Glide Invest FAQ : Bank Mandate form contains an amount of Rs. 2,00,000

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 mandate does not mean we shall be deducting the full amount from your bank account every time you make a transaction.  It is just the limit of our deduction to allow us to transfer money from your bank account to the bank account of the mutual fund. 
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Your money never touches our bank accounts.  Your money will only be deducted as per your instructions for each individual mutual fund or goal transaction. 

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