Important Update on New Guidelines by BSE - Biller Mandate for SIP Payments is Discontinued

There are primarily 2 ways a user can pay for SIPs on Groww - via Biller Mandate and via Autopay Mandate set up on Groww. As per the latest circular from BSE, payments via biller mandates will be discontinued soon.

According to the circular by the 娛樂城 (BSE), it will stop taking new SIP orders with the Biller mandate as payment method (such SIPs are called ISIPs) from 1st September 2024.

What will change for you as a Groww User?

The effect of this change will be limited to users who have SIPs linked to biller mandates. In order to ensure a seamless, uninterrupted transition and hassle-free investments, we will be migrating such SIPs from biller mandates to Groww Autopay. We assure you that this transition will not have any effect on your existing investments in Groww.

At Groww, we will be removing the biller mandate and replacing it with Groww Autopay for users who have one. Here, the scheme, amount, and date will remain the same. Note-

• For users having another mandate available with Groww in the same bank account - the new SIP will have this mandate attached automatically.
• For users who either do not have another mandate on Groww or have another mandate but on a different bank -? the SIP will no longer have a (biller) mandate. They will have to create a new mandate on Groww. Once created, the new mandate will be attached for you to ensure uninterrupted and automatic SIP investments.
  
  

If you already have an Autopay set up with Groww on the same bank account, you are not required to take any action. However, if your autopay is not set, follow the steps below-

• Go to your ‘Profile’ section.
• Tap 'Banks ‘& Mandates’.
• Select the bank for which you want to set up Autopay.
• Click on 'Setup Autopay’.
• Keep your Netbanking/Debit card details ready to complete the setup.

Note, Autopay might take 3-4 working days to be approved by the bank.

How to identify if you have a biller mandate

You can visit the bank section to check if you have a biller mandate. If you have one, you will see a section titled ‘Autopay via Biller’. Refer to the screenshot below-

Upgrading Biller mandates to Groww Autopay will also unlock newer features like skip SIP installment, step-up SIP, edit date/amount for SIP, etc., for users.

For any further queries, feel free to contact our helpline at [email protected] or call us at +91-9108800000.

Disclaimer: This news is solely for educational purposes. The securities/investments quoted here are not recommendatory.

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