Axis Bank is a well-known name in the private sector banking in India. This bank provides many products and services to its national and international customers with modern and dynamic banking modes. One of the many services offered by the bank includes mutual fund investment through SIPs mode. This helps the customers make hassle-free SIP payments towards their mutual fund investments without the fear of missing them.
What is i-SIP?
Investing in mutual funds has become one of the key investments for every investor. In the past year itself, there has been a huge influx of new SIPs in the Indian market alone. SIPs are Systematic Investment Plans that allow the investors to make fixed and gradual investments in any mutual fund at fixed intervals. This ensures that the investor is not burdened with the financial stress of making a lump sum payment for mutual fund investments.
i-SIP is when the investors start an online SIP account for the selected mutual funds. i-SIP refers to an internet-based Systematic Investment Plan. Under this type of SIP, the investor can make the SIP payments through their net banking account with the bank. Axis bank is one of the multiple lenders in the country that provide the facility of i-SIP through the net banking facility for its customers. The prerequisites for getting the benefit of such a facility are given below.
- Having a valid net banking account with valid login credentials.
- The net banking account has to be complete with the authentication and verification based on required KYC documents
- The home branch of the bank or the branch where the customer has their account should facilitate the i-SIP option.
What are the benefits of adding an i-SIP biller through Axis Bank?
i-SIP biller has revolutionized the mode of making SIP payments. Customers can start new SIPs easily by adding them through their net banking account and setting the payment mandate to avoid any delays or defaults in SIP payments.
Some of the important benefits of adding an i-SIP biller through Axis Bank are given below.
- Axis Bank net banking portal is a safe and secure mode of making any payment within the same bank or to a third party in the form of SIPs.
- The account holder does not need to sign any cheques or send the necessary documents to support the i-SIP option.
- The i-SIP can be easily done at the convenience of the account holder. The account holder can simply add the i-SIP once and the SIP payments will be deducted from their account every month at the stipulated date.
Apart from the above requirements, the account holder will also need to provide the URN (Unique Registration Number). This number is generated at the time of registering the i-SIP on the website of the fund selected for investment. The URN generated will be sent to the registered mobile number and email id of the account holder. This URN has to be provided along with other details while registering the i-SIP through the net banking account of Axis Bank.
How can a person add an i-SIP biller in Axis Bank through net banking?
The process of adding the i-SIP biller through the net banking account is quite simple and can be done within minutes at the convenience of the account holder. The process of adding the i-SIP through Axis Bank net banking is detailed below.
- The first step is to visit the net banking portal of the bank and log in to the net banking account of the investor using the valid net banking user id and password.
- The next step is to select the ‘Pay Bills’ option from the ‘Payments’ tab available on the home page.
- The investor will have to then select ‘Add new biller’ to proceed.
- After this, the investor will have to select ‘Mutual funds’ from the available options and click on ‘next’
- The investor will then have to add the biller details which include the following,
- Biller name
- Biller type
- Biller Short name (nickname)
- URN number (provided on the registered mobile number and email id)
- Payment Type (Manual or Auto Pay)
- Bank account (the account from which the amount will be debited)
- Setting the Auto Pay Limit.
- The investor will have to verify all the details provided and then click on confirm to proceed. The investor will have to add the ‘Netsecure’ code received in the mobile number to complete the transaction.
- The new biller will be added successfully upon confirmation and can be viewed under the ‘My Billers’ section. An investor can take a print of the confirmation.
The process of adding the i-SIP through Axis Bank mobile banking is similar to the net banking process where the users have to start by downloading the mobile banking app and login using the MPIN. The next step is to select the option ‘Pay Bills’. Users will have to add the New Biller through a process similar to the net banking process by selecting the mutual fund and adding mandatory details along with the URN. Following this, users need to add the details like the amount of SIP and the bank details along with the mandate for Auto Pay or manual payment. The final step in the process is confirming the details and entering the MPIN again to authenticate and complete the transaction.
Why should you do this?
The above process of adding an i-SIP biller to the online banking account is a revolutionary step and allows multiple benefits to the account holders. These benefits include,
- Eliminating the need to submit cheque payments or courier the documents for SIP payments.
- Ensuring that there is no theft or loss as the payments are done through the secure portal of the bank
- Investors do not miss any SIP payments as they do not need to set any for the same. Investors can set a one-time mandate for auto-debit and the SIP amount is deducted from their bank account at the said date for the amount specified.
Investment in mutual funds has long been an attractive option for investors owing to the multiple benefits like ease of starting an investment, potentially higher returns than traditional investment options like PPF, Bank FDs, etc., the flexibility of investment, low cost of investment, etc. i-SIP further adds to the many benefits of mutual fund investments and can be done at any time and anyplace at the discretion and convenience of the investor.
The available investment modes of mutual funds is
1.Lump sum mode (single capital investment)
2.SIP mode (systematic consistent payment towards mutual funds)
An investor can start SIP quite easily by simply contacting the registered broker or the AMC. Investors will not need any Demat account or trading account for such investment.
Auto Pay option is where the investor can set the SIP mandate to deduct the fixed SIP amount at fixed intervals.
‘Netsecure’ code is the OTP sent to the registered mobile number and the email id of the investor. It has to be submitted to complete the i-SIP biller transaction for any mutual fund investment.
No. The investor will have to add separate i-SIPs for each mutual fund investment.