We are back with yet another interesting feature.
One Click Payment
Net Banking is one of the most widely used payment method in the mutual fund industry. However, few investors do not have net banking activated for their account. Also, while you do a transaction over net banking, there are chances of transaction failing due to network issues. We thought of overcoming this and bring an option of paying through your bank mandate aka NACH (formerly known as ECS) with just a click of button.
What is Bank Mandate ?
It is an electronic mode of fund transfer from one bank account to another. It is generally used, if you wish to setup SIP so that money will be auto debited from your bank account every month. Now, you can extend this to your Lumpsum investments as well.
On the transaction confirmation page, you will find an option to transact through Net Banking or NACH Mandate. If you select Net Banking, it will redirect it to your bank website. If you select Mandate option, you just have to click Confirm and you are done 🙂
With this option of bank mandate, you can transact immediately or transact on a later date.
Currently, the moment you transact, money is debited from your bank account and we post the transaction to AMC. From now on you also get to choose the day you wish to transact. That’s right !! You get to pick a date and your transaction will be executed on selected date. Money will be debited from your account on selected date itself.
Please note that, You can schedule the transaction only via NACH mandate. Also, if the day selected is holiday, your transaction will be posted on next business day.
I hope you shall find the above useful. While we are working on more features and upgrades, keep sending your love and feedback to us at firstname.lastname@example.org