You can participate in the Systematic Investment Plan (SIP) of Mutual Funds by investing a minimum of Rs.500/- or more either on a monthly or quarterly basis by providing to post-dated cheques for at least one year.
The SIP enrollment could be done by two methods :
1. Post dated cheques :
The cheques may be made payable anywhere in India. You may also give cheques in 2 lots of 6 cheques each. The respective Asset management company would present the cheques at the dates mentioned and add units to you account (subject to the realisation of cheques) at the prices prevailing either on the date as may be applicable. You would receive a statement of account for each such transaction BY AMC.
2. NACH Mandate/ ECS
The new system is more advanced. Now, all you need to do is fill up an NACH form, which your MF will submit to National Payments Corp. of India (NPCI), which was formed by the central bank to handle retail payments. Once NPCI gets your mandate from the fund house, it sends it electronically to your bank. The bank verifies it, confirms it to NPCI and the SIP can start. Since the process is computerised, and works on scanned images on the Cheque Truncation System, the SIP starts sooner. In this way, the mandate format is also similar to a cheque. Through the new system, it takes about 15 days to get your SIP going.
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