A one-time bank mandate for mutual funds is an authorization given by an investor to their bank to allow the mutual fund company to directly debit funds from their bank account for the purpose of purchasing mutual fund units. This mandate is usually provided by investors when they are setting up a Systematic Investment Plan (SIP) or making a lump sum investment in a mutual fund. Once the mandate is set up, the mutual fund company is authorized to withdraw the specified amount of money from the investor’s bank account…
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