Investing in mutual funds just became easy! Now you can enrol for systematic investments plans (SIPs) online using the i-SIP facility. It is an absolutely paperless facility.
Under i-SIP, you may initiate an SIP for funds using a secure and automated gateway. To use the i-SIP facility, you need to have Netbanking-enabled account which needs to be KYC compliant as well.
The bank where you are holding a saving account has to be the one approved to offer an i-SIP facility.
You can follow these easy steps to avail an i-SIP facility.
Steps to activate your SIP through Netbanking:
- Go to your Netbanking page.
- Login with your credentials into your account.
- Go to Payments/Pay Bills/Bill payments Section.
4. Select Add New Biller and choose Mutual Fund as biller category if applicable.
5. Select the mutual fund company that you wish to add (Eg: Axis mutual fund) and Click on Next.
6. You will come to the biller details screen. Enter the following as described in the image below:
- Add a biller short name/nick name to identify the SIP(Eg: Axis SIP)
- Add unique registration number(URN) for that fund shared with you.
- Set Payment type as Auto Pay.
- Select account from which money should be deducted.
- Set Pay entire bill amount as Yes.
- Set auto pay limit as NA.
- Click Next
7. Preview the details you have entered and click on Next.
8. Enter the OTP received on your mobile.
9. Click confirm to complete mutual fund SIP registration.
10. You will see that the biller has been approved on the confirmation screen.
11. You can view the added billers under My billers section.
Why should you do this?
- Hasslefree – You do it once and every month your investments get done automatically.
- Paperless – No need to sign any cheques or courier any documents.
- Secure – It’s completely safe as all your investments go through your net banking account.