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+ Expand AllAuto Debit Service

  • QWhat is auto-debit?
    Auto-debit is a facility which facilitates automatic transfer of funds from your linked Bank account to Kotak Securities on a specified date instead of having to manually transfer the amount. Kotak Securities will debit your bank account for each Auto invest order as per the chosen frequency.
  • QFor which transactions can this facility be used?
    This facility can be used for Auto-invest orders or for Celebration SIPs.
  • QHow do I sign up for auto-debit service?
    When you place an auto-invest order, all you have to do is opt for “Auto-debit” while placing the order. Once you accept the disclaimer, your auto-debit service will be activated.
  • QHow does auto-debit work?
    As per your instruction, funds from your bank account will directly be transferred to the securities account on the day your auto-invest order is due.
  • QWhat are the benefits of this facility?
    The main benefit of this service is hassle free automatic fund transfer from the bank account to the trading account. There is no need for you to remember the date on which funds need to be transferred or the amount of funds that need to be transferred. Thus, you can simply register for an Auto invest order with Auto debit and thereafter ensure there is sufficient balance in your bank account. Kotak Securities will debit your bank account and process your Equity Auto Invest orders automatically.
  • QWho can apply for this facility?
    Anyone who has a Trinity Kotak Bank account along with direct debit facility with Kotak Securities can apply for this facility.
  • QDo I need to register separately for this service?
    Yes, you need to apply for this service specifically while placing your order
  • QWhat time should I ensure the funds are in my account?
    Please ensure that the funds are in your bank account before 6 am on the day your auto-invest order is due.
  • QIs there any amount based limit for this service?
    There is an amount based limit of Rs. 10,00,000 for auto-debit.
  • QAre there any charges for using this service?
    No, there are no charges. This service is absolutely free of cost.
  • QCan this facility be cancelled?
    This facility cannot be cancelled once the auto-invest order has been placed. You can however cancel the auto-invest order which will lead to cancelling the auto-debit as well.
  • QDoes the bank have to seek my approval for each and every auto-debit transaction?
    No, the bank doesn't have to seek your approval for each and every auto-debit transaction.
  • QWhat if my account does not have sufficient funds to cover the auto-debit deduction?
    If your bank account is not adequately funded, the auto-debit will not take place.
  • QI would like to choose an auto-debit payment date according to my personal requirement, what options are available to me?
    You can select any date convenient to you for the auto-invest order as the auto-debit will take place on the day the auto-invest order is due.
  • QI have already made one auto-debit payment. Can I change my payment-date?
    No, your payment date cannot be changed unless you cancel your existing auto-invest order and place a new auto-invest order as the auto-debit will take place only on the day the auto-invest order is due.
  • QWhere can I check the transactions of auto-debit?
    Auto-debit transactions will have to be checked in the bank account.
  • QCan I place only one auto-debit instruction for more than one auto-invest orders?
    No, this cannot be done. You will need to place a separate instruction for auto-debit for separate auto-invest orders.
  • QWhat happens if the order value exceeds the amount of funds transferred due to an increase in price?
    If the price increases and the order value exceeds the amount of funds transferred through auto-debit, the order will still be placed provided the margin in your account is sufficient to place the order. For example, if 100 quantity of Scrip A is bought for Rs.100 each, Total Exposure Value is 10000. However at a multiple of 5, the margin blocked is only 2000. Ideally the amount to be auto-debited from the bank would be Rs.10000 but the instruction was for only Rs. 7000, the order will still go through as the margin requirement for the order is only Rs.2000. Please note that excess funds of Rs. 3000(Rs.10000-Rs.7000) will still have to be transferred by the client.
  • QIn what scenarios will my auto-debit request not get processed?
    • Auto debit will not get processed if the funds in your bank account are insufficient.
    • If there is any pending ageing debit, the bank account will not be auto debited.
    • An auto debit request will not get processed on a bank holiday or a day on which the markets are closed.
    • An auto-debit request may not be processed due to technical errors.
    • Auto debit will not be processed if the ledger balance post such auto debit is still less than the margin required for the auto invest SIP, even though there might be sufficient balance in client’s trinity bank account.
  • QWill my bank account get debited even if there are sufficient funds available in the securities ledger?
    Yes, if you have opted for the auto-debit facility, the bank account gets debited irrespective of funds being present in the securities ledger.
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