How to set up an SIP via UPI autopay on Coin

UPI autopay (also called UPI e-mandate or UPI recurring mandate) allows a fixed amount to be debited automatically from your bank account at a set frequency – daily, weekly, or monthly – after a one-time approval. For SIP registration on Zerodha Coin, UPI autopay is the fastest mandate option: registration is completed within minutes and requires only a one-time approval in your UPI app, compared to NACH mandates which take up to 30 days.

This guide covers the complete process of registering a UPI autopay mandate for an SIP on Coin.

Prerequisites

• An active Zerodha trading and demat account with complete KYC.
• A UPI-enabled bank account with an active UPI handle (VPA) registered on the same account.
• A UPI app installed on your mobile: Google Pay, PhonePe, Paytm, Amazon Pay, BHIM, or your bank’s official UPI app.
• TOTP authenticator for Zerodha two-factor login.

NPCI UPI autopay framework

NPCI introduced the UPI recurring mandate framework (UPI AutoPay) in August 2020 as part of the NPCI UPI circular. Key parameters:

• Mandate types: Fixed amount per debit, variable amount (within a ceiling), one-time, daily, weekly, fortnightly, or monthly.
• Per-transaction limit: The standard NPCI limit for recurring UPI mandates is Rs 1 lakh per transaction. For mutual fund SIPs specifically, NPCI has expanded limits in coordination with SEBI – check with your bank for the applicable limit.
• Amount ceiling: The mandate stores an upper debit limit. Each SIP instalment debits up to the mandate ceiling amount. For fixed-amount SIPs, the ceiling equals the SIP amount.
• Authentication: Only the initial mandate creation requires UPI PIN authentication. Subsequent recurring debits are pre-approved and debit automatically without PIN entry.
• Cancellation: The mandate can be cancelled at any time from the UPI app without requiring the payee’s consent.

Step-by-step procedure

Step 1: Log in to Coin

Navigate to coin.zerodha.com or open the Coin mobile app. Enter your Zerodha client ID, password, and TOTP.

Step 2: Search for the scheme

Use the Coin search bar to find the mutual fund scheme for which you want to set up an SIP. Click the fund name to open its detail page.

Step 3: Initiate SIP setup

On the fund detail page, click SIP (not the one-time Invest button). The SIP configuration drawer opens.

Step 4: Configure SIP parameters

Enter the following:

• SIP amount: The rupee amount per instalment (must meet or exceed the AMC’s minimum SIP amount).
• Frequency: Monthly (most common); weekly or daily if the fund and your financial plan support it.
• SIP date: The date within the month for the monthly debit. Choose a date that is at least 7 to 10 business days away from today to allow successful mandate registration before the first debit.
• End date (optional): Leave blank for a perpetual SIP, or set an end date (for example, 31 March of the target financial year for ELSS).

Click Continue or Next to proceed to mandate selection.

Step 5: Select UPI autopay

On the payment method screen, select UPI Autopay (not NACH, not Net Banking). The screen prompts you to enter your UPI VPA (Virtual Payment Address), for example: yourname@okaxis, yourname@paytm, or yourname@ybl (PhonePe).

Enter the VPA associated with the bank account linked to your Zerodha account.

Step 6: Trigger the e-mandate request

Click Register or Set Up Mandate. Coin (via the BSE StAR MF platform) sends a UPI e-mandate creation request to your UPI handle. You will receive a notification on your UPI app (Google Pay, PhonePe, BHIM, etc.) within 1 to 2 minutes.

Step 7: Review and approve the mandate in your UPI app

Open your UPI app. Navigate to Recurring / Autopay or Manage Mandates – the app typically also shows a notification banner or push notification for the pending mandate request.

Review the mandate details shown in the app:

• Payee name: Will show the AMC name, BSE StAR MF, or a clearing entity depending on the AMC.
• Amount: The SIP instalment amount (or the mandate ceiling amount).
• Frequency: Monthly (or as configured).
• Validity period: The SIP’s start and end date, or “Until Cancelled” for perpetual.
• Purpose: Mutual Fund / Investment.

Verify all details match what you configured in Coin. If the amount or frequency does not match, do not approve; return to Coin and re-verify.

Once satisfied, tap Approve and enter your UPI PIN. This is the only time you will enter the UPI PIN for this mandate. All future monthly debits will occur automatically without PIN entry.

Step 8: Mandate confirmed and SIP activated

After PIN entry, the UPI app confirms the mandate is registered. Coin simultaneously confirms:

• SIP is active
• Mandate reference number
• First SIP date

The SIP now appears in Coin under Portfolio > SIPs with “Active” status.

Step 9: Verify first instalment

On the first SIP date:

1. The UPI autopay system automatically debits the SIP amount from your bank account.
2. Coin records the SIP order on the debit date.
3. Units are allotted at the cut-off NAV of that business day.
4. By T+1 to T+2, units appear in Portfolio > Holdings in Coin.

Check your bank account statement and Coin Holdings to confirm the debit and unit allotment.

Managing the UPI autopay mandate

View active mandates: Open your UPI app, go to the Manage Mandates or Autopay section. All active UPI recurring mandates are listed with their payee names, amounts, and frequencies.

Suspend a mandate: Some UPI apps allow you to suspend (pause) a mandate temporarily. This prevents the next debit. Check your app for this option.

Cancel a mandate: To permanently cancel the mandate, go to Manage Mandates in the UPI app and cancel the relevant mandate. This stops future debits. Note: Cancelling the mandate in the UPI app does not automatically cancel the SIP in Coin; you should also cancel the SIP in Coin separately to avoid failed SIP orders. See How to pause or cancel an SIP on Coin.

What can go wrong

Mandate approval request not received: If the mandate approval notification does not appear in your UPI app within 5 minutes, check the app’s Pending Mandates or Recurring section manually. The request may be there without a notification.

UPI PIN wrong: Entering the wrong UPI PIN fails the mandate registration. You need to restart the SIP setup flow in Coin and re-initiate the mandate request.

VPA linked to a different bank account: If your UPI VPA is linked to a different bank account than the one registered with Zerodha, the debit may go from the UPI-linked account, not the Zerodha-registered account. Use a VPA explicitly linked to your Zerodha-registered bank account.

Amount exceeds mandate limit: If the SIP amount exceeds the UPI mandate limit for your bank or app, the mandate registration fails. Switch to NACH for higher amounts or check with your bank for enhanced UPI mandate limits.

Bank server downtime: If the bank’s UPI server is unavailable at the time of mandate approval, the approval fails. Retry during non-peak hours.

First SIP debit failure: If the bank account has insufficient funds on the SIP date, the debit fails. Most AMCs allow up to 3 consecutive failures before auto-cancelling the SIP.

UPI autopay vs. NACH: which to choose

For SIPs up to Rs 1 lakh per instalment, UPI autopay is recommended for its instant registration and easy app-based management.

Related guides

• How to start an SIP on Coin
• How to pause or cancel an SIP on Coin
• How to modify SIP amount or date on Coin
• Zerodha Coin overview
• Mutual funds on Zerodha (Coin)

References

1. NPCI UPI Recurring Mandate (AutoPay) Framework circular (August 2020 and subsequent updates).
2. SEBI (Mutual Funds) Regulations, 1996, as amended.
3. AMFI Guidelines on SIP mandate registration.
4. NPCI UPI Product Specification (v2.x), available at npci.org.in.
5. Zerodha Coin support documentation (support.zerodha.com).