Zerodha side, do we need to setup multiple eMandate for each MFs or its onetime?

  52. sathiyaraj says:

    If i have started a Weekly SIP , can i able to possible to change from weekly to MOnthly SIP, or can i change the SIP amount in between?

  53. Sourabh says:

    I am requesting you to add/display CAGR(%) of the SIP fund from the day I have started to present in main screen.

  54. Kshama says:

    I want to opt for auto-debit. But I dont understand why my account balance shows up neagtive. If i set 6000 as autodebit amount first it will deduct an amount so as to neutralise negative amount in my account and then my SIP wont get enough funds. Please look into thi

    • Matti says:

      Hi Kshama, I see that you were charged AMC on November 6th. AMC is charged on a quarterly basis (300/4 per quarter). You can transfer the negative amount manually and then set up a mandate for your SIP.

  55. Akash Gaikwad says:

    Help

  56. Bittu says:

    I m use

    Online Google pye

    For the trading

  57. V.Jagadesh says:

    My SIP not triggered and mentioned as an insufficient fund, But the fund sufficient fund was available, can you
    help to buy SIP.

    • Matti says:

      I guess you added funds after the mutual fund orders were purchased. Not to worry though, your order will be retried today and it’ll go through.

  58. Shaher says:

    Hello,
    My bank is not mentioned in the list (Corporation Bank). I want to start a SIP and I am curious about how will I pay the monthly installments.
    Please brief me about the procedure.
    (Additionally, If there is some procedure from Zerodha’s side about monthly payment options then please I request you to explain it in BRIEF manner. I tried contacting your online helpdesk but no proper answer was given, you can check my last ticket raised)

  59. Hardik Shah says:

    What is the cost for emandates after 3 months

  60. Sumit says:

    Can i buy IPO automatically with your E-mandate or should allow with BHIM app E-mandate to buy IPO?

    Please clear the confusion.

  61. ShrikantN says:

    It would be helpful if e-mandate can be triggered based on SIP trigger/schedule setup with account instead of a new separate schedule defined for it. That way it will be always in sync automatically based on changes we do with SIP.
    Ok with charges if we keep it minimal.

  62. H P PRAHLADACHAR says:

    Find the email account open

  63. Ravi says:

    Dear,

    I have done this e-mandate process with following instructions, and received email after few days that my e-mandate has been activated, but last 5 december when my sip amount which need to transfer AMC, not done and my sip got failed and get message that money will be taken during next schedule.

    Please help me to pay my sip amount to AMC.

    Regards,
    Ravi

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