An AutoPay Mandate allows a user to set up SIPs with monthly payments being deducted automatically. It is a mode of payment to facilitate the transfer of funds from your bank for your SIP orders as well as for lumpsum orders (or one-time orders). Also known as the ACH Mandate, it uses the centralised NPCI infrastructure for registering and processing transactions between banks.

The 'Rs. 1 Lakh' limit is a daily withdrawal limit. It allows the user to set up SIPs and place lump sum orders up to Rs 1 Lakh per day. The amount deducted would be the same as SIP/Lumpsum amount.

We require the limit to be set for a minimum of Rs 1 Lakh- so that it takes care of your future investment needs as well. Changing the mandate limit is not possible and we recommend setting a higher limit than your immediate investing requirements. Please note that while the AutoPay mandate is created of a higher amount, only the SIP amount is debited from your bank account.