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?
AutoPay via OTP is based on a new mandate process prescribed by NPCI called API based mandate. In this method, once you initiate the AutoPay setup, you will be redirected to a secure initial page where you can confirm all information, choose your method of authentication and give consent to initiate the mandate setup process. The following methods are supported for authentication
- Authorization through Net Banking
- Authorization through Debit Card
For those banks which do not support authorization through net banking, users can make use of their debit cards to set up autopay via OTP.
Authorization through Net Banking
The process to create Autopay for your SIP through net banking is hassle-free on Groww. Just follow the steps given below.
Step 1: Log in
Log in to your Groww account by entering your credentials and click your profile on the top left-hand side. Select the option “ Bank and Autopay” from the drop-down list.
Step 2: Select the Bank Account
In the next step, you will see the list of your bank accounts linked with Groww (You can add another account by clicking the Add another bank) Select the bank for which you want to initiate Autopay. Once you select the primary bank or add one, select ‘ Setup Autopay”.
Step 3: Set up AutoPay via Biller
The next step will take you to set up autopay via biller where you will have to follow the given steps:
- Copy the provided URN number or write it down somewhere
- Login to your net banking account and select retail banking
- Log in to your net banking account
Step 4: Adding Biller
- After logging in to your net banking account and click Bill pay section
- In the next step, select ‘add biller’ option
- In the next step, select the biller location as ‘National’ and ‘BSE Limited’ for Biller
- Click on Continue
Step 5: Add Biller Details
- Type Groww in the ‘Short Name’ field
- Next, put your URN number which you have copied in the first step
- Select ‘Register Only’ in the Biller Addition Type
- Click on continue
- In the next step, click on confirm
- In the next screen, you will see a ‘success’ message which means your request has been recorded
Once done successfully, your biller will be activated within 7 working days.
Authorization through Debit Card
If you have selected a debit card as the mode of authorization, then you would be required to enter the card details. The flow shown here is for the SBI debit card, other banks follow a similar procedure. Once you have verified the details of your active card, click on ” Confirm”.
Debit Card Validation
Enter the required card details and click on ” Proceed”. Double-check the details you have entered.
Agree to the Declaration
Once you have verified the details mentioned in the next screen and read the terms and conditions, check the tick box and click on ” Accept” to proceed.
Success Screen: 1
Once your details are verified by SBI, you will see a success screen.
Subsequently, you will be directed to an e-mandate authorization success screen from the bank, as well as a mandate approval automation screen from NPCI, notifying you of the transaction status. The next screen will be displayed on Groww, confirming the successful submission of the autopay request.
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 firstname.lastname@example.org and we will be happy to assist you promptly.