SIP Auto Debit

SIP Auto Debit

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• Introduction

  Your convenience is our command and we have made SIP investments very convenient. No more hassle of issuing post dated cheques at all.

  We offer SIP Auto debit facility wherein you provide a one time standing instruction to debit your bank account towards the payment of SIP transaction.

  Your account will be automatically debited every month or quarter and the proceeds will be utilized for allotment of units of the mutual fund scheme.

  What's more! If we have your email id and mobile number, we will alert you before debiting your account and after apart from transaction confirmation via email as well as sms.

  To opt for this facility, all you have to provide is

  • Duly filled & Signed SIP Auto Debit Form
  • Cheque for first SIP investment or Cancelled cheque or Copy of the cheque

  Thereafter, you do not need to give any further cheques. The future transactions will happen through the Auto Debit Standing Instruction.

  SIP Auto Debit facility is currently available on 1st / 7th / 14th / 21st/ 28th of the month/ quarter

  DSP BlackRock Mutual Fund has been the first mutual fund to launch auto debit facility for SIP investments.

  Click here for the SIP Auto Debit form and start SIP investments now in your favorite scheme. You can also refer 'How to fill form' section of this feature to have further details to enable you to fill up the form with ease.

  Please refer to terms and conditions mentioned on the form carefully before investing.

• ECS Debit Centres

  If your bank account is with any bank & branch which participates in local clearing in following cities/locations, you can avail SIP Auto Debit Facility

  Agra	Bijapur	Erode	Jamnagar	Mysore	Shimoga
  Ahmedabad	Bikaner	Gadag	Jamshedpur	Nagpur	Siliguri
  Allahabad	Burdwan	Gangtok	Jodhpur	Nasik	Solapur
  Amritsar	Calicut	Gorakhpur	Kakinada	Nellore	Surat
  Anand	Chandigarh	Gulbarga	Kanpur	Panjim	Tirupati
  Asansol	Chennai	Guwahati	Kolhapur	Patna	Tirupur
  Aurangabad	Cochin	Gwalior	Kolkata	Pondicherry	Trichur
  Bangalore	Coimbatore	Hubli	Kota	Pune	Trichy
  Baroda	Cuttack	Hyderabad	Lucknow	Raichur	Trivendrum
  Belgaum	Davangeree	Indore	Ludhiana	Raipur	Udaipur
  Bhavnagar	Dehradun	Jabalpur	Madurai	Rajkot	Udupi
  Bhilwara	Delhi	Jaipur	Mandya	Ranchi	Varanasi
  Bhopal	Dhanbad	Jalandhar	Mangalore	Salem	Vijayawada
  Bhubaneshwar	Durgapur	Jammu	Mumbai	Shimla	Vizag

  Please note that the list of cities may be modified/updated/changed/removed at any time in future at the discretion of the RBI/Local Clearing Centre/AMC without assigning any reasons or prior notice. If the SIP auto debit facility is discontinued in a city for any reason, SIP instructions for investors in such city via ECS (Debit) route/Direct debit/SI may be discontinued without prior notice.

• Standing Instruction Banks / Non ECS Locations

  Do not worry, if your bank branch is not located in ECS Debit locations. We still have a solution !!

  If you have a core banking account with any of the banks mentioned below, you can avail SIP Auto Debit Facility, irrespective of the location.

  Allahabad Bank	IDBI Bank
  Bank of Baroda	Kotak Mahindra Bank
  Bank of India	Punjab National Bank
  Citibank NA	State Bank of India
  HDFC Bank	Union Bank of India
  ICICI Bank	Corporation Bank
  Axis Bank	Federal Bank
  Ing Vysya Bank	UCO Bank

  Please note that the list of cities, banks and branches may be modified/updated/changed/removed at any time in future at the discretion of the AMC without assigning any reasons or prior notice. If the SIP auto debit facility is discontinued in a city for any reason, SIP instructions for investors in such city via ECS (Debit) route/Direct debit/SI may be discontinued without prior notice.

• How to fill 'SIP Auto Debit Facility' Form

  We help you to fill the SIP Auto Debit Form in a convenient way and avoid unfortunate problems.

  Section wise details

  • Investor & Investment Details
    • Mention your name
    • Folio number should be written clearly
    • Mention full Scheme Name, Plan and Option wherein you want SIP investment
    • For your safety, we send alerts. Mention Email id and mobile number.
    • Provide KYC Details or documents in case of Micro SIP facility
  • SIP and Debit Details
    • Mention the SIP Amount that you wish to invest every month
    • Select frequency, whether monthly or quarterly
    • Select your desired SIP date. You can select only one date.
    • Mention SIP period: Start month and End Month in MMYY format
    • Mention the details of first investment cheque or attach cancelled cheque or cheque copy.
  • Bank Account Details
    • Mention your bank account details
    • The account holder name should be as in bank account, not as in folio
    • The account number should be mentioned in full.
      • Provide full core banking account number, including preceeding zeros.
    • Provide 9 digit MICR code
    • Signatures should match with signatures in bank account; else form will be rejected by the bank.

  Other important points / Quick Checklist / Common mistakes in SIP Auto Debit Form

  • The Form should be filled in legible handwriting.
  • SIP amount should be clearly mentioned and there should not be any over-writing.
  • SIP date, Start & End Month/Year and Frequency is clearly mentioned.
  • There should be a minimum time gap of one month and maximum time gap of three months between the first cheque for SIP investment (or application without cheque) and first installment of SIP Debit.
  • Cheque for first SIP investment or Cancelled cheque or Copy of the cheque has been enclosed.
  • Bank Name, Full Branch Address, Full account Number, MICR code for debit should be clearly mentioned and should be legible.
  • The bank details as mentioned on the form should exactly match with the details on the cheque so enclosed.
  • Form should be duly signed by all applicants and as per the signatures made available to the bank (as in bank records) through which you wish to opt for auto debit.
  • The signatures as aforesaid mentioned should be provided at two places, as mentioned in the form.

• Terms & Conditions

  • Please refer the SID, SAI and Key Information Memorandum, Addenda issued from time to time and our website www.dspblackrock.com for instructions, terms and conditions, Applicable NAV, Risk Factors, load and other information, various requirements of the respective Scheme / Plan before investing. It is deemed that the investor has agreed to all the terms and conditions as prevailing on the date of the application and investment.
  • This facility is only offered to those investors having bank accounts in select cities and with banks as mentioned above. The list of cities, banks and branches may be modified/updated/changed/removed at any time in future at the discretion of the AMC without assigning any reasons or prior notice. If the SIP auto debit facility is discontinued in a city for any reason, SIP instructions for investors in such city via ECS (Debit) route/Direct debit/SI may be discontinued without prior notice.
  • KYC is mandatory for all investors. However, investments through Micro SIPs, i.e. where aggregate of installments per year per investor does not exceed Rs. 50,000, will be exempt from the requirement of PAN. Such investors must submit a valid and self attested standard photo identification and address proof documents in lieu of PAN. List of acceptable documents are available with the ISCs of the AMC/Registrar. If the identification document is not in order, or registration of SIP results in aggregate of the SIP investments exceeding Rs. 50,000 per investor per year, the SIP will be rejected.
  • If SIP application form and cheque is submitted with bank details of a city where the Mutual Fund does not provide auto debit facility, first SIP cheque may get processed. However, future debits may not happen and SIP instruction may get rejected.
  • In case of rejection of SIP form for any reason whatsoever, the Mutual Fund will not entertain any request for refund of proceeds of first cheque which is already processed. Investors will have to redeem the units allotted through first cheque at applicable NAV.
  • To avail of SIP in separate schemes/plans via debit facility, an investor will have to fill a separate form for each scheme/plan. A single form cannot be used for different schemes simultaneously and may be rejected. Facility to register multiple SIP with similar details, i.e. same folio, same scheme, same amount, same date and same auto debit bank mandate is not available due to system constraints in ECS (Debit) as well with some of the banks offering standing instructions/direct debit.
  • Complete application form and SIP debit form along with the first cheque (drawn on the same bank account which is to be registered for ECS Debit/Direct Debit / Standing Instruction) should be submitted to the Mutual Fund or the Registrar. AMC reserves the right to reject any application without assigning any reason thereof. Incorrect, incomplete or ambiguous forms will not be accepted and will be returned to the investor within 20 days via normal post.
  • Existing Investors are required to submit the SIP debit form, indicating the existing Account Number and investment details in the SIP section of this form.
  • In case the first cheque is issued from a different bank account or is a demand draft or in case of renewal of SIP debit, then investors should attach a cancelled cheque or a copy of the cheque pertaining to the bank account which is to be registered for ECS Debit/direct debit / standing instruction. Alternatively, investors can also get the bank account mentioned on the form certified from their banker with the bank seal.
  • It will take a minimum of one month for registration with the bank and hence the first debit will be carried out only after one month, on the SIP start date mentioned on the form.
  • The SIP period should cover minimum 12 installments (6 in case of DSPBR Tax Saver Fund), whether monthly or quarterly. The Mutual Fund and the Registrar reserve the right to modify the SIP period depending on the one month period for registration and to ensure minimum installments, even if the investor has submitted the form late or requested for a period less than minimum installments.
  • If no start date is specified, SIP will be registered to start from a period after 30 days on the SIP date as available / mentioned. If no end date is specified or in the absence of SIP end date, SIP will be registered till December 2040.
  • The investor agrees to abide by the terms and conditions of ECS facility of the Reserve Bank of India (RBI) as applicable at the time of investment and as may be modified from time to time at a later stage.
  • The investor undertakes to keep sufficient funds in the funding account till the date of execution of standing instruction. The investor hereby declares that the  particulars provided are correct and complete. If the transaction is delayed or not effected at all for reasons of incomplete or incorrect information or due to any reason by the investor's banker, the investor would not hold the Mutual Fund or the Bank responsible. If the date of debit to the investor's account happens to be a non Business Day as per the Mutual Fund, execution of the ECS Debit / Direct Debit / SI may happen on non business and allotment of Units will happen as per the terms and conditions listed in the SID, SAI, KIM and all relevant Addenda of the scheme concerned.
  • The Mutual Fund, its Registrars, Direct Debit Banks and other service providers shall not be liable for, nor be in default by reason of, any failure or delay in completion of its obligation under this agreement, where such failure or  delay is caused, in whole or in part, by any acts of God, civil war, civil commotion, riots, strike, mutiny, revolution, fire, flood, fog, war, lightening, earthquake, change of Government policies, unavailability of bank's computer system, force majeure events, or any other cause of peril which is beyond their reasonable control and which has the effect of preventing the performance of contract by them.
  • The Mutual Fund, AMC, it’s Registrars, Banks and other service providers shall not be liable for any late registration of SIP with the bank for whatsoever reason or rejection of SIP registration with the bank with or without any reason, and will not be liable for any transactions not processed or reversed or rejected till the registration is successful.
  • For change in bank mandate, the SIP dates and the amount will not be considered even if mentioned. The SIP amount and the SIP tenure will remain the same as provided at the time of initial registration.
  • For the purpose of SIP investments, the investor and/or bank accountholders authorizes AMC, its registrars, bankers, correspondent bankers and service providers, to raise a debit on the mentioned account with the bank branch. The investor and/or bank accountholders hereby authorizes the bank to honor all such requests received through AMC, its registrars, bankers and service providers to debit their Account with the amount requested, for due remittance of the proceeds to AMC.
  • The investor/s or the bank accountholders shall not dispute or challenge any debit, raised under this mandate, on any ground whatsoever.  Investors will not have any claim against the AMC, service providers, bankers, correspondent bankers and service providers in respect of the amount so debited pursuant to the mandate submitted by the investor/account holder. Investor/s and/or the bank account holders shall keep the AMC, its Registrar, bankers, correspondent bankers and other service providers, jointly and or severally indemnified, from time to time, against all claims, actions, suits, for any loss, damage, costs, charges and expenses incurred by them, by reason of their acting upon the instructions issued by the named authorized signatories / beneficiaries. This request for debit mandate is valid and may be revoked only through a written letter from the investor submitted atleast one month in advance withdrawing the mandate signed by the authorized signatories / beneficiaries and acknowledged at AMC/registrar/bank counters and giving reasonable notice to effect such withdrawal.
  • To modify SIP debit bank mandate, the investor may fill a separate form, viz., “Change of Payment Mechanism form” and “SIP Auto Debit Form” which is available at all the offices of the Mutual Fund. Instructions in any other form / manner are liable to be rejected.
  • This request for debit mandate is valid until it is revoked by the investor through a written SIP cancellation request in the designated form withdrawing the mandate signed by the authorized signatories / beneficiaries and acknowledged at bank counters. Such request must be submitted atleast one month prior to the due date of the next SIP, failing which SIP debit may be processed. If the cancellation/termination / withdrawal request is submitted to the AMC/Registrar, the customer agrees that it is an authority to the AMC/Registrar to instruct the debit bank on discontinuation of SI and Customer will not hold Bank responsible for any SI cancellation based on AMC instruction.
  • Investors agree that the AMC may discontinue the SIP facility for any investor / folio entirely at it's discretion and advise banks for SI cancellation in case one or more debits are rejected  and funds not received for any reason.