How can I trust you not to misuse my mandate, bank account and other information?
Your bank mandate is a detailed and binding legal document which authorises us to do tasks only as per your instructions. We cannot do anything else outside of your authorised instructions nor will your bank allow for any unauthorised transaction to take place without your knowledge.
Additionally, we do not have a nodal account where your money is saved. All online transactions executed on our platform are sent directly to BSE Star, from where they are routed through the bank accounts of the Indian Clearing Corporation Limited (ICCL), followed by the respective bank accounts of the AMCs. We follow the guidelines provided by them for processing of all transactions related to mutual funds.
All your other details are securely stored in our encrypted database on AWS servers hosted in India. Using 128 bit AES encryption and TLS 1.2, we keep your information safe and secure.
How do I update my bank account details if they have changed due to bank merger?
There has been a series of bank mergers since 2019/20. Given below is the list of merged banks and associated changes. # Erstwhile Bank Merged Bank Changes 1 CORPORATION BANK UNION BANK OF INDIA No changes to A/c Number; Changes only to IFSC code 2 ...
Why do you need my bank account details?
As per regulation from SEBI, we need to verify that the bank account details submitted by you belong to you. Further this bank account will be used to deduct money for investments across Mutual Fund houses. When you sell a mutual fund, money is ...
What is a bank mandate? Why is it needed?
A bank mandate is an authorised document submitted by you, the account holder, to your bank to authorise Glide Invest to transfer money from your bank account to the bank account of the Mutual Funds based on the orders placed by you. This transfer is ...
My Bank Verification failed. Please help.
We verify your bank account by depositing one rupee into your account. In return, your bank shares the name registered with the bank account. (This process is also popularly known as Penny Drop.) We then use a matching algorithm to match the name ...
How do I modify the bank mandate submitted to you?
Currently, we do not support modification of your bank mandate through the app. Please contact customer support to modify your bank mandate.