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Keeping user convenience in mind while investing in SIPs, Groww has introduced the autopay via the OTP option which is super convenient to set up. This saves you from the hassle of going back and forth on net banking portals outside of Groww app and sign any forms. The process is faster, better, and completely paperless. Read on to know more about the process.

What is Autopay Via OTP and How to Set it up for My SIPs?

AutoPay is the next iteration of the biller mandate but is more convenient than before. It helps in automating the monthly payments towards your SIPs. Once the AutoPay is done, your monthly payments towards SIP will be done automatically without any intervention. It saves you the hassle of manually making payments towards your SIP. Also, it is quick to set up and completely safe.

  • Authorization through Net Banking
  • Authorization through Debit Card

For those banks that do not support authorization through net banking, users can make use of their debit cards to set up autopay via OTP. The process to create Autopay for your SIP through net banking and debit card is hassle-free on Groww. Just follow the steps given below for different banks.

HDFC Bank

Through Net Banking

Step 1: Log in to Groww and under “You” section, click on the primary bank account and then “SETUP AUTOPAY” option.

Step 2: In the next step, you will see an intermediate screen where you can click on the ‘click here’ option if don’t remember your net banking password. Else, just click on the continue button.

Step 3: In the next step, choose either net banking or debit card (depending on the bank) and give consent by clicking on the checkbox. In this case, we have selected Net Banking.

Step 4: Next, you will see the following screen; here you need to scroll down and check the details.

Step 4.1: After checking all the details, click on the submit button.

Step 5: Next, the screen will route to HDFC’s Net Banking page where you need to enter your credentials to log in.

Step 6: Enter the OTP sent to your registered mobile number

Step 6.1: You will be redirected back to Groww where you can see the success screen and the status change in the bank section.

Through Debit Card

Step 1: Log in to Groww and under “You” section, click on the primary bank account and then “SETUP AUTOPAY” option.

Step 2: Click on the continue button.

Step 3: In the next step, choose either net banking or debit card (depending on the bank) and give consent by clicking on the checkbox. In this case, we have selected the Debit Card.

Step 4: Next, you will see the following screen; here you need to scroll down and check the details.

Step 5: In this step, you need to enter your debit card details like card no pin and expiry date, then click on the submit button.

 

 

Step 6: Next, you need to enter the OTP sent to your registered mobile number and then click on the verify button. Please note that as a security measure, OTP will be masked as zeroes.

Step 7: You will be then redirected back to Groww where you can see a success screen.

ICICI Bank

Through Net Banking

Step 1: Log in to Groww and under “You” section, click on the primary bank account and then “SETUP AUTOPAY” option.

Step 2: In the next step, you will see an intermediate screen where you can click on the ‘click here’ option if don’t remember your net banking password. Else, just click on the continue button.

Step 3: In the next step, choose either net banking or debit card (depending on the bank) and give consent by clicking on the checkbox. In this case, we have selected Net banking.

Step 4: Once selected, it will redirect to your Bank’s net banking page.

Step 5: Enter your credentials.

Step 6: Check all the mandate details before confirmation and click on the submit button.

Step 7: In this step, you need to enter the OTP sent to your registered mobile number.

Step 8: On entering the correct OTP, it will prompt a ‘successful authentication’ message.

Step 9: In the next window, you will get a mandate approval automation.

Step 10: You will be redirected back to Groww where you will see a success screen and the status of the bank will be changed.

Through Debit Card

Step 1: Log in to Groww and under “You” section, click on the primary bank account and then “SETUP AUTOPAY” option.

Step 2: In the next step, you will see an intermediate screen where you can click on the ‘click here’ option if don’t remember your net banking password. Else, just click on the continue button.

Step 3: In the next step, choose either net banking or debit card (depending on the bank) and give consent by clicking on the checkbox. In this case, we have selected Debit card

Step 4: You will be then redirected to the Bank’s page where you need to enter the details like card no pin and expiry date, then click on the submit button.

Step 5: In the next step, enter the OTP sent to your registered mobile number

Step 6: Accept the terms and conditions by clicking on the accept button

Step 7: You will be redirected back to Groww where you will see a success screen and the status of the bank will be changed.

State Bank of India (SBI)

Net Banking

Step 1: Log in to Groww and under “You” section, click on the primary bank account and then “SETUP AUTOPAY” option.

Step 2: In the next step, you will see an intermediate screen where you can click on the ‘click here’ option if don’t remember your net banking password. Else, just click on the continue button.

Step 3: In the next step, choose either net banking or debit card (depending on the bank) and give consent by clicking on the checkbox. In this case, we have selected Net Banking.

Step 4: Next, the screen will route to SBIs Net Banking page where you need to enter your credentials to log in.

Step 5: Check the payment details and click on the accept button after clicking the terms and conditions checkbox

Step 6: Enter the OTP received and click on confirm

Once you click on the confirm button, you will be redirected back to Groww where you will see a success screen and the status of the bank will be changed.

You can anytime check the status of your mandates from You → Bank section

What to do Once I have Submitted My AutoPay Request?

Once the AutoPay request is submitted successfully, just sit back and relax. It might take up to 2-3 working days. If it takes longer than this, please reach out to us, we will be happy to help.

Please note, the Autopay limit is of Rs 1 Lakh as it is based on the industry standard, however, only the specified SIP amount will be deducted. While it depends on the bank in question, the autopay creation usually takes 2-3 days for approval from the user’s bank.

Also, please keep in mind that Groww will deduct the SIP amount from your bank account one day prior to the SIP due date.

So this is how easy it is to create an Autopay on Groww to make your investments systematic. For any queries or follow up questions on the autopay process flow, you can write to us at support@groww.in and we will be happy to assist you promptly.

Happy Investing!

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