The best thing about SIP investing through UPI AutoPay feature is that investors can pause or cancel this autopay feature through the application as and when required.
Mutual Fund Investment: If you want to invest or want to invest in Mutual Funds under Systematic Investment Plan (SIP), then there is good news for you. Now the process of registration for this has become much easier than before. You can now invest in IDFC Mutual Fund through UPI AutoPay. Under this, mutual fund investors can invest using their existing UPI applications such as Google Pay, PhonePe, Paytm, BHIM and Amazon Pay etc. For this, you only have to authenticate your mutual fund once by mandated with UPI.
The best thing about SIP investing through UPI Autopay feature is that investors can pause or cancel this autopay feature through the application as and when required. The fund house says that this feature will make investing easier for investors.
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Process for SIP investment through UPI Autopay
Investors can initiate SIP registration by entering their Virtual Payment Address (VPA) or UPI handle. After this, one time authentication of the mandate can be done in their UPI application. In this, the process of registration is very easy and the installment payment amount is automatically deducted from the account on the selected SIP date.
In this, registration can be done in less time. Under this feature, investors do not have to worry about making SIP payments every month. The fund house said that SIP can be started after five days if mandated through UPI AutoPay. Currently, an investor can invest up to Rs 5,000 per transaction using UPI AutoPay.
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Hemant Agarwal, Head of Operations and Information Technology, IDFC AMC says, “UPI Autopay is an easy way of SIP registration for investors. The time between the date of SIP registration and the start of installments has been reduced from two weeks to one week, thereby saving a lot of time. The process is completed within minutes with instant confirmation of registration.
(Article: Sunil Dhawan)
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