Transactions and Mandates FAQs

Lumpsum transactions

What do you mean by Lumpsum and SIP transactions?

Lumpsum transactions are one-time investment, and you make the payment for the same immediately. It can also be called as one-time payment.

In case of Systematic Investment Plan or SIP, your transactions take place at regular intervals, in a systematic manner. The most common type of interval is monthly, however, other possible intervals can be daily, weekly, etc. We, at Wealthzi, currently only support monthly SIPs.

How does Wealthzi process transactions?

Wealthzi (legal entity is Lime Internet Pvt Ltd) is a registered member of BSE Star with BSE Member Code: 17671. All orders on Wealthzi are sent to BSE Star, which further sends to the respected Registrar & Transfer Agents (RTAs) for order processing.

Does Wealthzi accept payments into its account?

No, Wealthzi (Lime Internet Pvt Ltd) does not accept investments of its clients into its account. The investors’ payment is processed by BSE Star and Indian Clearing Corporation Ltd.

I did a transaction and the funds still not reflect in my account?

Every fund has a defined settlement period, after which the funds allotment gets done to your account. For most funds, the settlement period is T2 (2 days after the date of processing), however, every fund is unique, and the settlement period can vary.

If the order is placed before cutoff time, the order gets processed on the same day, else, the order is processed on the next working day. The allotment gets done after the settlement period and is reflected in your portfolio on the next day.

In case, the funds are still not reflected in your portfolio, please reach out to us at [email protected] or [email protected]

The status of my transaction is “Payment in Progress”. What does that mean?

There can be times when the status of payment is uncertain, or the user started the payment but didn’t complete. In such cases, the payment status remains “Payment in Progress”.

The status of my transaction is “Payment complete”. What does that mean?

The status of a transaction stands at “Payment complete” when the payment is confirmed, but the units are not yet alloted. The units will get alloted on settlement period + 1 day

I did a lumpsum transaction, but the amount got refunded. Why?

The amount can get refunded in the following cases:

  1. Nominee authentication is not yet done
  2. Mismatch in account information
  3. Account verification failed
The status of my transaction is “Nomination Authentication Pending”. What does that mean?

As per the latest regulations, every account needs to authentication their decision regarding their nominee selection: whether or not you chose to set a nominee or not.

What are the different modes of payments for lumpsum orders?

Wealthzi currently supports Net banking and UPI as payment modes for lumpsum orders. UPI payment mode is only supported for amount upto 1 lakh.

If you are choosing UPI as your payment mode, please be notified that the max. per day limit on UPI transactions vary from bank to bank. Before selecting UPI as your payment mode, please make sure that your transaction amount is within the remaining amount of that particular day.

SIP Transaction

When will my first transaction of SIP happen?

Your first SIP transaction happens after at least 30 days of the date of placement of order. On your scheduled SIP date, the amount will be deducted from your bank account if you have authenticated your bank mandate.

I just made a payment for SIP right now, and now it is again asking me to “Approve mandate” through net banking or debit card. What does it mean?

The payment that you just made is towards the first order for your SIP. A bank mandate is require to ensure that your SIP transactions take place without any interruption. To authenticate bank mandate, you need to approve it through net banking or debit card.

What are the different modes of payments for SIP orders?

SIP orders are only possible through bank mandate as of now. The bank mandate is authenticated via Net banking or debit card.

I did cancel my SIP, but the amount still got deducted. Why?

The SIP cancellation takes into effect after 30 days of date of transaction. So, if you cancel your SIP today and your next SIP installation is within next 30 days, then your next transaction will take place, but subsequent transactions will be cancelled.

Mandates

What do you mean by eNACH Mandate ?

eNACH (Electronic National Automated Clearing House) is the electronic process of helping the banks and financial institutions to provide automated payment services. It’s managed by National Payments Corporation of India (NPCI). Once the user signs the eNACH form he gives permission to the concerned authority to debit the said amount from his bank every fixed day of the month.

Why is the mandate amount as Rs. 10 lakhs?

10 Lakhs is the maximum amount that can be deducted in any particular day, provided you have orders worth of that particular amount.

Consider this, you have 10 SIPs worth 1 lakh each running on 1st of every month, then they will get executed. If there are 11 such SIPs, then only 10 will be deducted and 1 will be rejected. But in case, the 11th SIP is set for another date, then all 11 SIPs will be executed.

If you have 10 orders of Rs. 1000 each, then only 10,000 will be deducted.

What do you mean by Mandate authentication?

To deduct money from your bank account, a bank mandate needs your authentication or permission. To give this permission, a bank mandate needs to be authenticated via netbanking or debit card.

The status of my mandate is “Registered but not yet approved”. What does that mean?

A registered mandate is one which is not approved, or the authentication is done, but the approval is still pending. If you have completed authentication and received a success, then your bank mandate will get approved within 2-3 business days.

It’s been more than 3 business days of mandate authentication, but my mandate is still not approved. What to do?

Please reach out to us at [email protected] or [email protected]

The status of my mandate is “Approved”. Can I start transaction now?

Yes, you can register your SIP.

I did start an SIP and on the date of SIP, the amount was not deducted from my bank account. Why is it so?

Please ensure that the status of your mandate is approved, and the order was registered more than 30 days ago.

Redemption

I did a redemption. When will the amount get credited to my bank account?

The amount should get credited in your default bank account within next 2-3 business days.

I have added multiple bank accounts. To which bank account, will my redemption amount be transferred?

The redemption amount will be transferred to your default bank account.

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