SIP Enrolment \/Auto-debit \/ ECS Mandate Form:<\/strong><\/p>\nEarlier, when SIP was a new product, investors would have to attach as many cheques as the number of installments and write down details on each cheque. Now, the amounts can be directly debited to the investor\u2019s bank account by filling this form correctly.<\/p>\n
Investors should indicate if the SIP is a new registration<\/strong> or a renewal<\/strong> and fill the name and other particulars. Existing Unit Holders in the Fund need to fill only the SIP Enrolment form and quote the Folio number. In addition to investor details, there are other important fields to be filled.<\/p>\n\u00a0<\/em><\/strong><\/p>\nScheme Details: <\/em><\/strong>The Scheme<\/strong>, Plan<\/strong> (Growth or Dividend) and Dividend Option<\/strong> (payout or reinvestment) should be clearly indicated.<\/p>\n <\/p>\n
Each SIP Amount or Amount per installment:<\/em><\/strong> <\/strong>This refers to the amount investors wish to invest periodically.\u00a0 This should be the same amount as the First SIP cheque and please refer the Scheme Documents to note the minimum amount.<\/p>\n <\/p>\n
Frequency<\/em><\/strong>:<\/em> \u00a0This refers to the periodicity of the SIP i.e. monthly, quarterly or as allowed by the Fund.<\/p>\n <\/p>\n
SIP Debit Dates:<\/em><\/strong> This refers to date on which the amount would be debited periodically and units allotted. <\/strong>The choice of the date could for example be the 1st<\/sup> or 15th<\/sup> or 25th<\/sup> of the month.<\/p>\n <\/p>\n
First SIP cheque<\/em><\/strong>:<\/em> This should be drawn on the same bank account<\/em><\/strong> which is registered for SIP debit. The first SIP cheque and subsequent SIP installments should be of the same amount<\/p>\n <\/p>\n
SIP Enrolment Period<\/em><\/strong>:<\/em> There is a start and end date in each SIP form. This indicates the date on which the investor wishes to start the SIP installments and the date on which the SIP should end. E.g.\u00a0 Start date – 7.1.2011 and end date \u2013 7.12.2011.<\/p>\nBoth days are included and usually there should be a minimum time gap of 30 days and maximum gap of 60 days from the date of the first cheque for SIP investment and the first installment through ECS Debit. Mutual Funds have a minimum number of installments and this should be noted.<\/p>\n
<\/p>\n
Particulars of Bank Account: <\/em><\/strong>This refers to the bank account from which the SIP amounts would be deducted. <\/strong>It is very important to give bank details, branch, ECS (MICR) number, account type accurately and enter the Account holder’s name<\/strong> as it appears in the bank account.<\/p>\n <\/p>\n
Signature in the Authorization Form:<\/em><\/strong> Finally, the investor, being the Bank Account holder, should sign the authorization in the form as is available in the bank records for successful registration of the mandate with the bank.<\/p>\nContributed by Investor Education Team of CAMS. The views expressed herein are general practices in the Mutual Fund industry and may vary on a case to case basis.<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"SIP is increasingly becoming the preferred mode of investing in Mutual Funds. As additional information is required in the case [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[17,18,19,14,15,20,21],"yst_prominent_words":[],"_links":{"self":[{"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/posts\/121"}],"collection":[{"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/comments?post=121"}],"version-history":[{"count":0,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/posts\/121\/revisions"}],"wp:attachment":[{"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/media?parent=121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/categories?post=121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/tags?post=121"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/yst_prominent_words?post=121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}