Is there any charge for failed mutual fund transaction?
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We’re really sorry for the delay in our response
There are absolutely no charges from our (Niyo’s) side for failed mutual fund transactions. However there can be a charge from the bank.
If you are investing through Auto-pay (default for SIP and optional for lumpsum), and you do not have sufficient balance in your account on the scheduled debit date, then the bank can charge a penalty for this (similar to what happens, if the EMI fails).
Some bank’s charge a penalty for this, and some don’t. The penalty can also differ from bank to bank. Equitas bank, for example, charges Rs. 236 (200 + GST)
There are no charges for failure through UPI or Net banking. Also, we send you a reminder email 3 days before your SIP date, so that you can either ensure that you have balance, or can choose to stop the SIP using the app as well.
I hope this helps!