What is UPI autopay and how to create one on the Coin web?

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

Creating a UPI autopay:

To create a UPI autopay, follow these steps:

1. Login to coin.zerodha.com.
2. Click on Mandates.
3. Click on Create a Mandate.
4. Enter a mandate name if you wish to.
5. Enter the UPI ID and accept the terms and conditions.
6. Click on Continue.
7. Accept the mandate authorisation request on the UPI app.

The UPI autopay is set up immediately unlike regular bank mandates that can take upto 72 working hours. Once the UPI autopay request is authorised on the UPI app, ₹1 is debited from the bank account and will be credited back in T+4 working days.

The UPI autopay status can be checked by clicking on Mandates, which displays the pending and active mandates.

Create a new SIP with the UPI autopay:

Once the UPI autopay is set up, it can be linked to a SIP to make payments automatically. To link a mandate while creating a SIP, follow these steps:

1. Login to coin.zerodha.com.
2. Select the fund and click on SIP.
3. From the dropdown under Mandates, select the mandate. It will have a UPI Autopay tag.
4. Enter the amount and frequency, click on Create SIP and 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.

Modify existing SIP to link the UPI autopay:

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

1. Login to coin.zerodha.com.
2. Click on Holdings and then on SIPs.
3. Click on⋮and then on Modify.
4. Click on the dropdown under Mandates and select the UPI autopay.
5. Click on Modify SIP and then on Confirm.

Deleting the UPI autopay:

To delete the UPI autopay, follow these steps:

1. Login to coin.zerodha.com.
2. Click on Mandates.
3. Select the UPI autopay that must be deleted, click on Delete mandate, and Confirm.

Did you know?

• UPI autopay cannot be linked if the SIP due date is on T+1 day.
• The maximum daily limit for UPI autopay is ₹1 lakh per day including UPI transactions limit.
• UPI autopay can be created using primary and secondary bank accounts.
• Current bank accounts cannot be used to create UPI autopay.
• A SIP linked to a UPI autopay cannot be modified or deleted two days prior to the next instalment date.
• 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 UPI autopay payment fails.
• UPI autopay is not available for NRIs and non-individual account holders (HUFs, corporates, partnerships, LLPs, etc.).
• UPI autopay cannot be created using cheques or physical mandate forms.
• To ensure that a Systematic Investment Plan (SIP) starts within the current month, it must be set up at least 2 days prior to the preferred execution date. For example, if the client wants the SIP to execute on the 5th of each month, they need to set it up on or before the 3rd of the current month. If the SIP is set up on the 4th with an execution date of the 5th, it will start from the next month.