The request will be for the exact amount you map the SIP, but the autopsy registration will be 1 lakh by default.
Please DM me your ID to check this further?
So it is exactly like Nach E mandate?
Why not just setup mandate for the SIP amount? I don’t understand this love for maximising mandates, when my SIP is just for 1k. 1 lakh is a scary figure
This is a standard industry procedure be it with us or any other vendor for any service in the industry; you can’t edit the amount for which the mandate is being created, it’s just a maximum amount of the debit allowed for an autopay. It completely depends on the SIP amount that has to be debited and all the notifiers are in place for the same
Yeah I understand it is the headache of the user in case he ups the SIP amount to create another mandate.
But the option to atleast minimize risk by lowering mandate amount should be there (when setting up). User can delete and create new mandate if he wants to increase the amount
As per my understanding, autopay requests over 15k cannot proceed without UPI PIN
My bad, does not apply to mutual fund transactions.
There is no risk involved here; the system will take the amount for whenever the SIP is mapped to
Yeah, it does not, the limit is 1 lakh after the authorization or first-time execution, so one autopay can be used to power multiple SIPs and you don’t need to create multiple autopays.
Can you help understand why we (customers) are asked to make the “Demat account maintenance charges” manually by adding funds every quarter?
Why can’t we have a feature where we can add an autopay set up using a credit card just like a Netflix subscription charges us?
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Agree, this has kind of become a pain for the case where person is only doing MF investment so there is no regular fund transfer to zerodha trading account and then these demat charges accumulates with interest penalties.
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@fire23 @Mub we are working on this facility and shall be avaibale on Console. As of now, you can set up a quarterly instruction using a NACH to fund your account for AMC, like set up a nAch and mention debit date near to the quarterly AMC date. Meanwhile, we are workign on UPI Autopay and that will be the simplest solution to this, we shall give an update soon on this as this is WIP.
Mandates have been upgraded to one crore now.
Effectively allowing one crore withdrawal without any OTP or authorisation?
I do not understand how you guys just throw around such numbers on these apps without thinking 100 times.
For my 1000 sip I have to allow you to withdraw 1 crore, and then trust your pinky promise that you won’t.
1 lakh (although still huge, was atleast not that big in the grand scheme of things).
I don’t understand why you guys don’t let me set the mandate amount, and let me bear any charges associated with changing it later if I want to do the same.
The stress of having such a thing link this linked to your savings account is unimaginable for me.
1 crore, just repeating it again. Like some 100 rupee UPI payment you are enabling it.
The system will take whatever you or ICCL tell it to. It’s your/their server lmao.
Please atleast discuss setting 1 lakh mandate instead of this huge 1 crore figure
I don’t recieve any emails or SMS before a mandate is taking place. Only debit instructions after it