PhonePe, Digital Wallet & Online Payment App, launched the debut of the UPI-based AutoPay feature for mutual fund systematic investment plans (SIPs) on Monday. Customers of PhonePe will be able to establish mutual fund SIPs in a matter of seconds thanks to this feature. On the PhonePe app, all existing and new investors have access to the SIP using the new UPI AutoPay feature. According to the source Business Line, "It furthers PhonePe's vision to continually enhance the end-to-end customer experience while catering to their needs in building the investment portfolio of their choice," the payment platform said. On its official website, PhonePe has also stated that "After you set up an AutoPay and pre-authorise PhonePe to make payments on your behalf, the amount will be automatically deducted from the bank account that is linked with your selected payment mode and transferred to the mutual fund company broker, or service provider on the scheduled date."
PhonePe AutoPay Limit
According to the website of PhonePe, you can set up an AutoPay for a maximum of:
- Rs 5000 per SIP using UPI as the payment mode.
- Rs 1,00,000 per SIP using net banking/debit card as the payment mode. However, banks may have their own limits. Please contact your bank for more information.
Note: While the above limits help decide the payment mode that you must select for your SIP AutoPay (based on the SIP amount), the actual amount that will be deducted every month for your SIP will be the amount that you've set, according to PhonePe.
How to set AutoPay for a monthly SIP?
Follow the below-listed steps to set up an AutoPay feature for your mutual fund SIP:
- Open the PhonePe app on your mobile phone and tap on 'My Money'
- Now select the type of mutual fund and amount that you want to invest through SIP.
- Now enter the SIP amount that you want to invest every month and select 'Monthly SIP' as the investment type and set the investment date.
- Now tap on 'Continue' and select a payment mode (net banking/debit card, or UPI) for bank account verification.
- Now tap on 'Proceed to Verify' and then provide the required details to verify your account and complete the AutoPay setup.
Note: You can use net-banking or debit card to set up AutoPay for your SIPs that are equal to or lesser than Rs 5000. In this case, the first payment will be made on the SIP date selected by you, according to PhonePe.