One Time Mandate (OTM)

The debits under OTM are processed through the National Automated Clearing House (NACH) by Mirae Asset Mutual Fund (“the Fund”). Once you register for OTM, as per investor SIP cycle date debit instructions will be forwarded to bank through NACH and vice versa the Fund will receive the credit.

OTM authorizes the Fund and the bank to debit the bank account of investor for payment towards SIP instalments submitted through only physical mode.

This facility is an authorization to the bank, as indicated by the investor(s) in the OTM form, to debit their bank account up to a certain limit in a particular folio per registration per transaction, based on their instruction to the Fund, whenever they choose to invest or start an SIP.

Investor needs to fill the One-time Mandate registration form and submit the same at any of the Designated Investor Service Centre or through their financial advisor.

Existing Investors are required to write folio no and submit the properly signed OTM form. The signature must be as per the bank documents. Details, such as date, as bank account number, bank and branch name, IFSC and/or MICR code, the maximum limit of the amount, in figures and words, selecting bank account type and frequency, name and signature as per bank records, and contact details, should be filled in the form. In case any of the fields are not filled, the mandate will be rejected.

This facility is available to all categories of investors who are eligible to invest in the Fund. Mirae Asset Mutual Fund reserves the right to restrict or withdraw or discontinue the OTM facility to certain categories of investors or to any specific investor anytime at its discretion without assigning any prior reason thereof.

The mandate registration is at a Folio level but investors can register multiple SIP of different schemes. Investor will be able to register 5 separate OTMs with different banks for a single folio.

The Investor can specify this in the maximum amount field. Per transaction should be less than or equal to the amount as mentioned in OTM - NACH mandate.

Maximum amount per OTM is Rs. 1 Crore

The OTM facility is not restricted to a particular bank. As long as a bank is participating in the NACH system, investors can register OTM facility for any of the bank branches. For updated list of banks eligible for NACH Facility please refer to http://www.npci.org.in/home.aspx Product & Services Tab -> National Automated Clearing House Drop Down -> Live Bank Drop Down. The said list is subject to modifications. The investor agrees to abide by the terms and conditions of NACH Debit/ECS of Reserve Bank of India/Banks.

Please note OTM amount cannot be edited, Investor have to cancel the existing OTM and submit new mandate with specified amount.

Yes, Financial Advisors can help to set up the OTM.

Registration of One Time Mandate will take upto 25 - 30 Calendar days before the 1st installment date.

SIP will take 15 calendar days to register in the folio.

No, one can register for OTM without registering for New SIP also. Moreover, existing investors can also apply for the facility.

Yes, Investor can change the bank in OTM by filling OTM Change of Bank form which is available on our website.

Only SIPs are allowed under this facility and currently we are not providing lumpsum or additional purchase through OTM.

Investors have to fill in physical form and submit to Investor Service Center or ask Financial Advisor to Help in the same.