For investment to be automated, your bank needs to pay the mutual fund a fixed amount every month on a date chosen by you.

For this to happen, you need to add a mandate.

There are 3 ways this can happen:

3 Ways to Automate SIP Payments

  • E-Mandate: This is the most preferred way of automating. This method is supported by most banks.
  • OTM: It stands for One-Time Mandate. It is supported by nearly all banks.
  • Biller: This method is supported by a few banks and not all though it is also available on Groww for those who wish to use it.

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.

11. 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.

Done!

Your E-Mandate has been set up! Next month on, your SIP amounts will get auto-debited.

How to start SIP using OTM

1. Tap Invest Now

Go to the mutual fund you want to start an SIP in and tap Invest Now.

invest now

2. Tap on Monthly SIP

Tap on the button that says Monthly SIP to start an SIP.

3. 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

You will see this screen once you have paid your first SIP amount. Now you need to add an OTM to automate this process from next month onward. Tap on Automate SIP Installments.

8. Tap ‘Generate OTM’

Read the instructions and tap Generate OTM.

9. Sign and tap ‘Finish’

Sign inside the blue box and then, tap FInish.

Done!

Your OTM set up process is complete! It takes about 3-4 weeks to get approved.

 

How to Start SIP Using Biller

Once you have selected the mutual fund to invest in, just click on “Start SIP” Button as shown below.

start sip in mutual fund

Pay the first installment of the SIP. Once that is over, it is time to set up the biller.

Adding the Biller for SIP

  1. Copy the 15 digit Unique Registration Number (starting with BSE…) that you got after making the first transaction. You can also find it here.
  2. Log-in to your bank’s internet banking and follow the following steps –
    1. Click Bill Payments
    2. Click Register/Add New Biller
    3. Select Biller – mutual funds
    4. Select Company – BSE ISIP or BSE Ltd
    5. Add the “Unique Registration Number”
    6. Select “Auto Pay” and “Pay Entire Bill Amount”
    7. Confirm to submit the request

Within 3 working days, you will get SMS from your bank approving the new biller. Once the biller is approved, your monthly investments (SIP) is set. You can manage and track the investments on Groww dashboard.

How to add biller in Axis Bank

Step 1: Go to Pay Bills

Axis paperless SIP

Step 2: Click Add New Biller

axis-paperless-sip-02

Step 3: Select Mutual Fund and BSE Limited

axis-paperless-sip-03

Step 4: Add the URN and select the options as shown below

axis-paperless-sip-04

How to add biller to HDFC Bank

Step 1: Click BillPay & Recharge

HDFC Paperless SIP

Step 2: Click Register New Biller

hdfc-paperless-sip-04

Step 3 Select Mutual Funds and BSE Limited

hdfc-paperless-sip-02

Step 4: Add the URN and select the options as shown below

HDFC paperless SIP

How to add biller to ICICI Bank

Step 1: Click PAYMENT & TRANSFER and select BILL PAYMENTS

ICICI Paperless SIP

Step 2: Click REGISTER under Pay New Bills section

ICICI Paperless SIP

Step 3: Select Mutual Funds

ICICI Paperless SIP

Step 4: Select BSE ISIP# and Click REGISTER

ICICI Paperless SIP

Step 5: Add the URN and select the options as shown below

ICICI Paperless SIP

How to add biller to SBI

Step 1: Click Bill Payments

sbi paperless sip

Step 2: Click Manage Biller

sbi paperless sip

Step 3: Click Add

sbi paperless sip

Step 4: Select Biller as BSE Limited

sbi paperless sip

Step 5: Add the URN and select the options as shown below

sbi paperless sip

How to add biller to Union Bank

Step 1: Click Bill Presentment

Step 2: Click Add Biller/Instant Pay

Step 3: Choose Mutual Fund and select BSE Limited

Step 4: Add the URN and select the options as shown below

Step 5: Click on Confirm

Step 6: Congrats you are done!

How to add biller to Yes Bank

Step 1: Click Bill Pay. Click on Add Biller

Step 2: Choose National and select BSE Limited

Step 3: Add the URN and select the options as shown below

Step 4: Click on Confirm

Step 5: Success, you are done!

Banks supported for paperless SIP

Here is the list of Banks that are supported for paperless SIP. If your bank is not on the below list, please contact support@groww.in or call at 91088 00604.

  1. State Bank of India
  2. Axis Bank
  3. Bank of Maharashtra
  4. Catholic Syrian Bank
  5. Central Bank of India
  6. City Union Bank
  7. Corporation Bank
  8. Cosmos Bank
  9. Development Bank of Singapore
  10. Federal Bank
  11. FIRSTRAND BANK
  12. HDFC Bank
  13. ICICI Bank
  14. IDBI Bank
  15. Indian bank
  16. INDIAN OVERSEAS BANK
  17. IndusInd Bank
  18. Karnataka Bank
  19. Kotak Bank
  20. Lakshmi Vilas Bank
  21. NKGSB bank
  22. Ratnakar Bank
  23. Saraswat Bank
  24. South Indian Bank
  25. The Dhanalakshmi Bank
  26. UCO Bank
  27. Union Bank of India
  28. United Bank of India
  29. Yes Bank

AMC supported for paperless SIP

Here is the list of Mutual Funds (AMC) that support automated SIP. If the Mutual Fund you want to invest in is not on the list, please contact support@groww.in or call at 91088 00604.

  1. AXIS MUTUAL FUNDS
  2. BIRLA SUN LIFE MUTUAL FUND
  3. BNP PARIBAS MUTUAL FUND
  4. BOI AXA MUTUAL FUND
  5. DHFL PRAMERICA MUTUAL FUND
  6. DSP BLACKROCK MUTUAL FUND
  7. FRANKLIN TEMPLETON MUTUAL FUND
  8. HDFC MUTUAL FUND
  9. HSBC MUTUAL FUND
  10. ICICI PRUDENTIAL MUTUAL FUND
  11. IDBI MUTUAL FUND
  12. IDFC MUTUAL FUND
  13. INVESCO MUTUAL FUND
  14. KOTAK MAHINDRA MUTUAL FUND
  15. L&T MUTUAL FUND
  16. LIC MUTUAL FUND
  17. MIRAE ASSET MANAGEMENT
  18. MOTILAL OSWAL MUTUAL FUND
  19. PEERLESS MUTUAL FUND
  20. PPFAS MUTUAL FUND
  21. PRINCIPAL MUTUAL FUND
  22. QUANTUM MUTUAL FUND
  23. RELIANCE MUTUAL FUND
  24. SBI MUTUAL FUND
  25. TATA MUTUAL FUND
  26. TAURUS MUTUAL FUND
  27. UTI MUTUAL FUND