Why mutual funds buying use the neft instead of the imps or upi even for less than the 50000
I think there should be a option to pay by the imps or upi because neft seems to fail too much and it’s slow
@alec all if my scheduled SIPs get deducted via NEFT. Have not faced a failed SIP transaction. Have you faced one?
yes
I really hope those instances were reported to the support team.
With the upcoming changes to SIPs which will be released after testing, the overall SIP management experience should be enhanced. Having said that, do not foresee the mode of SIP payment getting replaced with IMPS.
But the settlement period of the neft is 1 hour and the rbi is already discouraging the use of the neft and promoting the use of either imps or upi or rtgs.
As you would have observed, the SIP payment goes out at around 8.30-9 am IST, and the SIP order is sent to the fund house by the afternoon. I believe these fair timelines and in a way competitive with the timelines of the other platforms. To sight an example - SIP order execution confirmation for SIPs created on Fundzbazar comes in around 3.30 pm-3.45 pm IST.
Okay, you are trying to say that there is no advantage of the neft? Like I don’t understand why the sip us a payment method which have that high settlement period and error rate. Like are neft cheaper for the banks?
NEFT is cheaper for the banks for sure. However, NEFT hasn’t faced as much of pushback from other fund houses as well.
Hmm… Do you know any app which don’t use neft.
Not really. The ones that I use (Jupiter & Fudzbazar) use the NEFT option
Na, groww does use the upi.
I just realised it.
So, even if the neft is failing in the Jupiter, I can pay by the upi in the groww for a mutual fund. By the way, I just realised another problem with jupiter that I have to compulsorily pay by the federal Account.
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Paying via Jupiter account when the SIP is created on Jupiter is fair ask.
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On any platform, when purchasing mutual funds, it’s mandatory to make payments through the primary bank account.
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No, I can use my different account at different time while buying mutual funds in the groww.
Is just saying to select the same federal bank in the upi app too. If you want to change the account you can change here itself. Okay, leave it. I don’t like to argue much.