AutoPay, as the name suggests, allows investors to automatically pay for their SIP as per its schedule. It is a payment facility offered by banks, wherein, an investor gives the bank a standing instruction to debit their account on a particular date, for a particular amount towards a particular Mutual Fund scheme. The bank will then automatically transfer the specified amount from the investor's account to the Mutual Fund on the scheduled dates.
On Dhan, you can set this instruction/mandate for a minimum amount of Rs. 1 lakh. This means that up to Rs. 1 lakh per day, you can set multiple SIPs without setting up multiple mandates. Please note that only the SIP amount is debited from your bank account.