How can I activate the NACH/e-NACH facility for Smartfolios SIPs?
You can enable automatic bank debit for your Smartfolios SIP investments through e-NACH mandates. You can register an e-NACH mandate through either the Smartfolios platform (web or mobile app) or via MyGeojit. The mandate usually takes 3 to 7 days to get activated, depending on your bank’s approval.
The actual SIP amount to be debited is calculated three days before the SIP trigger date. This amount is based on either the price of the stock constituents or a fixed SIP amount, depending on the option selected by you. An additional 10% is added to this amount to account for any price fluctuations on the trigger date. The calculated amount is sent to your bank for debit and credited to your trading account one day before the SIP is triggered.
When registering a mandate it is always advisable to set a higher mandate amount to cover possible price fluctuations. Only the actual SIP amount will be debited, not the full mandate limit.
Steps to Register e-NACH via MyGeojit:
1. Log in to MyGeojit
2. Go to My Account > Fund > Mandate > Register
3. Fill out the Mandate Form:
o Select your bank
o Enter the maximum amount
4. Click “Next” to complete registration
Step 5. A link will be sent to your registered email ID. You can choose to complete the registration process using the link, or by clicking Proceed.
Step 6. Choose your authentication option- Net banking/Debit Card/Aadhaar card as available for your bank.
Step 8. The bank will then validate the application and send a confirmation to Geojit. In turn, you will receive successful mandate registration intimation via email/SMS from the bank.
Via Smartfolios mobile app:
1. Log in to Smartfolios mobile app and go to My Account
2. Select Fund > NACH Info > Create NACH
3. You can follow the same steps from Step 3 for “e-NACH registration via MyGeojit” detailed above.
* Once the mandate is authenticated, you can register your SIPs on the Smartfolios platform from the next day. However, SIP instalments will only be processed after the mandate is fully activated.
* Please note that SIP instalments scheduled within five working days of mandate activation may not be debited. To avoid any issues or penalties from your bank, it’s recommended to maintain sufficient balance in your account at least three days before the SIP instalment date.
* NACH mandates can only be registered for bank accounts that are approved by NPCI for the e-NACH facility. If your bank account is not eligible, you’ll need to add a different bank account that is approved by NPCI and try again.
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