What is the difference between eMandate and paper-based Mandate?
There are 2 methods of getting your mandate approved through our application:
- eMandate (or electronic Mandate): this mandate is setup using your Netbanking or Debit Card through your bank's website. It takes about 5-7 working days for your bank to approve this. However, your investments are limited to Rs. 1 Lakh / trade with this method. Note that eMandate applications need to be authenticated by you within 5 working days, else a new eMandate needs to be submitted.
- paper-based Mandate: this mandate is setup using a physical form that needs to be downloaded, printed, signed and uploaded. It takes about 4-6 weeks for your bank to approve this. However, your investment limit will be Rs. 2 Lakhs / trade with this method.
NRI/NRE customers cannot register for eMandate. Additionally, eMandate is only allowed for Savings Accounts for Individuals with Single Account Holder in the account.
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 ...
Why does the bank mandate form contain an amount of Rs. 2,00,000?
As a default number and in order to avoid multiple mandates in case of multiple SIPs, for our paper mandate, we take a broad approval of Rs. 2 Lac from our customers. Remember that the mandate is just an authorisation document. Having a bank ...
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.
Are there any charges for a bank mandate?
At Glide Invest, we do NOT charge anything for registering or using your bank mandate, but your bank may impose a fee for registering the mandate. You may contact your bank for further details.
Why was my bank mandate rejected? What should I do now?
Your bank may reject your mandate for several reasons, but the most common reason is either because of a signature mismatch between the mandate form and what your bank has on it's records, or because of not receiving a clear picture of the mandate ...