Owing to the potential danger of spreading COVID – 19 and as directed by AMFI, to ensure safety of our investors, partners and employees, all our AMC branches are temporarily closed until further notice. However, we will be working from home and will be at your service. We urge our investors and partners to make use of various other digital modes available for making transactions. For any queries, please write to us at crmf@canararobeco.com. You may also call us at 1800-209-2726 during working hours.
We will be continuously monitoring the situation and shall update the status once the normal operations are resumed. We would like to reiterate that serving you well is our top priority and shall attempt to make your investment journey a memorable one with Canara Robeco.
With effect from December 9, 2013, U.S. Persons and Residents of Canada are not permitted to invest in any of the Schemes of Canara Robeco Mutual Fund. Read the issuednotice cum addendum in this reference.
1. What is E-Mandate?
E-Mandate is a payment service initiated by RBI and the National Payments Corporation of India (NPCI). It provides the underlying infrastructure for businesses to collect recurring payments in India. With E-Mandate / NACH mandate, one can easily authorize recurring payments by using their Netbanking or Debit card credentials.
2. Why has E-Mandate been introduced?
To set up a systematic investment plan (SIP), an investor can either submit physical post dated cheques or give a bank mandate for auto debit of the SIP instalment amount. Setting up debit mandate takes long and the SIP takes up to 30 days.
To reduce the paperwork and time involved in setting up a debit mandate, registrars of mutual funds have introduced E-Mandate for investments. The E-Mandate facility actually digitizes the entire process. It therefore offers a very simple and hassle-free solution for mutual fund investors and also for mutual fund distributors. The entire time cycle for registering mandates for SIPs is reduced from 3-4 weeks to just about 2-3 days in case of E-Mandates of mutual funds.
3. What are the pre-requisites of registering an E-Mandate?
◾ E-Mandate facility is only available for mutual fund holders who hold these funds in single mode, or solo mode as it is called. Joint holders of mutual funds cannot avail E-Mandate as of now.
◾ E-Mandate has to be electronically signed and authenticated by one’s biometric Aadhar number.
◾ The mobile number registered for the E-Mandate should be the same as the one registered for Aadhar.
◾ It has to be ensured that the PAN number is updated in all respects and the same PAN is mapped to the Aadhar card and to the mutual fund investments.
◾ The bank mandate provided for the E-Mandate must also be Aadhar verified. Otherwise the E-Mandate will not be possible.
◾ E-Mandate facility is available only for the banks that are enabled for such payments under the National Payment Council of India (NPCI). Most of the large banks in India are already NPCI registered.
◾ Currently, there is a maximum cap of Rs. 1 lakh for investments via the E-Mandate facility.
4. What are the steps an investor of Canara Robeco Mutual Funds can follow to register for E-Mandate?
An existing investor can log in to the SMartInvest portal (https://www.canararobeco.com/smart-invest/sign-in/) and can choose the option in the home page. The investor will then have to select the folio no from the drop-down list.
Once the folio no is selected the basic information like name, mobile no, email ID registered with the folio will appear. The bank registered with the folio has to be selected from the drop-down list and the account no and type of account will have to be fed. Also, the debit type and frequency type have to be selected from the drop-down lists.
The mandate start and end have to be selected and if the investor wishes to keep the end date as perpetual then he/she can select the box for Perpetual.
The authentication mode also has to be selected. It can be either net banking or debit card details.
Once the terms and conditions are accepted and authorisation is given for recurring debit instructions, the user will be directed to the below page which will display all the information which were fed in the previous step and need to be proceeded.
After clicking the ‘Proceed’ button, the following page will appear with all the information based on the inputs in the previous step and the accuracy of which needs to be authenticated by clicking on the box.
The next page will give the transaction status giving a confirmation of the completion of the process.
5. What are the advantages of E-Mandate?
◾ The entire process is totally digital and there is no involvement of any physical forms or signatures required at any point of time.
◾ The E-Mandate can be registered within 2-3 days and the SIP can commence in less than 7 days. This is a far cry from the present system where the SIP registration takes close to a month.
◾ E-mandate is a process that is less prone to errors and physical delays. When a physical mandate is sent, there is the risk that the mandate could get rejected by the bank due to signature mismatch or by the registrar for technical reasons. E-Mandate resolves most of these problems.
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