What is an E-Mandate?
Mandate is a standing instruction to a bank to debit client’s account on a periodic basis for a
periodic transactions like Systematic Investment Plans (SIPs) / Target Investment Plan (TIP).
There are 2 different ways with which one can set up a mandate:
Offline Mandate
In this case, a physical mandate request form needs to be submitted. This
process usually takes around 21 days (including the transit time).
E-mandate (Online Mandate)
In this case, the entire mandate registration process happens
digitally with customer’s net-banking authentication and so it is completely paperless.
Is E-mandate registration available for all banks?
Currently E- Mandate feature is available for 36 major banks. Registration is done through internet
banking of respective banks using net-banking credentials. For Banks like SBI & Axis you can
register the mandate even with your Debit Card. As & when more banks enabled E-Mandate at their
end.
Given below is the list of banks for which E-Mandate is enabled:
| Bank Name | Bank Name | Bank Name |
|---|---|---|
| Andhra Bank | Axis Bank | Bank of Baroda |
| HDFC Bank Ltd | IDBI Bank | South Indian Bank |
| Punjab National Bank | Bank of Maharashtra | IDFC First Bank Ltd |
| ICICI Bank Ltd | Standard Chartered Bank | Canara Bank |
| Central Bank of India | IndusInd Bank | State Bank of India |
| Union Bank of India | RBL Bank Ltd | Kotak Mahindra Bank Ltd |
| Syndicate Bank | City Union Bank Ltd | Karnataka Bank Ltd |
| Equitas Small Finance Bank Ltd | Federal Bank Punjab & Sind Bank | The Cosmos Co-operative Bank Ltd |
| TamilNad Mercantile Bank Ltd | DBS Bank India Ltd | Karur Vysa Bank |
| Dhanalaxmi Bank | Indian Overseas Bank | Deutsche Bank AG |
| The Hongkong & Shanghai | Banking Corporation Ltd | Paytm Payments Bank Ltd |
| Oriental Bank of Commerce | Ujjivan Small Finance Bank Ltd | Yes Bank |
How long does it take to register E-Mandate?
E-Mandate registration is REAL Time for 36 Banks as mentioned in previous question.
For banks where E-mandate facility is not available (beyond the 36 banks), Offline mandate
registration needs to be done, which takes around 21 days’ time (including the transit time).
Can I register any new bank for E-mandate or for only the existing bank accounts?
There is no restriction in number of bank accounts to be registered for mandate. You can register
your existing bank as well as new bank accounts for E-Mandate facility.
What is the minimum & maximum limit amount set for Mandate?
Minimum amount for Mandate is Rs 5000 and Maximum is Rs 1cr. This amount can be edited and
increased as well, however it cannot be reduced.
The maximum limit of Mandate Amount depends on customer’s Bank. Ideally customers are
suggested to keep a higher Mandate amount so that with it any amount of transactions can be
placed easily, without the need for registering a new mandate/increasing mandate limit.
What would happen when there is name mismatch between the Bank a/c and SBI Securities
Trading account?
In-case of name mismatch customer cannot proceed with E-Mandate as per PMLA guidelines. For
such cases customers have to follow Offline Mandate.
Can a Debit Cardholder modify/cancel the mandate given?
Yes. Cardholder can access portal and carry out modify or cancel e-mandate of his/her choice.
Are there any charges for mandate registration?
No, it is absolutely free. SBI Securities does not charge anything to customer for this facility.
However few banks may charge customers an amount ranging from Re 1/- to Rs 5/- for E-mandate registration. It completely depends on customer’s bank and the relationship that
customer has with the bank.
How do I choose mandate as my mode of payment while registering a SIP?
While registering a SIP, in the payment source option choose “Mandate”.
Can I set up a new Systematic Transaction (SIPs/TIP) immediately after E-Mandate
registration?
Yes. You can set up a new Systematic Transaction immediately after mandate registration
confirmation, however please note that the SIP/TIP Start date (first trigger date) should be T+5
business days from the current date.
For example: If you are setting up the Systematic Transaction (SIPs/TIP) with mandate on 5th
January 2024 then the SIP date that you would select should be on or after 12th January
2024 (5th & 6th being non-business days as these are Saturday & Sunday).
Can the SIP amount be higher than set mandate amount?
No. The SIP amount including the transaction charges if any should be lower than the set mandate
amount. It is always advisable to set a higher mandate amount to avoid any future rejection in case
you STEP UP your SIP. Mandate amount is checked for each transaction and not sum total of
transaction.
For example: If your Mandate amount is Rs. 20,000, you can set up as many Systematic Plans you
want using this mandate however the transaction amount of each of such Systematic Plan (+
charges if any) should be less than Rs 20,000.
Note: To avoid transaction charges, it is recommended to set up SIP with period as “Till
Cancellation”
Can I choose Mandate for my existing SIPs and how to do it?
Yes, you can choose mandate for your existing SIP(s) by choosing “Mandate” as the payment mode
under “Change Payment mode” from “SIP Book” in Mutual Funds section of our website.
When does my account get debited if I choose mandate option in SIP/TIP?
Your account will get debited on any day between T-3 days to T day where “T” is the SIP/TIP
Installment date.
For Example: If your SIP/TIP Trigger date is 10th of every month, the debit to your bank account will
happen any time between 7th to 9th of the month. It is advisable to have the bank account funded
at least 3 days prior to the SIP/TIP trigger date
What happens once I cancel my SIP where the SIP is registered with a Mandate?
Once you cancel your SIP, automatically the debit instructions to your bank for that particular SIP
will also stop. However, please note that the mandate will still be active. On the other hand, if you
cancel a Mandate then the Systematic Plans mapped to this Mandate will automatically get
cancelled.
For which type of transactions, Mandate can be used?
Mandate can be used for MF Systematic Investment Plan (SIP), MF One Click SIP, MF Target
Investment Plan (TIP), NPS SIP. You can also add funds to your allocation using a Mandate and
later you can use this Fund for MF Lump sum & NPS Lump sum investments also.