What is a Bank Mandate in Mutual Fund Investments on FYERS?
A bank mandate is a one-time authorisation that allows FYERS to automatically debit your bank account or UPI for mutual fund transactions. It simplifies both SIP investments by eliminating the need for manual payment approval each time.
How Does a Bank Mandate Work?
A bank mandate on FYERS authorises automatic debits from your registered bank account—up to ₹1,00,000 per day—for mutual fund SIPs.
- Mandate type: e-mandate (digital, paperless authorisation)
- Limit: ₹1,00,000 per day
- Required for: SIPs
- Activation time: Usually 3–5 working days
- Validity: Once approved, it can be used for all SIPs from the same bank account
This setup is necessary for ensuring SIP amounts are auto-debited on schedule.
Steps to Create a Bank Mandate
- Go to the Mutual funds section on FYERS (Web or App).
- Select the scheme and choose SIP.
- Select your bank account.
- If there is no active mandate, you’ll be prompted to create one.
- Complete the e-mandate process via UPI or Net Banking.
Once active, the mandate can be used for all future SIP orders from the same bank account.
Ensure your mandate is approved before placing or scheduling SIPs. Pending mandates will block transactions from being executed.
What If...
| Scenario | Explanation |
|---|
| You choose e-mandate | Complete it online via UPI or Net Banking. It may take 3–5 working days to activate. |
| You want to increase the mandate limit | Cancel the existing mandate and set up a new one with a higher limit. |
| Your mandate is pending approval | Orders can’t be processed until the mandate is active. Wait for bank confirmation. |
Last updated: 11 Sep 2025
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