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How to Add Autopay Using OTP for My Sip

mutual fundmutual fund accountmutual fund investmentSIP
31 May 2023

Embrace the convenience of automated payments and ensure punctuality in your transactions. Uncover the advantages of AutoPay, including its convenience, fostering disciplined investing, cost-effectiveness, and mitigating the risk of missed payments. Bolster your security with OTP verification, adding an extra layer of protection for your bank account and investments.

Access your account, handpick your desired SIPs, locate the AutoPay option, furnish the necessary payment details, validate your bank information, and finally, validate your registration. Seize control of your investment endeavours and save valuable time by implementing AutoPay for your Mutual Fund Systematic Investment Plans (SIPs). Please bear in mind that bank approval might require a few business days. Unleash the true potential of your investments and smoothly pave your way to financial triumph by leveraging this optimised AutoPay feature now.

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As an investor, timely investments are vital for reaching your financial goals.

Over the past few years, Mutual Fund investments through SIPs have experienced a recent surge in popularity. Regular small investments in SIPs harness the power of compounding, leading to potential long-term returns. However, managing multiple SIPs and keeping track of payment due dates can be a challenge. In order to overcome this challenge and to make the investment process even more seamless, Motilal Oswal Financial Services Limited has introduced the AutoPay for SIPs. 

In this article, we will guide you through the process of setting up AutoPay for your SIPs using OTP verification, making your investment process hassle-free, timesaving, secure and automated.

  • What is AutoPay?

AutoPay, provided by banks and mutual fund companies, automates payments by deducting funds from your bank account on a designated date each month. This simplifies payment processes and ensures timely transactions, preventing missed due dates.  

  • Why choose AutoPay?

Here are some of the benefits of using AutoPay for your SIPs:

1. Convenient and timesaving

2. Enables disciplined investing 

3. Cost-effective 

4. Reduces risk of missed investments and late fees 

5. Flexibility and control 

6. Secure and reliable

  • Why add OTP Verification?

OTP verification adds an extra layer of security, safeguarding your bank account and investments from unauthorised access. Through AutoPay and OTP, you receive a unique code via your registered mobile number or email address for each payment. Simply entering this code ensures the transaction's confirmation and completion.

After learning about the advantages of AutoPay with OTP verification offered by Motilal Oswal Financial Services Limited, you may be eager to apply this feature to all your Mutual Fund SIPs.

So, here is the guide which will walk you through the process of setting up AutoPay for your SIPs using OTP verification:

Step 1: Log in to your Motilal Oswal Mutual Fund trading account

The first step is to log in to your mutual fund account using your username, password and other required details (if any). This could be done either through the mutual fund provider's website or the mobile app.

Step 2: Select the SIP you want to enrol in AutoPay

Navigate to the SIP section on the dashboard. Choose the SIPs that you want to set up AutoPay for. You can choose one or multiple SIPs depending on your preference.

Step 3: Navigate to AutoPay option

After choosing the desired SIP for automation, locate the AutoPay option in the 'Transactions' or 'Investments' tab, often labelled as "Automatic Payment" or a similar term.

Step 4: Select the AutoPay option

After locating the AutoPay option, click on it. 

Step 5: Enter AutoPay details

Provide your AutoPay information, including investment amount, payment frequency, start and end dates. Select monthly, quarterly, or annual SIP payment options based on your investment frequency. Additionally, provide your bank details.

Step 6: Verify your bank details

Once you've filled in your bank details, you'll need to verify them. This is done through OTP verification. You'll receive an OTP on your registered mobile number. Enter the OTP and click on 'Submit'.

Step 7: Choose the OTP verification option for added security

Opt for OTP verification from the available security modes for added security. It confirms ownership of the account and prevents unauthorised access. 

Step 8: Confirm your registration

After completing the process, you'll reach a confirmation page to review and edit the entered details if necessary. Once you're satisfied, click on 'Confirm'.

Now, you're done! Your AutoPay request has been successfully sent to your bank.

Note: Bank approval of your request may take three to four business days.

Happy investing!

 

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