It has been a long time coming and our Operations team has worked hard to make this happen - you can now send us scanned NACH mandates!
So no longer do you need to physically post it to us, you can just email them to us! :D
So now the everything related to your Goalwise account is paperless and completely online!
You can submit it to us by following the simple steps given below:
Login > Download the NACH mandate from the Downloads tab > Print it > Sign and scan it (according to the guidelines given below) > Upload it OR email it to firstname.lastname@example.org from your registered email ID.
Of course this comes with some guidelines to ensure that your NACH mandate doesn’t get rejected by the banks. They are as follows:
If you are using your phone to scan, we recommend using the ‘CamScanner’ app in Android and ‘Scannable’ in iPhones. Please ensure to use an 8MP camera or higher.
In case you are using a scanner, scan the document at 250 dpi, in black and white.
This is an example of a clear and acceptable NACH mandate which is likely to be accepted by your bank:
This is an example of a blurred scan of the NACH mandate which is likely to be rejected by your bank:
If you’re wondering what is an NACH mandate and why do you need to send it, then read further…
What is NACH mandate?
It is a signed permission letter you give to your bank to enable Goalwise to transfer money from your account directly to the Mutual Fund’s account as per your instructions to Goalwise. This is similar to what you give banks for the loan repayment schedule. This was earlier known as ECS.
Why is NACH mandate needed?
To automate your SIPs:
Without the NACH mandate, you will have to pay for your SIPs every month via net banking. Other platforms need a NACH mandate even if you want to start SIPs. We are one of the few investing platforms where you can start investing in SIPs via net-banking. With the NACH mandate, you can automate your SIPs. This means that every month your SIP amount will get automatically debited from your bank account on your chosen SIP date (of course you can always skip/stop your SIP anytime you want) and get invested in the SIP funds.
To implement the Portfolio Rebalance feature for you:
In order to keep you invested in our best Mutual Funds always, Goalwise will give you the option to move money from old funds to new funds every year.
This will also help you to maintain your chosen risk level till you reach your goal and not exceed it. You can read more about it here (https://www.goalwise.com/how-goalwise-works). Rebalancing involves redeeming money from old funds and re-investing it in the new funds after your approval. The NACH mandate will enable us to implement this rebalancing seamlessly.
How long does it take for the NACH mandate to be be registered?
It can take upto 25-30 business days for your bank to register your NACH mandate. Some private banks like HDFC etc take lesser time.