For your 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 2 ways this can happen:

  • 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 an SIP using OTM

We will look at the first process, which is starting while you are investing

1. Tap Invest Now

Go to the mutual fund page and tap on ‘Monthly-SIP’

2. Choose the Amount You Want to Invest

Insert the amount you want to invest and tap on ‘Proceed’

 

Once you tap on proceed, you can check the order once again and tap on ‘Confirm Order’

4. Complete the Payment Process

Complete the payment process via net banking, by tapping on ‘Pay Using NET Bnaking’

5. Tap on ‘Automate SIP Investments’

Once you have paid, you will be directed to the success screen, where you will see an option called ‘Automate SIP Installments’

6. Tap on Generate ‘OTM’

7. Go to Your Email ID

Once you tap on ‘Generate OTM’,  the form will be sent to your registered email id.
You will find an email from ‘Groww Support’, tap on it and you will find the mandate form attached to the mail.

8. Print out the Mandate, Sign it and Upload it

This is an auto-filled form, you will just have to sign it.
Once done, return to the app and tap on ‘Bank and Mandate Details’,
and once you reach the mandate page, tap on ‘Upload Signed Mandate’

You will have to upload the ‘back’, as well as the ‘front’ of the mandate. Once done, tap on ‘Continue’

Done!

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

How to Add a Biller on Groww?

Adding a biller is a compulsory step to successfully starting an SIP online on Groww.

Once you’ve made the initial payment, your first SIP installment has been completed. To ensure that the next SIPs get auto-debited every month, you will need to set up a biller.

Setting up a biller is a one time process. You don’t need to add it again when you start another SIP.

Also, if the biller is not set up, the next SIP installment will fail and the SIP amount won’t get deducted.  

Here are the steps to add biller in your bank.

1.Copy the 15 digit Unique Registration Number (starting with BSE…) that you got after making the first transaction. You can find this number here –

  • In the MY SIPS section on your Groww account.
  • In your registered email account. You would also have received a SIP confirmation email. You can search ‘SIP started successfully’ in your mailbox. In the email, you will be able to see your URN number starting with ‘BSE…”. Copy it.

2.Log-in to your bank’s internet banking and follow the following steps:

  • Click Bill Payments
  • Click Register/Add New Biller
  • Select Biller – mutual funds
  • Select Company – BSE ISIP or BSE Ltd
  • Add the “Unique Registration Number”
  • Select “Auto Pay” and “Pay Entire Bill Amount”
  • 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.

Here is a set of screenshots of the procedure to set up biller in a few popular banks.

How to Add Biller on 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 in HDFC Bank

Step 1: Click BillPay & Recharge

HDFC Paperless SIP

Step 2: Click on Mutual Funds

Step 3: Click on BSE Limited

Step 4: Add the URN and other essentials (Nickname can be anything of your choice)

How to Add Biller in 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 in Kotak Bank

Step 1: Click on Payment and Transfer

Step 2: Click on Bill Pay/Recharge

Step 3: Click on ‘Click here to add a biller’

Step 4: Select Mutual Funds as the Option

Step 5: Click on ‘BSE Limited’

Step 6: Fill up the essentials and then click on ‘Add Biller’

Banks That Support Paperless SIP

Here are a 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.

  • State Bank of India
  • Axis Bank
  • Bank of Maharashtra
  • Catholic Syrian Bank
  • Central Bank of India
  • City Union Bank
  • Corporation Bank
  • Cosmos Bank
  • Development Bank of Singapore
  • Federal Bank
  • FIRSTRAND BANK
  • HDFC Bank
  • ICICI Bank
  • IDBI Bank
  • Indian bank
  • INDIAN OVERSEAS BANK
  • IndusInd Bank
  • Karnataka Bank
  • Kotak Bank
  • Lakshmi Vilas Bank
  • NKGSB bank
  • Ratnakar Bank
  • Saraswat Bank
  • South Indian Bank
  • The Dhanalakshmi Bank
  • UCO Bank
  • Union Bank of India
  • United Bank of India
  • 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.

  • AXIS MUTUAL FUNDS
  • BIRLA SUN LIFE MUTUAL FUND
  • BNP PARIBAS MUTUAL FUND
  • BOI AXA MUTUAL FUND
  • DHFL PRAMERICA MUTUAL FUND
  • DSP BLACKROCK MUTUAL FUND
  • FRANKLIN TEMPLETON MUTUAL FUND
  • HDFC MUTUAL FUND
  • HSBC MUTUAL FUND
  • ICICI PRUDENTIAL MUTUAL FUND
  • IDBI MUTUAL FUND
  • IDFC MUTUAL FUND
  • INVESCO MUTUAL FUND
  • KOTAK MAHINDRA MUTUAL FUND
  • L&T MUTUAL FUND
  • LIC MUTUAL FUND
  • MIRAE ASSET MANAGEMENT
  • MOTILAL OSWAL MUTUAL FUND
  • PEERLESS MUTUAL FUND
  • PPFAS MUTUAL FUND
  • PRINCIPAL MUTUAL FUND
  • QUANTUM MUTUAL FUND
  • RELIANCE MUTUAL FUND
  • SBI MUTUAL FUND
  • TATA MUTUAL FUND
  • TAURUS MUTUAL FUND
  • UTI MUTUAL FUND

Happy Investing!

 

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