If you're planning to invest in multiple Systematic Investment Plans (SIPs) on FYERS, the good news is you don't need a separate mandate for each. You can comfortably manage multiple SIPs in different mutual funds under a single mandate. Just ensure that the combined amount for all SIPs remains below the mandate's specified limit. At FYERS, this limit is set at ₹1,00,000.
How mandate limits work for multiple SIPs?
FYERS requires a one-time mandate authorisation through UPI or net banking. This mandate covers all your SIPs, provided the total combined SIP investment amount stays within the mandate limit.
- Mandate limit: ₹1,00,000 per user
- Covers: All SIPs across mutual funds linked to the same mandate
- Platform validity: Applicable across FYERS Web and Mobile
For example, if you initiate three SIPs of ₹5,000, ₹7,000, and ₹8,000 respectively, the total ₹20,000 remains within the ₹1,00,000 cap. No new mandate is needed unless you exceed this limit.
How to set up your SIP mandate on FYERS?
- Log in to your FYERS account (Web or Mobile).
- Navigate to 'Mutual Funds' from the main menu.
- Choose your desired mutual fund and click 'Start SIP'.
- At the payment step, choose to create a mandate.
- Select the UPI or bank account from which funds will be debited.
- Approve the mandate and begin investing.
Once this mandate is active, you can use it for all future SIPs as long as you stay within the ₹1,00,000 cap.
What if?
| Scenario | Explanation |
|---|
| You try to create a new SIP that exceeds the mandate cap | You'll be prompted to create a new mandate or reduce the SIP amount |
| You have multiple bank accounts | Only the account used for the active mandate can fund SIPs |
| You want to cancel or change the mandate | You must delete existing SIPs linked to the mandate and then revoke it from your bank interface before setting a new one |
| You already have a mandate but it's inactive | Activate it in the FYERS platform or reinitiate the setup for a new one |
Make sure to monitor your total SIP commitments regularly so you don’t unintentionally exceed the ₹1,00,000 mandate cap.
Last updated: 11 Jun 2025
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