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What happens if I miss an SIP installment payment?
If you miss an SIP instalment due to insufficient funds or any other reason, here’s what you need to know:
Tip: To avoid missed payments, make sure your bank account has enough balance and that your mandate is active and approved.
- Auto-Debit Failure: If AutoPay is enabled and your bank mandate is active, the payment will fail if there are insufficient funds in your account.
- SIP Continuation: A missed payment does not automatically cancel your SIP. It will usually continue from the next scheduled installment date.
- Multiple Missed Payments: If you miss three consecutive installments, your AMC (Asset Management Company) may cancel the SIP as per their policy.
- Manual Purchase Option: You can manually place a purchase order on the SIP date if you miss an installment to ensure you still get units for that day.
- Bank Charges: Your bank may levy ECS (Electronic Clearing Service) charges for failed auto-debit attempts, depending on their terms.
- SIP Reactivation: If your SIP is cancelled, you’ll need to set up a new one to continue investing.
Tip: To avoid missed payments, make sure your bank account has enough balance and that your mandate is active and approved.
Last updated: 5 Months Ago
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Mutual Fund
How to Invest in Mutual funds through Torus?- What are the Investment Options Available in Torus for Mutual Funds?
- How can I redeem my Mutual Fund holdings on Torus?
- How can I cancel an ongoing SIP?
- Post SIP Registration where can I see my active SIP in torus?
- Can I use ledger balance to pay for my SIPs or Mutual Funds orders?
- What are the Charges for Investing in Mutual Funds through Torus?
- What happens if I miss an SIP instalment payment?
- Where can I view my MF orders?
- How do I set up AutoPay/Mandate for automatic deduction of future SIP instalments?
