As investors may be aware, with effect from February 1, 2021, Units will be allotted at applicable NAV only after realization of funds by a Scheme within cut off time on a given day.
Since different payment modes have different settlement cycles (as agreed with Payment Aggregators and Banks), it may happen that the investor's account is debited, but the money is not credited within cut-off time on the same date to the Scheme's bank account, leading to a gap / delay in unit allotment.
To make investors aware of the efficacy of various payment modes and to provide an indicative cut-off time to get the same day’s NAV, so that investors (a) may choose the appropriate mode of payment; and (b) have an idea of the expected delay in allotment of units from the day of debit to their account, the following disclosures are made.
a. Annexure – A1 - Payment modes available to make lump sum investment and their efficiency in the order of best to worst
Lump Sum Transactions - Non Liquid Schemes -
| Sr. no. | Payment Mode | Bank Name | Cut off Time | Day of Debit to Investor's account | Day of Unit Allotment |
| 1 | UPI / IMPS | All Banks | 2.45 PM | T | T |
| 2 | Net Banking* | HDFC Bank | 2.45 PM | T | T |
| ICICI Bank | 2.45 PM | T | T | ||
| Axis Bank | 2.45 PM | T | T | ||
| Kotak Bank | 2.45 PM | T | T | ||
| IDBI Bank | 2.45 PM | T | T | ||
| Yes Bank | 2.45 PM | T | T | ||
| State Bank of India | 2.45 PM | T | T | ||
| All Other Banks | 3.00 PM | T | T +1 | ||
| 3 | RTGS | All Banks | 2.30 PM | T | T |
| 4 | NEFT | All Banks | 1.00 PM | T | T |
| 5 | NACH Mandate | All Banks | 3.00 PM | T + 1 | T + 2 |
| 6 | Cheque Mode | All Banks | 3.00 PM | T + 2 | T + 3 |
| T = Date of application based on cut-off time | |||||
| * While these 7 banks are technically enabled to provide real time credit, not all payment aggregator may be integrated with all the banks in which case the date of credit to MF account / unit allotment will happen on T + 1 | |||||
| Important Note: Unit allotment will be subject to receipt of funds in the mutual fund account before the applicable cut-off time (currently 3:00 PM) | |||||
Lump Sum Transactions - Liquid Schemes -
| Sr. no. | Payment Mode | Bank Name | Cut off Time | Day of Debit to Investor's account | Day of Unit Allotment |
| 1 | UPI / IMPS | All Banks | 1.15 PM | T | T |
| 2 | Net Banking* | HDFC Bank | 1.15 PM | T | T |
| ICICI Bank | 1.15 PM | T | T | ||
| Axis Bank | 1.15 PM | T | T | ||
| Kotak Bank | 1.15 PM | T | T | ||
| IDBI Bank | 1.15 PM | T | T | ||
| Yes Bank | 1.15 PM | T | T | ||
| State Bank of India | 1.15 PM | T | T | ||
| All Other Banks | 1.30 PM | T | T +1 | ||
| 3 | RTGS | All Banks | 1.00 PM | T | T |
| 4 | NEFT | All Banks | 11.30 AM | T | T |
| 5 | NACH Mandate | All Banks | 1.30 PM | T + 1 | T + 2 |
| 6 | Cheque Mode | All Banks | 1.30 PM | T + 2 | T + 3 |
| T = Date of application based on cut-off time | |||||
| * While these 7 banks are technically enabled to provide real time credit, not all payment aggregator may be integrated with all the banks in which case the date of credit to MF account / unit allotment will happen on T + 1 | |||||
| Important Note: Unit allotment will be done on previous day's NAV subject to receipt of funds in the mutual fund account before the applicable cut-off time (currently 1.30 p.m.) | |||||
These timelines are only indicative. Actual timelines may differ on account of various factors.
b. Annexure – A2 - Payment modes available for SIP investments
| Sr.no. | Payment Mode | Bank Name | Day of Debit to Investor's account | Day of Unit Allotment |
| 1 | NACH (Physical / E-NACH) * | All | T | T |
| 2 | Auto Debit | All | T | T + 1 |
| 3 | Internet SIP (ISIP) | All | T | T + 1 |
| T = SIP date | ||||
| * MF / NPCI will endeavour to ensure credit is posted to MF account on the same day of debit to investor's account. In certain circumstances, due to delay at Bank's / Payment Aggregator's end, the credit to MF account and the allotment could get delayed to T+1. | ||||
| Important Note: Unit allotment will be subject to receipt of funds in the mutual fund account before the applicable cut-off time (Currently, 3:00 PM for other than Liquid schemes, 1.30 p.m. in case of Liquid schemes) | ||||
These timelines are only indicative. Actual timelines may differ on account of various factors.
