A mandate is a payment mechanism to automatically make payments for SIPs from the bank account.

To create a new mandate on Coin app, follow these steps:

1. Tap on Account.
2. Tap on Payments.
3. Tap on Mandates.
4. Tap on New mandate.
5. Accept the T&C and tap on Continue.
6. Verify using Debit Card or Netbanking.
7. Authorise ICCL to debit the amount by clicking on the checkbox and click on Submit.
8. Complete the process on the Debit Card or Netbanking portal.

The mandate will be successfully registered and will be activated within 3 days. The mandate status can be checked by clicking on Mandates where the pending and active mandates will be displayed.

Once a mandate has been created, it has to be linked to an SIP to make payments automatically. To link a mandate while creating a SIP, follow these steps:

1. Select the fund and Tap on Buy.
2. From the dropdown under Mandates , select the mandate.
3. Enter the amount, frequency, tap on Create SIP and Create.

A mandate can also be linked to an existing SIP. To do so, follow these steps:

1. Click on SIPs.
2. Click on Modify.
3. Click on the dropdown under Mandates and select a mandate.
4. Click on Update SIP and then on Confirm.

On T day, the amount will be debited from the bank account and credited to ICCL’s bank account once the mandate is active.

Active mandates on Coin can be deleted. Pending mandates are automatically deleted if the registration is not successful. However, a SIP can be unlinked from a mandate by following these steps:

1. Tap on Investments.
2. Tap on SIPs.
   
3. Select the SIP and tap on Modify.
4. Tap on Mandate and select None.
5. Tap on Modify SIP and tap on Modify.

Did you know?

• Mandates cannot be linked if the sip due date is on T+2 day.
• Maximum daily limit for a particular mandate is ₹1 crore.
  
• A SIP linked to a mandate cannot be modified or deleted two days prior to the next instalment date.
• Mandates can be created using primary and secondary bank accounts.
  
• A single SIP cannot be linked to multiple mandates. However, multiple SIPs can be linked to a single mandate.
  
• SIPs won't be retried if mandate payment fails.
• A penalty can be levied by banks if a mandate transaction fails due to insufficient balance in the bank account.
• Current bank accounts cannot be used to create mandates.
• Mandates cannot be created using cheques or physical mandate forms.