As a mutual fund investor, NACH is far superior to ECS in terms of SIP registration. Unlike ECS, NACH mandate registration will be completed within a period of 10-15 days.
The Importance of NACH in Mutual Funds
NACH has simplified everything for you, including mutual fund investing. It is a one-time registration process, which means that the mandate can register with NACH and utilise it to invest in mutual funds over an extended period of time.
Once the mandate has been registered with NACH, the authorisation procedure will be automated, and the payment will occur concurrently each month. Additionally, the requirement may specify a maximum amount. Payments can be made automatically or manually. The debit will continue in the manual procedure unless the mandate cancels it.
How to Register a SIP:
By submitting a NACH OTM, the period required for NACH registration is 15 days, as opposed to the previous ECS mandate registration process, which takes 30 long days for SIP registration.
NACH OTM ( One-Time Mandate) Form?
NACH OTM is a one-time mandatory form that the user must complete in order to register.
Both NACH and the form will need completion of necessary fields:
Bank information includes the bank's name, branch location, account number, and IFSC/MICR code.
Personal Information: Mobile phone number, email address, and your signature as it appears on your bank statement
Folio Specifications: Folio No., application No.
Limitation Specifications: daily maximum
Period: The mandate's effective duration. From the beginning until the conclusion
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