Starting SIP anywhere online involves making the first payment and then setting up a mandate so that the SIP payments can be automated.
In this example, we should you how you can invest in SIP online on Groww using the E-Mandate option.
How to start SIP using E-Mandate
1. Tap Invest Now
Go to the mutual fund you want to start an SIP in and tap Invest Now. Then, choose SIP.
2. Enter Amount
Enter the amount you want to invest and then tap Proceed.
4. Tap on ‘Continue’
Check the details written here and after that, press ‘Continue’.
5. Tap ‘Confirm and Pay’
Review SIP details and then tap on Confirm and Pay.
6. Pay your first installment
Now you need to pay your first installment by logging into your bank account. Tap on Pay First Installment.
7. Automate next SIP deductions
Once you get a confirmation for your first payment, you need to add the E-Mandate to automate this process from next month onward. Tap on Automate SIP Installments.
8. Tap ‘Verify E-Mandate’
Read the instructions and tap Verify E-Mandate.
9. Proceed with email verification
You will be lead to a BSE Star MF page. Here, verify your email.
10. Enter security code
You will get a security code in your email. Enter this code.
12. Enter mobile number
On this page, check details and enter your mobile number and tap ‘eSign Now’.
13. Enter Aadhaar number
On this screen, enter your Aadhaar number and tap on ‘Request OTP’.
14. Enter OTP
You will receive an OTP. Enter this OTP.
Your E-Mandate has been set up! Next month on, your SIP amounts will get auto-debited.
The other way you can invest in SIP on Groww is via the addition of an OTM (One-Time Mandate).