As we all know, SIP or Systematic Investment Plan is an investment mode in Mutual Funds where investments happen in small amounts at regular intervals in the Mutual Fund schemes. You can invest in SIP via Bank Mandate or through Net Banking.
In this article, we will focus on the Net Banking Mode.
In Net Banking Mode, adding a biller is an important step as it automates your investment, meaning your instalment will automatically get debited from your account at a specified date every month. If you do not set up the biller, then all your future instalments will not execute.
Please note that the process of adding a biller is different for different banks. In this article, we have used Kotak Mahindra Bank as an example.
Step 1: Log in to your Net Banking account
Step 2: Click on Payments/Taxes
Step 3: Select the right mutual fund - Kotak mutual fund in our case of SIP setting up
Step 4: Add the details on this page of URN number and select the entire bill amount as the option. You will get this number when you create/setup SIPs online after that transaction is submitted.
Please Note: Do not forget to mention your URN Number. It is generated for every SIP you initiate online to add/confirm your online transfer of funds. It expires in 7 days from the first date of KYC Registration.
Step 5: Add biller and confirm