How to Add Biller for SIP Transactions in Banks for Net Banking?

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08 min read

A systematic Investment Plan (SIP) is a mode by which an investor invests in mutual funds through small instalments at regular intervals. SIP enables you to invest in an organised and disciplined manner. One can invest in SIP through an online or an offline portal or start SIP using the internet banking facility. One can automate their monthly investments through their bank account by adding a biller. SIP provides an edge for investment as it works on the principle of the power of compounding and rupee cost averaging.  

Please note here that the process of adding biller is different for different banks. Adding a biller is an important step as it automates your investment, meaning your instalment will automatically get debited from your account at a specified date every month. 

Adding a Biller usually takes less than a minute and is a one time process. If you do not set up the biller, then all your future instalments will not execute. 

Steps to Add a Biller

  1. Log in to your internet banking using credentials provided by the bank.
  2. Add biller under the ‘ Bill payments tab’. Each bank will have a different tab. Like in axis bank Payments tab>Pay bills,>Add biller>Mutual funds. You can enable biller through HDFC bank by logging the internet banking and navigating for Bill Pay & Recharge >registered new biller and for SBI, select Bill payments>manage billers > all India billers.
  3. Generally, you will be able to add biller under the tab >Bill Payments > Click Register/Add New Biller >Select biller – mutual funds> Select Company – BSE ISIP or BSE Ltd. 
  4. Once you select ‘add bill’ from the bill payments tab of your internet banking, enter a unique registration number (URN). URN is a unique number that is received after the investor makes the first payment to bank accounts. You will receive the URN number at the registered email address. The URN will be a 15 digit Unique Registration Number (starting with BSE)
  5. Select “Auto Pay” and “Pay Entire Bill Amount”
  6. Confirm to submit the request

You will receive an SMS within 3-5 working days from your bank approving the new biller. Once the bank does the approval, your SIP will be automated from there onwards.

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