How to invest in MF without Bank Penalty charges incase of low balance in payment debit date

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Last Comment 2023-09-20

2023-09-15

I recently started one MF , but my bank charged 500+GST as there was ECS mandate set and I didn't had sufficient balance on that day. Is there any way to disable ECS mandate and set auto debit without any charges if there is no balance ?

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https://www.desidime.com/discussions/how-to-invest-in-mf-without-bank-penalty-charges-incase-of-low-balance-in-payment-debit-date?page=1#post_9552194

flash007

2023-09-15

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Instead of auto ECS, do the manual payment.

I am using Coin (by Zerodha), here you get 2 options:

Ecs
Manual reminder before sip due date

so In the manual reminder, you have the flexibility to check if you want to invest right now or wait sometime before payment.

Also, there are some banks (e.g.: Jupiter) that do not charge any fees in case payment is missed due to insufficient balance (haven't verified but saw some promotions around this).

You can decide from both method, which one is more suitable for you.

https://www.desidime.com/discussions/how-to-invest-in-mf-without-bank-penalty-charges-incase-of-low-balance-in-payment-debit-date?page=1#post_9552963

mandalorian

2023-09-15

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True

Use Banks which have no penal charges

IDFC,Neo Bank Like Jupiter

https://www.desidime.com/discussions/how-to-invest-in-mf-without-bank-penalty-charges-incase-of-low-balance-in-payment-debit-date?page=1#post_9553349

kukdookoo

2023-09-15

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mandalorian wrote:
True

Use Banks which have no penal charges

IDFC,Neo Bank Like Jupiter

idfc has ecs missed charges

https://www.desidime.com/discussions/how-to-invest-in-mf-without-bank-penalty-charges-incase-of-low-balance-in-payment-debit-date?page=1#post_9553401

mojo_jojo123

2023-09-15

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How about Biller registration .. is that different from ECS ?

https://www.desidime.com/discussions/how-to-invest-in-mf-without-bank-penalty-charges-incase-of-low-balance-in-payment-debit-date?page=1#post_9556004

skyrules333986

2023-09-16

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kukdookoo wrote:
idfc has ecs missed charges

https://www.idfcfirstbank.com/personal-banking/...

Here they mention zero ecs return charges. Can anyone confirm?

https://www.desidime.com/discussions/how-to-invest-in-mf-without-bank-penalty-charges-incase-of-low-balance-in-payment-debit-date?page=1#post_9556146

mojo_jojo123

2023-09-16

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skyrules333986 wrote:
https://www.idfcfirstbank.com/personal-banking/...

Here they mention zero ecs return charges. Can anyone confirm?

cant we use auto bill pay .. isn't that different from ecs

https://www.desidime.com/discussions/how-to-invest-in-mf-without-bank-penalty-charges-incase-of-low-balance-in-payment-debit-date?page=1#post_9556200

kukdookoo

2023-09-16

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skyrules333986 wrote:
https://www.idfcfirstbank.com/personal-banking/...

Here they mention zero ecs return charges. Can anyone confirm?

they did charge someone i know 500+gst, maybe not for all ecs

https://www.desidime.com/discussions/how-to-invest-in-mf-without-bank-penalty-charges-incase-of-low-balance-in-payment-debit-date?page=1#post_9561409

gischethans

2023-09-19

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mojo_jojo123 wrote:
cant we use auto bill pay .. isn't that different from ecs

Yes, the biller is different from ECS and carries no charges.

https://www.desidime.com/discussions/how-to-invest-in-mf-without-bank-penalty-charges-incase-of-low-balance-in-payment-debit-date?page=1#post_9561863

mojo_jojo123

2023-09-19

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gischethans wrote:
Yes, the biller is different from ECS and carries no charges.

ok .. but zerodha doesn't support biller method .. mycams and kfinkart support biller method I think

https://www.desidime.com/discussions/how-to-invest-in-mf-without-bank-penalty-charges-incase-of-low-balance-in-payment-debit-date?page=1#post_9562568

gischethans

2023-09-20

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mojo_jojo123 wrote:
ok .. but zerodha doesn't support biller method .. mycams and kfinkart support biller method I think

Oh okay... I register my SIPs on the mutual fund portal and then add the biller on net banking.

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