Process to Add i-SIP in Axis Bank through Net Banking

What is i-SIP?

i-SIP is an online method of setting up SIP for mutual funds. i-SIP stands for internet-based Systematic Investment Plan. Since it’s online, it is a paperless facility and can be conveniently done from the comforts of your home. To avail this facility, you need to satisfy these conditions:

• You should have access to the net banking facility from your account.
• Your bank should be qualified to extend the i-SIP facility.
• You also need your KYC documents as it is a mandatory prerequisite.

For activating i-SIP, you will need a URN (Unique Registration Number) but from where can you get this number.
URN or Unique Registration Number is generated when you register for i-SIP on the website of the fund you interested in investing. This URN will be sent to you on your registered mobile number as well as your email. You will need this URN number while setting up SIP via net banking.

How to set up i-SIP in Axis bank via net banking

To set up, you will need access to net banking without which this process cannot be carried out. Follow the steps mentioned below:

• Visit the internet banking portal of Axis bank by clicking on the link attached:

https://retail.axisbank.co.in. You should see a screen similar to the one mentioned below.

• Sign in your account using your customer Id and password. After putting in your credentials, click on ‘Login’.
• After logging in your account, select ‘Pay bills’ which is available under the ‘Payments’ option.

Adding a biller

• On the following screen, you will see an option of ‘Add new biller’. Click on that option to add a new biller.
• Under the ‘Add new biller’ option, you will see various options like Utility bills, Donations, Credit card, Mutual funds, and other option. You need to choose ‘Mutual fund’.
• Once you select ‘Mutual funds’, you will see a dropdown list of Asset Management Companies (AMC). Select your AMC from the dropdown menu.

After selecting your AMC, click on ‘next’. You will be taken to ‘Biller details’ screen.

Mutual funds details

• Under the ‘Biller details’ section, you will be asked to fill in the following information:
  1. Biller short name: keep a name which is descriptive in nature so that you don’t forget about it.
  2. Unique Registration Number: as mentioned above, you receive URN when you register for SIP from the mutual fund’s official website. You can find this number in your mail as well as your phone number. It is important to set up i-SIP via net banking within 10 days from the generation of URN. After the period of 10 days, URN is deactivated.
  3. Payment type: under payment type, it is advisable to opt for ‘Auto pay’ option. With this option, you don’t have to manually pay. The amount will automatically be deducted from your account every month.
  4. Bank account
  5. Pay Entire Bill Amount: under this option, it is advisable that you opt for ‘yes’.
  6. Auto Pay Limit: under auto pay limit, put in the SIP amount
• After you have filled in all the information mentioned above, click on ‘Next’.
• On the next screen, a brief summary of the information you entered will be displayed. Verify the details given and proceed further by clicking on ‘Next’.
• After this, you will be taken to the last section of the process. Under the ‘Confirmation’ section, you will be asked to enter ‘Netsecure’ code which you must have received on your phone. Enter the code against its designated space and click on ‘Confirm’.
• In the last, your screen will display a success message. You will get a confirmation receipt which is a proof of successful setting up of i-SIP. You can either save the receipt or take a print out as it might prove to be useful in future.