Help :: ICICI Direct cutting extra Rs 33.09 for each SIP :(

[jambui]

better get account with fundsindia.com they are totally free without any charge opening, yearly or per transaction.

 

[yodlee99]

Thanks palka for the link! Do you know if we can we setup a SIP through this method?
I will try and collect such direct links for other AMCs for making direct MF purchases without paying the middlemen commission. In case, you have such links, can you send it across. I will post it so that everyone can benefit from them. Thanks!

It is now possible to invest online in HDFC and Reliance MFs without having an IPIN. You need to have an existing folio with them with the PAN number registered.

For HDFC follow this: https://investor.hdfcfund.com/MFonlineForm/ExistingFolio.aspx

 

[palka]

No, through that option you can only make single purchases. However, if you an IPIN with HDFC you can set up SIP completely online. HDFC supports several banks including Axis, ICICI,SBI, BOB etc.
See below for the instructions from the SIP setup page:



Following steps should be followed for registering the SIP and making the payment for the first installment:
Fill up the following SIP registration details:
Scheme
SIP frequency
Installment amount
SIP date
Month in which the 1st installment should be processed
No. of installments (SIP end date will be calculated and displayed)
Broker code, if any
The SIP confirmation page will be displayed. To change any details, click on EDIT. Check for correctness and click CONFIRM.
Upon clicking CONFIRM, a summary page will be displayed mentioning the Transaction Number and the SIP Registration Number (SRN).

For payment of SIP installments:
In order to complete your SIP registration with your bank, please log on to your banks net banking facility and register for auto debit instructions of your SIP installment directly from your account. We recommend that you select the auto-payment option.
Please select HDFC Mutual Fund as your biller.
Please input the SIP Registration Number (SRN) in the field requesting the Biller Reference Number.

To proceed with SIP registration, click on the bank which you will use for SIP instalments:

Axis Bank

Bank of Baroda

Bank of India

Citibank N.A.

IDBI Bank Limited

ICICI Bank

State Bank of India

State Bank of Travancore

State Bank of Mysore

State Bank of Bikaner and Jaipur

State Bank of Hyderabad

State Bank of Indore

State Bank of Patiala

Yes Bank

 

[rajivnc]

For payment of SIP installments:[/B]
In order to complete your SIP registration with your bank, please log on to your bank’s net banking facility and register for auto debit instructions of your SIP installment directly from your account. We recommend that you select the auto-payment option.
Please select HDFC Mutual Fund as your biller.
Please input the SIP Registration Number (SRN) in the field requesting the Biller Reference Number.

I couldn't find the auto-payment option in SBI internet banking page.

There is one Add Biller option, Is this the same as the auto-payment option ?

I tried this and enter the SRN too. Actually i register the SIP for the date 25, but when i Login to my page it is showing a sticky note on my internet banking page as "Bill Due For Payment" with "Due Date" as 30-7-2010. Then in the Biller Page its showing
1) Bill Date - 20/7/2010
2) Due Date - 30/7/2010
3) Pay By Date - 28/7/2010

There is also a "Pay Bill" Button in that page of SBI.

Should i wait till 25th OR press that "Pay Bill" Button

 

[palka]

@rajivnc

i am not familiar with SBI internet banking, so cannot advise you in this regard.
However from the options that you have mentioned it appears that it will be paid either on 28th or 30 th. You can opt to pay it on 25th though.
You may also call SBI helplines to get clarifications.

 

[yodlee99]

No, through that option you can only make single purchases. However, if you an IPIN with HDFC you can set up SIP completely online. HDFC supports several banks including Axis, ICICI,SBI, BOB etc.
See below for the instructions from the SIP setup page:

I think one needs a HDFC bank account to have this IPIN which is needed to set up a SIP ourself.
Regd this 33.09Rs charge that I see for every SIP using icicidirect, I wanted to see if there is any SIP cancellation charges. As I had some spare cash, I had ordered a few reliance banking mutual funds using SIP and then canceled it after the 1st SIP and the charges were 33.09Rs, instead of 100Rs or so for lumpsum MF purchase. There are no charges for cancellation of SIP. Now, it does not make sense to invest lumpsum and pay higher transaction charges! A small silver lining on the cloud, i guess

 

[URPradhan]

I couldn't find the auto-payment option in SBI internet banking page.

There is one Add Biller option, Is this the same as the auto-payment option ?

SBI has all facilities what any other bank has.
You just need to explore yourself more and get familiar with yourself :clapping:

Here is the screenshot which you can refer for AUTO-PAYMENT/Standing Instruction option under Inter Bank Transfer -> NEFT page. Do not forget to add the biller first.

 

[rajivnc]

SBI has all facilities what any other bank has.
You just need to explore yourself more and get familiar with yourself :clapping:

Here is the screenshot which you can refer for AUTO-PAYMENT/Standing Instruction option under Inter Bank Transfer -> NEFT page. Do not forget to add the biller first.

If we set Standing Instruction for SIP does SBI deduct any charges ?

 

[URPradhan]

If we set Standing Instruction for SIP does SBI deduct any charges ?

Its a recurring/repeated NEFT transfer and the charge will be Rs 5/- per transaction below Rs 1 Lakh.

But be aware while setting up the date. As NEFT transfer may take upto 1-2 days. And you might miss the SIP date. So its better to goto your AMC (Fund House) and tell them to debit the SIP amount from your bank. For this you have to give an ECS mandate against your AMC to your bank/SBI.

As I have started this thread to save Rs 33.09 for every SIP through ICICI Direct. Now I'm going to each AMC/Fund house and giving them an application to change my bank details along with the ECS mandate to debit the SIP amount from my SBI a/c.

EDIT: Just now I have a word with HDFC MF cust care and as per their process...I'm a channel investor through ICICI Direct and I can not continue with the same folio number/SIP, if I want to be a direct investor with them. So now I have to CANCEL/Re-Deem my SIP from ICICI DIRECT and will have to open a new SIP with HDFC MF and have to fillup an ECS mandate form which they will deposit at my bank to debit the SIP amount every month directly from my bank. In this way I'll be a direct investor with them and I can save Rs 33.09 every month which ICICI Direct is taking as commission for each SIP every month

 

[yodlee99]

I was hoping that we can use the same Folio# for investing directly with fund house instead of paying icicidirect. That way, i thought I could even buy myself a bigger icecream with the 33.09Rs
Do I understand you correctly, Pradhan? Can't we use the same Folio number that icicidirect has given us to investing directly via the fund house website once ? Or is it because you are interested in setting up a SIP with ECS mandate directly with the fund house that you need a new Folio number?

Thanks in advance !

EDIT: Just now I have a word with HDFC MF cust care and as per their process...I'm a channel investor through ICICI Direct and I can not continue with the same folio number/SIP, if I want to be a direct investor with them. So now I have to CANCEL/Re-Deem my SIP from ICICI DIRECT and will have to open a new SIP with HDFC MF and have to fillup an ECS mandate form which they will deposit at my bank to debit the SIP amount every month directly from my bank. In this way I'll be a direct investor with them and I can save Rs 33.09 every month which ICICI Direct is taking as commission for each SIP every month