UPI, RTGS and NEFT are the best payment modes for lumpsum investment to get the same day's NAV. Customers of top banks like HDFC Bank, ICICI, Kotak and SBI can also use net banking to get same day NAV, according to AMFI.
These are the only modes that ensure same day delivery of funds to the fund house. However, the transaction needs to be executed at least some time before the cut off timing of 3 pm.
AMFI said that UPI and net banking transactions should be done before 2.45 pm, RTGS before 2.30 pm and NEFT before 1 pm.
Payment modes and day of unit allotment (lumpsum):
*T means the day of transaction
NACH mandate and cheque mode take up to 4 days to complete a transaction. This implies that investors cannot get same day's NAV by transacting through these modes.
Situation is a bit different in case of SIP payments. Here NACH, be it physical or online, is the only mode that ensures high chances of same day transfer of fund. Auto debit and internet SIP (ISIP) need extra working day to complete transactions. Investors choosing these modes get allotment based on the next day NAV.
Payment modes and day of unit allotment (SIP):
