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. 
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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