CAMS DigiSIP to invest in SIP Mutual Fund Schemes in just 7 days – Should you opt?
Currently mutual fund investors are facing biggest issue to start SIP, which would take anywhere between 0-30 days. Couple of days back, CAMS, Online Transfer agent for multiple mutual funds in India has launched DigiSIP where an investor can invest in SIP in mutual funds in just 7 days against the current time of 30 days. CAMS DigiSIP is unique digital process which made this happen now. What are the features of CAMS DigiSIP where SIP in Mutual Funds can be started in 7 days? How does DigiSIP CAMS work exactly? How to do CAMS e-Mandate for DigiSIP? Should you consider CAMS DigiSIP to invest Mutual Fund Schemes?
Features of CAMS DigiSIP where SIP in Mutual Funds can be started in 7 days
Here are the features of the DigiSIP of CAMS.
1) DigiSIP is a digital process to start SIP through CAMS website / Application.
2) It helps investors to reduce the SIP in Mutual funds to almost 7 days. Currently Systematic Investment Plan (SIP) in Mutual Fund through CAMS takes upto 30 days to start.
3) Through DigiSIP, one can do KYC registration online. One can fill online SIP forms and e-mandate.
4) First time investors who has not done their KYC can do e-KYC Online with aadhaar based authentication.
5) One can fill online form to start new SIP in Mutual Funds through e-signoff (without physical signatures).
6) e-Mandate can be filled online. Generally it takes upto 3 weeks time for e-mandate to be completed. But with DigiSIP e-mandate would be completed in just 3 days. This would save lot of time.
7) For existing investors, once e-mandate is completed for one SIP in Mutual Funds, for other funds, there is no separate e-mandate to be done. Means, no separate payment process / e-mandate required for other SIP mutual funds.
8) Existing investors can provide PAN details and all other details like address, nominee, contact details etc., are automatically fetched from CAMS database. Means investors need not fill these details every time. They need to verify and proceed for SIP in other mutual fund schemes.
9) DigiSIP platform is available for both direct mutual fund plans and regular mutual fund plans.
10) e-Mandate through DigiSIP can also be used for lumpsum mutual fund investments too.
How does DigiSIP CAMS work exactly?
Step-1 – Visit CAMS.com and visit DigiSIP link here.
Step-2 – Enter your PAN number. An OTP would be generated
Step-3 – Enter OTP and click verify
Step-4 – You would be shown existing AMCs which you would wish to invest and new AMCs which you want to add.
Step-4 – You can select existing AMCs (with whom you want to Start SIP In Mutual Funds) and nominee name and proceed. Click submit
Step-5 – Select whether you want to invest in regular or direct plan. Select mutual fund scheme, Payment type, Bank name, SIP frequency, Amount, no. of installments, digiSIP date, from date and to date. You also need to select e-mandate facility. If you have not registered earlier, you can click e-mandate registration and proceed further.
If you are good to go, you can submit. You can add another SIP by clicking on “Add another SIP”.
You can start your SIP in 7 days from there-on.
How to do CAMS e-Mandate for DigiSIP?
e-Mandate is nothing but authorizing your bank for amount to be deducted for the SIP of Mutual Funds
Step-1 – You can visit CAMS e-mandate link
Step-2 – Provide PAN number and email ID. OTP would be generated which you need to provide.
Step-3 – Fill all relevant details and proceed to further forms and submit it.
e-Mandate would be completed in 3 working days. This process is only once and can be used for all other SIP mutual fund schemes upto prescribed limit.
What are mandatory things under DigiSIP of CAMS?
1) The emandate amount should be lesser or equal to Rs.100,000. Means you can’t do SIP in mutual funds through emandate for DigiSIP for over Rs 1 Lakh.
2) Aadhaar No should be linked with Bank Account.
3) Keep your Aadhaar No handy. eSign OTP will be sent to mobile/email registered in your Aadhaar
What should an existing CAMS subscribe do?
An existing CAMS registered member can fill online form + e-mandate as one time activity. After this, to invest in each and every SIP, you don’t need to fill e-mandate. You can just go and fetch these details with your login / PAN details and start your SIP. These SIP in mutual funds can be started as early as 3 days. One mandatory thing is that ensure your Aadhaar is linked to one bank account so that e-mandate would be completed successfully.
What should a new CAMS member should do?
CAMS new member should first register themselves, do e-KYC Online with aadhaar based authentication, fill online form and e-mandate and start investing in SIP in Mutual funds. This process would take 3 days. Again here too, ensure your Aadhaar is linked to one bank account so that e-mandate would be completed successfully.
Should you consider CAMS DigiSIP to invest Mutual Fund Schemes?
In 2016-17 there were almost 6 Lakh SIP accounts per month were opened across in India. In 2017-18, there were almost 10 Lakhs SIP accounts opened per month which indicates the increasing interest towards SIP in mutual fuld schemes. CAMS severs majority of the AMC mutual fund schemes. If you are regular investor of mutual fund schemes, you should invest through CAMS on regular mutual fund schemes. Since you are not paying any agent commission, you can save lot of money in medium to long run.
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CAMS DigiSIP to invest in SIP Mutual Fund Schemes – Should you opt