SIP is a very popular investment medium and it inculcates a habit of savings amongst investors.
Starting an SIP on the Groww app is extremely easy.
In this blog, we will tell you how to start an SIP with an OTM or One Time Mandate.
You will have to follow these 7 steps.
Go to the Groww App and tap on ‘Explore’
. After which, type the name of the fund you want to invest in
Once you are at the fund page, make sure to look at all the credentials of the fund and then tap on ‘Invest Now’
Once you click on Monthly SIP, enter the amount you want to invest and tap on ‘Done’
Next, you will have to select the date on which you want your SIP deduction to take place. You will have to tap on the green bordered square (18th)
After you have chosen your desired date of deduction, tap on ‘Confirm Billing Date’
You may then make your payment via net banking, NEFT or One Time Mandate.
Once you have successfully created your SIP, you will get an option to create an OTM.
Once you arrive at this screen, tap on ‘Automate SIP Installment’
After which, tap on ‘Generate OTM’
Once you tap on ‘Generate OTM’, you will get a mail to your registered email id.
This mail comprises the mandate. You will have to take a print-out of the mandate and upload it.
And voila! You have successfully made an investment through ‘One Time Mandate’ or OTM