What is the difference between Lump sum purchase and SIP?
Lump sum investments are one time investments where you invest as and when you want like fixed deposits. SIPs or Systematic Investment Plan is like recurring deposits wherein you invest a fixed amount every month in a Mutual Fund scheme.
How do I complete my KYC?
If your KYC is not complete, we will help you in completing your KYC in 48 hours after you provide your PAN details in your 7Prosper account. If you still have not been contacted so far, please feel free to reach out to us on +91-6361890620 or firstname.lastname@example.org.
I placed an investment order but the payment failed. Can I pay for it now?
We suggest you to place a fresh order and make the payment through the new payment link that you get after placing the order.
I am running low on fund this month. Can I skip a SIP installment?
Unfortunately, you can not skip a SIP installment. If you are running low on funds for SIP, contact us at +91-6361890620 and we can figure out a way to fulfill the upcoming installment. Please note that your installment won’t go through if you don’t keep sufficient funds in your bank account. Mutual Funds do not levy any penalty for skipping an installment but your bank might levy a penalty. If you skip 3 consecutive installments, your SIP will get cancelled automatically. However, you can restart a new SIP anytime you want.
What exactly is STP - Systematic Transfer Plan?
Systematic transfer plan (STP) is taking out money from one scheme and investing in another scheme of the same asset management company on a regular basis. STP involves redemption from one scheme so taxes are applicable.
What exactly is SWP - Systematic Withdrawal Plan?
Systematic withdrawal plan is taking out money from a scheme that you invested in on a regular basis. SWP is useful when you want a certain amount on a monthly basis.
Can I invest if I don’t have net banking enabled?
You can invest using offline NEFT or RTGS if your net banking is not enabled. After placing the order, go to your bank and transfer the money in account as informed to you. Note down the UTR number given by the bank and submit it back at the payment link for your order.
Can I invest in Mutual Funds in cash?
At 7Prosper, we don’t support any cash investments in Mutual Funds.
How can I change my bank account registered with 7Prosper?
Log in to your 7Prosper account -> Go to Profile -> Bank Accounts. Add a new bank account or update an existing account to behave a default bank account. You can also remove a bank account if you no longer operate an account. Please note that it can take a few days for you bank account to get updated with all the mutual fund houses. We recommend that you do not redeem money immediately after changing bank account details. For any support, please reach out to us on +91-6361890620.
Is my money safe by investing through 7Prosper?
Your money is absolutely safe. The money you invest doesn’t even hit 7Prosper’s bank accounts. It direct goes to BSE’s account and from it gets transferred to the mutual fund house where you want to invest. In case of failure of orders, your money is promptly refunded automatically.
Does 7Prosper offer guarantee on returns?
Just like any other thing in life, nothing in certain in financial markets too. We apply the best possible techniques to recommend you a portfolio so that you achieve your financial goals. But, markets might change drastically over the years and your investments might not perform as expected initially. We minimize that risk by regularly rebalancing your portfolio.
Can I change the date for my SIP installment?
You will have to stop the existing SIP and start a new SIP. You can not change the date in an existing SIP. Please note that you should cancel the SIPs at least 15-20 days before your next installment is due.
When will my SIP installment get deducted from my account?
The SIP amount gets deducted on the SIP day or on a previous working day if your SIP day is a holiday. For ex. If your SIP day is the 5th of every month, the amount will get deducted on the 5th of the month if 5th is a working day. In case of 5th being a Sunday in some months, the money will get deducted on Friday, 3rd day of the month.
I skipped a SIP installment due to insufficient balance in my account. Will there be any penalties? How can I pay for the missed installment now?
The mutual funds do not levy any penalties for missing an installment. However, your bank might levy a penalty for dishonoring the mandate. If you skip 3 consecutive instalments, your SIP will get cancelled automatically. If you are running low on funds for SIP, contact us at +91-6361890620 and we can figure out a way to fulfil the upcoming installment.
My SIP installment didn’t get deducted on the due date. Why did it happen?
It can happen due to insufficient balance in your bank account or SIP having expired. If you had sufficient balance in your account and SIP was also active, and still the amount didn’t get deducted, please reach out to us asap on +91-6361890620 or email@example.com.
My SIP installment got deducted from the account before the due date. How could that happen?
The SIP amount gets deducted on the SIP day or on a previous working day before if your SIP day is a holiday. For ex. If your SIP day is the 5th of every month, the amount will get deducted on the 5th of the month if 5th is a working day. In case of 5th being a Sunday in some months, the money will get deducted on Friday, 3rd day of the month.
Which all banks do you support for SIP?
As of now, we support following banks for paperless SIP: IndusInd Bank ,Axis Bank ,Bank of Baroda ,Bank of Maharashtra ,Central Bank of India ,Canara Bank ,Corporation Bank ,COSMOS Bank ,Catholic Syrian Bank ,City Union Bank ,Development Bank of Singapore ,The Dhanalakshmi Bank ,Federal Bank ,FIRSTRAND BANK ,IDFC Bank ,Indian bank ,INDIAN OVERSEAS BANK ,Karnataka Bank ,Lakshmi Vilas Bank ,NKGSB bank ,Punjab National Bank ,Ratnakar Bank ,South Indian bank ,Saraswat Bank ,Union Bank of India ,UCO Bank ,United Bank of India ,Yes Bank ,YES CORPORATE BANK Ltd ,HDFC Bank ,Kotak Mahindra Bank ,Shamrao Vithal Co-operative Bank ,Tamil Nadu State Apex Co-operative bank ,Andhra Bank ,IDBI Bank ,ICICI Bank ,State Bank of India