SIP Payment to be Easier with UPI Autopay
Investors can suspend, amend, or cancel the mandate at any moment using the application of their choice. IDFC Mutual Fund has introduced UPI AutoPay, an industry-first innovation that allows mutual fund investors to use their existing Unified Payments Interface (UPI) applications to create an autopay mandate for their systematic funding plans (SIPs). UPI AutoPay is a National Payments Corporation of India (NPCI) programme that may be used with existing apps such as Google Pay, PhonePe, Paytm, BHIM, and Amazon Pay. Investors can initiate SIP registration on the IDFC Mutual Fund portal by entering their digital payment address (VPA)/UPI address, followed by a one-time validation of their UPI utility's mandate. According to the fund house, UPI AutoPay offers a slew of benefits to its users. After 5 calendar days of registering the mandate, the SIP instalment may commence. In addition, on the day of the payment, an instruction to debit the investor's account might be sent, allowing for the quick realisation of funds in the scheme account with the NAV of the same day. Currently, an investor can use UPI AutoPay to invest up to 5000 rupees each transaction.