How do payments via AutoPay work? When will my money get debited from my bank account?
AutoPay, as the name suggests, is the payment method we use once your mandate is approved, to facilitate the transfer of funds from your bank account to the mutual fund company. By selecting the AutoPay option on the Glide Invest app, your money will get debited from your bank account to the selected fund without your intervention. AutoPay orders are also referred to as OTM (One Time Mandate) orders.
For all AutoPay orders, assume a timeline of T+2 for your payment to be initiated from your bank and T+4 for SMS notification from AMC on the units allocated to you.
For SIPs (funds) and Flexi SIPs (goals) orders setup for payment via AutoPay:
- The order is automatically placed in the BSE Star system by approx. 630am in the morning (T)
- On T+1, BSE Star picks up all OTM orders and shares the file with their payment gateway
- On T+2, the payment gateway processes the file and debits all the mandate accounts for the invested sum.
- On T+3, the funds are transferred to the bank accounts of the respective fund(s) you have invested in. AMCs will account for the funds and allocate units based on end-of-day NAVs.
- On T+4, you will get a SMS notification from AMC regarding confirmation of units.
- Over the next 2 days, these unit confirmations will be sent via the RTAs to BSE Star, and will eventually reflect on the Glide Invest app.
For Lumpsum orders setup for payment via Autopay:
- The day the order is placed by you is considered as the start date (T)
- All other timeline are the same as for SIPs (above)
Here are some examples:
- If you setup your SIP for the 10th, and the 10th happens to fall on a Monday, and assuming no holidays in between, our system will place the order in the BSE Star system on the 10th, BSE Star will pickup the order on the 11th, funds will get debited on the 12th, units will get allocated on the 13th and you will receive an SMS from the AMC on the 14th. Units will reflect on the Glide Invest app by the 15th or 16th.
- If you setup your SIP for the 10th, and the 10th happens to fall on a Saturday, and assuming no other bank holidays in between, our system will place the order in the BSE Star system on the 10th, BSE Star will pickup the order on the next working day which is 12th, funds will get debited on the 13th, units will get allocated on the 14th and you will receive an SMS from the AMC on the 15th. Units will reflect on the Glide Invest app by the 16th or 17th.
Note: There have been occasions when the debit is delayed beyond the above mentioned period by BSE Star, or AMC takes longer to process your order. This is beyond our control, but happens very infrequently. We request you to get in touch with us in such a situation. We are constantly working with them to ensure payments are not delayed from their end.
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