What are the SIP modes of payment for Mutual Funds and their respective charges in banks?

[Pravi]

I created a new OTM (One-Time Mandate) for 1 year monthly SIP (Systematic Investment Plan) in a MF scheme (Direct Growth) in an AMC and SBI (bank) charged me INR 50+18% GST.

i) Would this amount be deducted (INR 59) each month when SIP is deducted?

ii) Would SBI (bank) charge me if I cancel this e-mandate through AMC website or MFCentral website (or whatever possible way) ?

iii) Will the amount (INR 59) be refunded if I pay all the SIPs?

I set up 1 year monthly SIP using 'Biller' mode by providing URN in Internet Banking.

iv) Will I be charged for it in any banks? Cancellation charges?

iv-a) If I cancel SIP in AMC website and ignore the SI (Standing Instruction) in Internet banking, any charges?

v) Do I need to set up Biller for each SIP (each month)?

vi) Despite the SIP amount (OTM) deducted very well before the business day cut-off time (3pm), I still was able to see the units allotted the next business day (Direct-Growth Plan through AMC website). Any reason for this? No long holidays

vii) Why is it that only a handful of AMCs have various modes of payment like OTM, Biller, Autopay (UPI), etc. whereas many have only limited options (like OTM) where the investor is forced to pay the mandate charges to the bank for SIPs?

viii) If I happen to invest through Certified Investment Advisors, would I still face the same charges (any other extra charges apart from the Regular Expense Ratio) ?

 

[helloworld]

I created a new OTM (One-Time Mandate) for 1 year monthly SIP (Systematic Investment Plan) in a MF scheme (Direct Growth) in an AMC and SBI (bank) charged me INR 50+18% GST.

i) Would this amount be deducted (INR 59) each month when SIP is deducted?

One time for new bills, not every month.

ii) Would SBI (bank) charge me if I cancel this e-mandate through AMC website or MFCentral website (or whatever possible way) ?

No. Charges happens when AMC or MFCentral ask money from your bank and you don't have balance at that time. If they don't ask then no charges.

iii) Will the amount (INR 59) be refunded if I pay all the SIPs?

I set up 1 year monthly SIP using 'Biller' mode by providing URN in Internet Banking.

No. Its done not refunded.

iv) Will I be charged for it in any banks? Cancellation charges?

Depends on variant usually if u maintain 2L MAB, no charges (or waive off) in most banks. But for low MAB, most banks apply these charges.

iv-a) If I cancel SIP in AMC website and ignore the SI (Standing Instruction) in Internet banking, any charges?

refer ii

v) Do I need to set up Biller for each SIP (each month)?

No. One time and if you setup again refer i

vi) Despite the SIP amount (OTM) deducted very well before the business day cut-off time (3pm), I still was able to see the units allotted the next business day (Direct-Growth Plan through AMC website). Any reason for this? No long holidays

Depends on settlement, its usually T or T+1

vii) Why is it that only a handful of AMCs have various modes of payment like OTM, Biller, Autopay (UPI), etc. whereas many have only limited options (like OTM) where the investor is forced to pay the mandate charges to the bank for SIPs?

Upto them, still maybe under development. Hence, third party places like Coin, Kuvera etc.

viii) If I happen to invest through Certified Investment Advisors, would I still face the same charges (any other extra charges apart from the Regular Expense Ratio) ?

Their consultation chrges and any rebalance charges, if any.

 

[Pravi]

One time for new bills, not every month.



No. Charges happens when AMC or MFCentral ask money from your bank and you don't have balance at that time. If they don't ask then no charges.



No. Its done not refunded.



Depends on variant usually if u maintain 2L MAB, no charges (or waive off) in most banks. But for low MAB, most banks apply these charges.



refer ii



No. One time and if you setup again refer i



Depends on settlement, its usually T or T+1



Upto them, still maybe under development. Hence, third party places like Coin, Kuvera etc.



Their consultation chrges and any rebalance charges, if any.

Thanks for answering each question