CAMS has launched the digiSIP facility. The facility of digiSIP helps investors to start the SIP in seven days. It is a completely paperless process. The lead time of 30 days is reduced to 7 days by using CAMS digiSIP. You can invest in both a direct plan and a regular plan by using this facility. What are the features of CAMS DigiSIP? How to start digiSIP? How does CAMS digiSIP work? Should you consider it? Let’s try to get answers to these questions.
What is CAMS digiSIP?
digiSIP as the name indicates it is a fully digital way of setting up SIP for the mutual fund. This facility can be availed by both existing and new investors on www.camsonline.com. It uses prefilled forms from the database to set up a SIP in a few clicks. This facility makes use of an e-mandate or net banking facility. The one-time mandate set up on this site can be used for any number of SIPs. The main benefits of this facility are the elimination of paperwork, reduction in time required for setting up SIP, and minimum data entry.
Also Read – How to set ePayEezz Mandate Online at MF Utility?
Key Features of CAMS digiSIP
Here are key features of CAMS digiSIP –
- A complete digital process of setting up SIP for mutual funds.
- Faster processing and minimum data input requirement for existing investors.
- e-mandate facility to reduce paperwork and time.
- One can set multiple SIPs in a single go.
- No rework and resubmission of paperwork.
- New investors can complete Aadhaar-based e-KYC and seamlessly set up SIP.
- Direct and Regular mutual funds can be purchased via this platform.
- This facility can also be used for lump sum mutual fund investment.
- It can be used by both existing and new investors.
How to start digiSIP?
Step 1 – Visit the Camsonline site. Go to Investor Services from the navigation and click on digiSIP now.
Step 2 – Enter your PAN card and click on the Submit button. OTP will be generated and sent to the registered mobile number and e-mail address.
Step 3 – Enter OTP and click on the verify button. On successful verification, you will be taken to the page where option will be asked to select Existing AMC or New AMC.
Step 4 – Select the Appropriate AMC option and portfolio. You can also create a new portfolio. Click on the submit button.
Step 5 – The next step is the SIP registration page. Here you need to provide the Plan type, scheme name, frequency, payment, no of installment, and date.
Step-6 – Once you are done press submit button. You also need to register for an e-mandate for using this facility. The process of registering an e-mandate is given in the next section.
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How to do CAMS e-mandate or Net banking for digiSIP?
To register e-mandate for CAMS digiSIP, follow the steps given below.
e-mandate
Step-1- Click on the Register E-mandate link given on the SIP registration page.
Step 2 – Provide an e-mail address and mobile number. The system will generate OTP and send it to the registered mobile number.
Step-3- Input mobile number and click on verify. Now select a bank name and account type. Enter bank account number, IFSC Code, amount, and frequency.
Click on next to complete the registration of the e-mandate. It typically takes 3 days to complete the process.
In order to register e-mandate, the following things are mandatory.
- Your bank account should be linked to your Aadhaar Number.
- The mandate amount should be less than 1 Lakh.
- Your Aadhaar should be registered with mobile as eSign OTP will be sent to registered mobile/email.
You can also use a net banking facility for payment mandate. To use the net banking mandate follow the process given below.
Net Banking
Step 1- If you use Net Banking option instead of e-mandate system will generate SRN while registering digiSIP.
Step 2 – Login to the respective internet banking account and proceed to the bill pay section.
Step 3 – Select the Mutual Fund name as the biller.
Step 4 – Register future installments by providing the SIP Registration Number (SRN).
Step 5 – Enable Autopay if provided by the bank.
Step 6 – Once the registration confirmation is received by CAMS, the auto-debit will happen for the subsequent SIP installments.
Also Read –How to Switch from Regular Mutual Fund to Direct Mutual Fund?
How new investors can use digiSIP facility?
The process defined above is for existing mutual fund customers. If you are a new customer and not yet KYC compliant still you can use digiSIP facility. You just need a valid PAN and Aadhaar. You can complete the e-KYC process online without submitting physical documents or by doing in-person verification.
In order to complete the e-KYC at cams online visit the e-KYC section and submit the required details.
Should you consider CAMS digiSIP?
digiSIP is an innovative way, that saves a lot of time and eliminates the need for manual intervention. Existing and new investors should consider this facility for making an investment in mutual funds. The only disadvantage of this facility is mutual fund purchases offered only in non-Demat mode. However, the bigger advantage is faster processing and the facility to purchase direct mutual funds from various AMCs on a single console. You can use digiSIP and avoid going to individual AMC websites for registration of various SIPs.
