If your mandate is active, your SIP will be deducted on the due date you select. However, you must choose a date that is more than 30 days away. If you select a date within the next 30 days, your SIP will start deducting from the month after next instead of the upcoming month.
Example:
- If today is February 20th and you select March 15th as your SIP date (which is within the next 30 days), your first deduction will happen in April instead of March.
- But if you select a date after March 21st, your SIP will start as expected in March.
For new bank mandates, SIP deductions will begin from the next due date after approval. Most banks approve mandates within a day, but processing times may vary.