How do I setup automatic fund transfers?
An eMandate allows you to schedule automatic fund transfers from your bank account to your trading account for your investments, mutual fund SIPs, etc. You have to register an eMandate with your bank before you can debit funds. This is a one time process.
To set up an eMandate, go to Console. Click on Funds -> Bank mandates. Once you do, click on the 'Create new mandate' button.
*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 this link to do the same on Mozilla Firefox.
After clicking on 'Create mandate', select the bank account from which you want the funds to be debited.
You will then be directed to the mandate approval gateway. You can choose to authorise the transaction using net banking or debit card (if your bank allows it).
A token amount (INR 1 or INR 2) may be debited from your account for authentication. It takes at least 48 hours for the mandate to be registered.
Once your mandate is registered, you will need to create a schedule by specifying the amount, account credit date, frequency and transaction tag. Click here for the process to create transaction schedules.
1. Registration of eMandates usually takes up to 5 days.
2. eMandates registered through SBI accounts are immediately registered.