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PAYMENT MODES AND THEIR EFFICIENCY
Lump Sum Transactions – Non Liquid Schemes
| Payment Mode | Bank Name | Cut Off Time | Day of Debit to Investor’s account | Day of NAV Applicability |
|---|---|---|---|---|
| UPI* | All Banks | 2:45 PM | T | T** |
| Net Banking | Axis Bank* | 2:45 PM | T | T** |
| Canara Bank* | 2:45 PM | T | T** | |
| HDFC Bank* | 2:45 PM | T | T** | |
| ICICI Bank* | 2:45 PM | T | T** | |
| IDFC First Bank* | 2:45 PM | T | T** | |
| IndusInd Bank* | 2:45 PM | T | T** | |
| Kotak Bank* | 2:45 PM | T | T** | |
| SBI Bank* | 2:45 PM | T | T** | |
| Yes Bank* | 2:45 PM | T | T** | |
| All Other Banks | 3:00 PM | T | T + 1 | |
| RTGS | All Banks | 2:30 PM | T | T |
| NEFT | All Banks | 1:00 PM | T | T |
| NACH Mandate | All Banks | 3:00 PM | T + 1 | T + 2 |
| Cheque Mode | All Banks | 3:00 PM | T + 2 | T + 3 |
T = Date of application based on cut-off time
*Agreement in existence for real time credit of the funds on the same day
**Subject to fund realization in the AMC account before the cut off of 3 p.m.
Lump Sum Transactions – Liquid Schemes
| Payment Mode | Bank Name | Cut Off Time | Day of Debit to Investor’s account | Day of NAV Applicability |
|---|---|---|---|---|
| UPI* | All Banks | 1:15 PM | T | T – 1*** |
| Net Banking | Axis Bank* | 1:15 PM | T | T – 1*** |
| Canara Bank* | 1:15 PM | T | T – 1*** | |
| HDFC Bank* | 1:15 PM | T | T – 1*** | |
| ICICI Bank* | 1:15 PM | T | T – 1*** | |
| IDFC First Bank* | 1:15 PM | T | T – 1*** | |
| IndusInd Bank* | 1:15 PM | T | T – 1*** | |
| Kotak Bank* | 1:15 PM | T | T – 1*** | |
| SBI Bank* | 1:15 PM | T | T – 1*** | |
| Yes Bank* | 1:15 PM | T | T – 1*** | |
| All Other Banks | 1:30 PM | T | T** | |
| RTGS | All Banks | 1:00 PM | T | T – 1 |
| NEFT | All Banks | 12:00 PM | T | T – 1 |
| NACH Mandate | All Banks | 1:30 PM | T + 1 | T + 1 |
| Cheque Mode | All Banks | 1:30 PM | T + 2 | T + 2 |
T = Date of application based on cut-off time
*Agreement in existence for real time credit of the funds on the same day
**In case the funds are received in the AMC account on Friday after 01:30 p.m or on Saturday (Non-Business Day) then Sunday NAV will be applicable
***Subject to fund realisation in the AMC account before the cut off of 3 p.m.
SIP Transactions – Non Liquid Schemes
| Payment Mode | Bank Name | Day of Debit to Investor’s account | Day of NAV Applicability |
|---|---|---|---|
| Internet SIP (ISIP) | ICICI Bank | T | T |
| All Other Banks | T | T +1 | |
| NACH (Physical / E-NACH) | All | T | T + 1 |
| UPI | All Banks | T | T |
| Auto Debit* | All | T | T + 1 |
SIP Transactions – Liquid Schemes
| Payment Mode | Bank Name | Day of Debit to Investor’s account | Day of NAV Applicability |
|---|---|---|---|
| Internet SIP (ISIP) | ICICI Bank | T | T – 1 |
| All Other Banks | T | T | |
| NACH (Physical / E-NACH) | All | T | T + 1 |
| UPI | All Banks | T | T – 1 |
| Auto Debit* | All | T | T |
T = SIP Date
*AMCs have tied up with Banks for SIP standing instructions and the debits will happen on the same day, Other Bank debits to the investors bank accounts are subject to credit available in the Mutual Fund scheme account which are expected on T + 1 or T+2
(In case of NACH, NPCI will endeavor to ensure that funds are transferred to Mutual Fund Bank Account before the cut off time of 3.00 p.m. on the same day of debit to the investor account. Where there is a delay by any agency viz. Investor Bank, NPCI, Payment Aggregator or Bank’s end in transferring the credit before the cut off time, the allotment of units would be on T+1 / T+2 based on when the funds are credit to the scheme account.
Applicable NAV Metrix for Switch
| Schemes | Business Day followed by Business Day | Business Day followed by Non Business Day | ||
|---|---|---|---|---|
| Switch Out Scheme | Switch In Scheme | Switch Out Scheme | Switch In Scheme | |
| Equity to Equity Intra Scheme i.e. within the same Plans / Option of the same scheme | Same Day | Same Day | Same Day | Same Day |
| Equity to Equity (Inter Scheme) / Debt | Same Day | NAV of the Switch Out settlement date NAV (T+2 business days) | Same Day | NAV of the Switch Out settlement date NAV (T+2 business days) |
| Equity to Liquid | Same Day | NAV of Switch Out settlement date minus one day ( T+2 business days) | Same Day | NAV of Switch Out settlement date minus one day ( T+2 business days) |
| Debt to Debt Intra Scheme i.e. within the same Plans / Option of the same scheme | Same Day | Same Day | Same Day | Same Day |
| Debt to Debt (Inter Scheme) / Equity / Liquid | Same Day | NAV of the Switch Out settlement date NAV (T+1 business days) | Same Day | T NAV of the Switch Out settlement date NAV (T+1 business days) |
| Liquid to Liquid Intra Scheme i.e. within the same Plans/ Option of the same scheme | Same Day | Same Day | Same Day | Same Day |
| Liquid/ Overnight to Liquid/ Overnight Inter Scheme | Same Day | Day Prior to T+1 Business Day | Day prior to Next Business Day | Day prior to Next Business Day |
| Liquid/ Overnight to Equity / Debt | Same Day | NAV of the Switch Out settlement date NAV (T+1 business days) | Day prior to Next Business Day | NAV of the Switch Out settlement date NAV (T+1 business days) |
Applicable NAV Metrix for Redemption
| Schemes | Applicable Amount | Transaction Day | (Transactions done before 3:00 PM) | Important Condition |
|---|---|---|---|---|
| Liquid/ Overnight | All | T | Same Day | If T+1 day is a business day |
| Liquid/ Overnight | Last Holiday NAV (NAV of next business day – 1 calendar day) | If T+1 day is a non business day | ||
| Debt / Equity / Hybrid | All | T | Same Day |
Disclaimer: The details mentioned in table above are indicative based on reasonable information that the Fund has. The transfer of funds to the collection account of the scheme through various modes, including time involved, is purely dependant on the banking industry procedures from time to time on which the Fund has no control. Irrespective of the details mentioned above, Unit Allotment and NAV applicability will be strictly based on both receipt of transaction and funds into Mutual Fund Bank Account within the cut off time of the scheme from time to time and the Fund / AMC will not entertain any dispute towards the details provided above. List of banks under Net Banking, which offer instant credit of funds to mutual fund collection account are subject to change without any prior notice. In case of delays or changes by the Banks in transferring the credits the unit allotment will be based on receipt date & time of credit only. Investors are advised to refer to detailed provisions of the scheme offer documents.
Important Note: Unit allotment will be subject to receipt of funds in the mutual fund account before the applicable cut-off time (Currently, 3:00 PM for all Schemes except Liquid & Overnight Fund where the cut off time is 1.30 PM)
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