How to register sip online!

Query of Blog Reader: How can i set up auto debit facility for mutual fund with my bank account online

To enable auto debit facility in your bank account for SIP installments, you need to register your SIP Registration Number (SRN), with your bank's net banking biller module, which has already been allotted to you at the time of registration of your SIP in mutual fund scheme online.

(This step is very important for execution of your registration and regular debit of your SIP)

To complete your iSIP registration, it is important that you execute the following steps immediately.

1. Note the 15 digit URN/ SIP Registration Number (SRN)

2. Visit and login to your bank’s internet banking platform. Go to ‘Bill Pay Section’ under utility module.

3. Register your iSIP as a bill payment facility and select ‘XYZ mutual fund’ as biller.

4. In the field requesting the Biller Reference Number, please input the URN (Unique Registration Number) displayed above. Kindly note that the URN mentioned above has to be entered exactly you received.

5. Please select "Autopay" option while submitting your bank registration to ensure that the SIP installments is debited automatically from your bank on the SIP Date. If there is no options to select "Autopay" in your bank’s site, it is deemed as "Manual Pay". In that case you will have to authorize the debit on every SIP date.

 Upon your authorization only, the amount will be debited from your bank account and transferred to XYZ Mutual Fund. If the debit does not happen and funds are not received, the units allotted on the SIP Date will be reversed for non receipt of funds.

Important Points related to URN/  SIP Registration Number (SRN):

1. Please complete your iSIP registration with your bank immediately or within five calendar days from today. The URN will be invalid and iSIP registration will stand expired / cancelled if the registration on your bank's website is not completed within the specified period.

2. Your iSIP registration will be accepted and activated only after you have registered in your bank’s internet banking platform, as mentioned above and upon receiving confirmation from your bank.

3. Your iSIP registration may not be accepted and activated if you use the URN displayed above incorrectly or beyond the validity period of five calendar days.

How to register Mutual Fund SIP online - step by step process

An existing mutual fund investor, who has a User id and Transaction Pin, can avail of this facility by logging in on mutual fund website.Once you have logged in to mutual fund website, click on 'Register for SIP' and follow the instructions which will guide you through the entire process. 

• Fill the registration form- SIP Details 

• Confirm your registration 

The SIP confirmation page will be displayed. To change any details, click on EDIT. Check for correctness and click CONFIRM. 

 Upon clicking CONFIRM, a summary page will be displayed mentioning the Transaction Number and the SIP Registration Number (SRN)

•   Registration of Biller in your Net Banking Account

 (This step is very important for execution of your registration and regular debit of your SIP).

•  Login to your banks website and register Mutual fund as a Biller.

In order to complete your SIP registration with your bank, please log on to your bank’s net banking facility and register for auto debit instructions of your SIP installment directly from your account. It is recommend that you select the auto-payment option.

 Please input the SIP Registration Number (SRN) in the field requesting the Biller Reference Number.

Note your SIP Registration Number (SRN)/Unique Registration Number (URN) for future reference 

Important points to relater to SRN Number 

• Please complete your SIP registration with your bank within 10 days from today. 
• The SRN will be invalid if the registration on your bank's website is not completed within the specified period.
• If the SIP registration with your bank is not completed by you, units created in your folio for the aforesaid SIP, if any, will be reversed.

 Example:

SIP Registration in HDFC Mutual Fund

  

Important points related to adding mutual fund biller in your net banking account.

In your net banking Account, you need to select the option Bill Pay, check the list of Billers you can register in your bank for auto debit, check whether mutual fund is allowed in your bank account as biller, If mutual fund option is not allowed, then you can’t register sip online.

 

• To add an AutoPay Instruction for a biller, Click on 'Set'
• To modify or to delete an existing AutoPay instruction, click on 'Modify'
• Addition of AutoPay Instruction for a biller or any modification of AutoPay (change or deletion of existing instructions) will be effective from the next billing cycle/payment.
• For AutoPay setup for 'Presentment' and 'Presentment & Payment' type of billers, the bills will be paid 4 days prior to the due date.
• For payment type of billers, AutoPay will be enabled for the amount specified by you and will be paid on the date as specified at the time of setting up the AutoPay instruction.

Process

1. Click on Bill Pay

2. Register for a New Biller

3.  Select your Bill location and category of biller

4.  Add Biller details that is SRN number (SIP Registration Number)

5. Select option Pay exact amount on due date

6. After Adding verify and confirm the details.

How to register Mutual Fund SIP online - step by step process for ICICI- Example (Register SIP for RMF)