CAMS digiSIP to start SIP in 7 days | SIP in Mutual Funds using CAMS digiSIP
CAMS (Computer Age Management Services),
India’s leading registrar & transfer agent for mutual funds has launched digiSIP. CAMS digiSIP is
truly 100 percent digital process to
start a new SIP (Systematic Investment Plan) on its website. With CAMS digiSIP you can start the SIP in just seven
business days as against the current lead time of 30 days. This is good
news for those investors who are looking for investing in mutual funds through
the SIP route.
What is CAMS digiSIP
CAMS digiSIP is an industry-leading initiative for setting up SIP in mutual fund in just 7 business days. CAMS digiSIP can be availed by both existing and new
investors on CAMS official website (www.camsonline.com). CAMS
digiSIP is designed to be a 100 percent
paperless process to bring a change to the conventional process for starting a
SIP in mutual fund. CAMS digiSIP promises
to bring speed and ease in starting new SIP.
Benefits of CAMS digiSIP
1. Minimal data input
requirement for existing investors. Click based data entry.
2. You can start a new SIP
in just 7 business days, from the current lead time of 30 days.
3. Paperless e mandate
significantly reduces the mandate registration process time.
4. e Mandate can be set up
electronically at PAN level as a common mandate. Once set up, the e Mandate can be used for any number of
SIPs in any mutual fund serviced by CAMS. This eliminates the need to set up
separate payment mandate for every SIP.
5. e Mandate is registered in about 2 -3 days, unlike paper mandate forms which can take up to 30 days for
registration.
6. Set up multiple SIPs in
one go.
7. Elimination of time spent
on rework and resubmission when paper mandates are rejected.
8. New investors can
complete Aadhaar based e KYC and seamlessly set up SIP.
Pre-requisites to use CAMS digiSIP
1. You need to be KYC
compliant for any mutual fund transaction. If you are not KYC compliant, then
you have to complete KYC using Aadhaar based eKYC.
2. If a new mandate is being
set up via net banking.
3. The mandate registration
should be completed within 24 hours of setting up SIP otherwise your first installment
may fail leading to cease of SIP registration.
4. If a distributor is
setting up the SIP on behalf of the investor, prompt responses from the
investor will help complete CAMS digiSIP process smoothly.
How does CAMS digiSIP work?
2. Enter your PAN number and click on “Submit” tab.
3. An OTP will be sent to
your mobile number & email Id.
4. Enter OTP and click on
“Verify” tab.
5. It will show you existing
AMCs and list of new AMCs which you want to add.
6. Select AMC you wish to
invest in from the existing AMCs or new AMCs with whom you want to start a SIP
in mutual fund.
7. Now, select regular or
direct mutual fund plan, mutual fund scheme, payment option, your bank name,
SIP amount, SIP frequency, number of installments, SIP date.
8. You need to select payment
mandate facility. If you do not have a useable existing payment mandate, then set
up a new mandate using e Mandate or net banking option.
How to set up new Mandate for CAMS digiSIP?
The new mandate
can be set up using the following 2 options:
1. e Mandate: The e mandate
can be set up seamlessly using e sign facility at PAN level as a common mandate
for all mutual funds serviced by CAMS. This e Mandate can be chosen as the
payment mode for any number of SIPs in any mutual fund serviced by CAMS.
2. Net Banking: Upon
choosing Net banking, an SRN is generated in CAMS digiSIP. The mutual fund where the SIP is initiated needs to be set
up as a biller in the respective bank account using bill pay service.
Who can transact in CAMS digiSIP?
Currently only investors
with their tax status as “Resident Individual” can transact in CAMS digiSIP.
Also read: All about ELSS | Tax saving mutual funds
Also read: How to invest in mutual funds online?
Also read: All about ELSS | Tax saving mutual funds
Also read: What should be the duration of the SIP?
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CAMS digiSIP to start SIP in 7
days | SIP in Mutual Funds using digiSIP
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