By MFJ Team
Mandate amount means the account holder authorized the set limit of debit amount from his bank.
Yes, want to start SIP, automatic payment is mandatory, by allowing the mandate, the bank receives the request to debit the amount in regular period.
Maximum amount for SIP mandate is 25,000 by defaults you can increase it also.
Yes, the SIP mandate is secure, it allows banks to debit specific amounts automatically at regular periods.
Investors can save time and continue SIP by issuing the mandate once.
Meaning of eMandate ₹50000, It allows the bank or non-bank to withdraw an amount up to ₹50000 from the account holder's account at regular periods.
RBI states that you can approach your bank and institution to stop or cancel the mandate.