Automate your SIP investments easily
We have been working continuously to make your investment experience simpler and seamless.
Investments are for long term, and most of our investors being SIP investors — we know how much you like our auto-pay feature which lets them invest every month and also do single tap payments for lump sum investments.
Our users love Auto Pay. And why wouldn’t you! It enabled you to stay committed to your SIPs in a seamless, stress-free manner, and make you a disciplined long term investor.
While Auto-Pay once setup is great, but many users have given their feedback on how time consuming it is to set-up — both for the process of printing & scanning the mandate form or time taken by the bank at times to give a confirmation status. We know some cases where it took more than 45 days!
We are making setting up this faster now — by introducing Auto Pay that are based on Net banking. To start with, 21 banks are currently enabled on this and more will be automatically added once these banks implement this feature at their end.
What would change! — your mandates now will be created instantly by you (just like a Net-banking transaction) and within 2–3 days we will receive confirmation from your bank and boom! — your SIP payments will be automated on Paytm Money.
What are the features of a Net-banking based Auto Pay mandates?
Simply, you can place an e-mandate by using your internet banking credentials. Now, you won’t need to go through long paper-based process and register mandate with your bank. Instead, you can use your internet banking credentials to set up SIP mandates. Currently, the maximum limit for each mandate is fixed at Rs 1 Lakh by your bank.
At present, following 21 banks have enabled for the new Auto Pay feature:
- Paytm Payments Bank Ltd.
- HDFC Bank Ltd.
- ICICI Bank Ltd.
- Axis Bank
- Kotak Mahindra Bank Ltd.
- Yes Bank
- IndusInd Bank
- RBL Bank Ltd.
- Ujjivan Small Finance Bank Ltd.
- Equitas Small Finance Bank Ltd.
- IDFC First Bank Ltd.
- Central Bank Of India
- Bank Of Baroda
- Punjab National Bank
- IDBI Bank
- Tamilnad Mercantile Bank Ltd.
- Indian Overseas Bank
- Bank Of Maharashtra
- Deutsche Bank AG
- City Union Bank Ltd.
- Federal Bank
We will be regularly updating and making live the banks on which you can register a net banking mandate for mutual fund investments. Meanwhile, you can also check the updated list of banks by visiting the NPCI website.
How does a Net-banking Mandate work?
Let us have a look at steps to launch a Net banking mandate:
Step 1: Login to Paytm Money app.
Step 2: Afterwards, login to your net banking account with your user ID and password to initiate Auto Pay creation.
Step 3: Authorise a Re 1 with bank OTP to confirm Auto Pay creation. The bank will return your Re 1 back to your account.
Step 4: Your Auto Pay request will be activated by your bank in 2–3 working days.
How does Net Banking benefit?
After enabling Net Banking for doing SIPs, you can enjoy the following benefits:
- Paperless and hassle-free way of setting SIP mandates.
- The whole process of setting Net banking mandate has reduced from 15–45 working days to only 2–3 working days.
- Once registration is confirmed with you bank, you can do Auto Pay immediately.
- In addition to SIP payments, you can use Auto Pay for doing lump sums also in a single tap.
The team who made this possible :)
Investing is simple and keeps getting simpler on Paytm Money. If you have not started yet, download the latest Paytm Money app and get ready to invest within minutes.
Stay Invested :-)
Disclaimer: Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Past performance is not an indicator of future returns.