How to create a physical mandate for SIPs at Jainam ?

How to create a physical mandate for SIPs at Jainam ?

A mandate is a payment mechanism to automatically make payments for SIPs from the bank account.You can create a mandate at Jainam physically or via online mode.

To register a mandate physically at Jainam, follow the given steps:

    1. Log in to JPlus using your user ID, password, and PIN.
    2. Select Mutual Funds and select Mandate from the drop-down.
    3. Select Create Mandate. If you already have an approved mandate, then to create a new mandate, select Yes.
    4. You have 2 options:
      1. E-Nach: Online method to create a mandate. (E-Nach stands for Electronic National Automated Clearing House.) It's an electronic payment system that automates recurring payments, such as EMIs, policy payments, bills, subscriptions, and investments.
      2. Physical: A physical method to create a mandate.
    5. Select the Physical option and click on Proceed.
    6. Select Download Auto Pay form and download the form. (You can also see a sample draft of a filled-out and signed form here.).
    7. Now you can print that pre-filled form and sign it.
    8. There is no need to courier that form to Jainam, as you can upload the picture of that form by uploading it here by clicking on Upload a file.

RELATED FACTS:

  • The mandate can be used only for future SIP payments, and no amount will be deducted now. While registering for a physical mandate, the client can take a printout of the pre-filled mandate  & sign on it. However, signatures should match with their bank accounts. The client can take a clear picture or scan a copy of the signed mandate and upload the same to the JPlus.
  • The minimum amount of payment through mandate is ₹2,00,000 per day, and the maximum is ₹10,00,000 per day.
  • The charges for creating a mandate vary from bank to bank. Jainam does not charge anything for the registration of a mandate.
  • Once a mandate has been created, it will be linked to a SIP to make permits automatically. Multiple sips can be linked to a single mandate, but a single sip cannot be linked to multiple mandates.
  • Mandates cannot be linked if the SIP due date is on T + 2 days. The SIP must be set at least two days before the preferred execution date. For example, if the client wants to execute a SIP on the 10th of each month, then he needs to set it up on or before the 8th of the current month. If the SIP is set up on the 9th within the execution date of the 10th, then it will start from the next month only.
  •  The online process takes 3 working days, whereas the physical process takes 10 days.