AutoPay, as the name suggests, allows investors to automatically pay for their SIP investments at the set time period. 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 & maximum of 5 lakhs. This means that you can set multiple SIPs of up to Rs 1 lakh without setting up multiple mandates. Please note that while the AutoPay mandate is created of a higher amount, only the SIP amount is debited from your bank account.