What is a mandate and how to create a E - mandate for SIPs on Jainam’s Galaxy ?

What is a mandate and how to create an E-mandate for SIPs on Jainam’s Galaxy?

  1. A mandate is a payment mechanism to automatically make payments for SIPs from the bank account.
  2. You can create a mandate at Jainam physically or via online mode. To learn about creating a physical mandate see, What is a mandate and how to create a physical mandate for SIPs on Jainam’s Galaxy ?
  3. To register an E - Mandate at Jainam’s Galaxy, follow the given steps: -
  4. Log in to space. jainam. in using your user ID, password, and PIN.
  5. Select Galaxy from the dashboard and then click on Utilities.
  6. Select Mandate from the drop-down.
  7. Select Create Mandate. If you already have an approved Mandate then, to create a new mandate select YES.
  8. You have 2 options: -
    1. E-Nach:- Online method to create a mandate.
    2. Physical: - Physical Method to create a mandate.
  9. Select the E-Nach option and click on proceed.
  10. Select your Bank Account from which you want funds to be debited and the amount and click on continue.
  11. You will then you will now be redirected to e- mandate approval gateway and authorize the e-mandate requests either by net banking or debit card.
  12. Enter your Debit card and net banking Details.
  13. Enter OTP (received on your registered mobile number in the bank)
  14. Wait till the UMRN(Unique Mandate Registration Number) is not reflected on your screen.

RELATED FACTS: -

  • The mandate can be used only for future SIP payments and no amount will be deducted currently. The minimum amount of payment through mandate is ₹2,00,000 per day and the maximum is ₹10,00,000 per day.
  • The charges for creating a mandate vary from bank to bank. Jainam does not charge anything for the registration of a mandate.
  • Once amended has been created it will be linked to a sip to make permits automatically. Multiple sips can be linked to a single mandate but a single sip cannot be linked to multiple mandates.
  • Mandates cannot be linked if the SIP due date is on T +2 day. The SIP must be set at least two days before the preferred execution date. For example, if the client wants to execute a SIP on the 10th of each month, then he needs to set it up on or before the 8th of the current month. If the SIP is set up on the 9th within the execution date of the 10th, then it will start from the next month only.
  • The mandate created online will be active within 3-4 days of creation. Physical mandates will be active within 15 to 20 working days.