Can I invest by cheque or by cash?


Clearfunds is an internet-based platform. So you can invest online using Netbanking or our auto-pay (bank mandate) service.

What is Netbanking?

Netbanking allows you to authorise transfer of funds from your bank account immediately and make investments on the same day.

Once you decide to make an investment using Netbanking, you will be taken securely to your bank's website where you need to log in and approve the transfer of funds. So in order for Netbanking to work you need:

1. To have Netbanking enabled on your bank account

2. Your bank to permit Netbanking transfer for purchase of mutual funds

3. To log into your bank when we take you to the Netbanking page and authorise the fund transfer.

Check the list of banks we work with here.

I don’t have Netbanking enabled on my bank account. Can I still use Clearfunds?.

Yes. If you don’t have Netbanking enabled on your bank account, don’t worry. Your bank mandate allows us to automatically debit your account based on your online instructions. 

We initially set up your mandate using a maximum limit of Rs.1,00,000 but you can always increase this limit by clicking on your Account Settings -> Bank and sending us a fresh mandate letter.

How come Clearfunds only uses online payment methods?

We do this because automation allows us to cut out all the expensive costs - all the marble office buildings, the physical locations, the excess of clerks, the manual paperwork – so we can reach you directly via the internet to provide our advanced technology, simple interface and robust security at a low, low cost. 

Which of course translates into higher returns for you.

Check out the online payment methods we support.

What payment methods do you allow?

We allow you to pay for your investments using two methods:

· NETBANKING: as long as you have an internet banking account and you have activated this by sending us your bank details on the bank mandate form.

· AUTO-PAY or FLEXI-SIP: we use your bank mandate to automatically move the money from your account to the Mutual Fund Company under your instructions.

A handful of foreign banks (such as Citibank or HSBC) do not use Netbanking for payments. They use Debit Card payments instead of Netbanking payments (and charge us ~2% of your investment amount to complete the transaction). You will agree that the economics of this just don’t work for us. If you're a customer of one of these banks, you can still set up a Clearfunds account, but you can only purchase funds using our AUTO PAY feature, or set up a SIP. Send us your signed bank mandate to activate this.

For a list of banks we work with, see 
I can't register with my bank account? What banks do you work with?

Why can’t I invest using my credit card?

You can only invest in mutual funds using a verified bank account. Indian legal regulations don’t allow you to purchase mutual funds with your credit card – this is probably because a credit card is an interest-free loan for a few days, and they don’t want you investing on borrowed funds.

Check out the payment methods through which you can invest here.

What is the difference between AUTO-PAY and FLEXI-SIP?

AUTO-PAY is one of the payment options (besides Netbanking) when you make a one-time investment through Clearfunds. It allows us to automatically transfer the money from your bank to the Mutual Fund Company under the bank mandate instruction you gave us when you opened your Clearfunds account.

FLEXI-SIP is an virtual automatic investment plan (just like a SIP), which we set up, so that the chosen amount is automatically transferred from your bank account, at fixed intervals and invested. Auto-Invest also uses your bank mandate instructions to help us automatically transfer the money out of your account. 

We do not charge you anything for making investments via lump sum method or Flexi SIP.


Why do you need my bank account details?

Three reasons:

1. When you begin, we need to verify that the bank account you are making investments from belongs to you.

2. When you invest, we need to make automatic transfers using Netbanking or your mandate as per your instructions to Clearfunds.

3. When you sell, we need to get the Mutual Fund Company to transfer the money directly back to you.

Remember, your funds are transferred from your bank account directly to the Mutual Fund Company and back. Clearfunds does not hold your money at any time.

What is a bank mandate?

A bank mandate is a written order to a bank, asking it to allow Clearfunds to transfer funds from your bank to the Mutual Fund Company in accordance with the limits and investment instructions you place online.

We use the bank mandate to automate your investments. 

Check the list of banks we work with here.

Why is a bank mandate needed?

Bank mandate is a secure auto-pay facility that allows us to automate the process of investing without any messy paperwork like filling up a form and depositing a cheque.

This is the only option available for regular, periodic investments and is used by all Mutual Fund Companies. If you are making a one-time investment you can use the Netbanking option. But we do need a bank mandate form from you to be able to verify your account for Netbanking purposes too.

Are there any charges for registering a Bank Mandate?

Clearfunds does not charge for registering your bank mandate.

However, your bank may impose a one-time fee for registering a new bank mandate. This fee is determined by the bank.

We recommend that you check with your bank regarding any fee for bank mandate registration.

Why does your bank mandate document have an amount as high as Rs 1,00,000?

This is the maximum amount you can invest in any one Mutual Fund scheme at any specific time. We keep this high enough so that when you get your bonus or pay hike, you can quickly make an investment without the paperwork to increase the bank mandate.

We can only ever transfer funds out of your bank account as per your instructions. You may never use this limit, or may find this limit too low. Go to Account settings -> Bank -> Edit to increase the bank mandate or change your bank details.

What happens to my money after I invest? Is my money safe and secure?

When you make a mutual fund purchase transaction, your money moves directly from your bank account to the Mutual Fund Company's account. And when you sell, the funds are transferred by the Mutual Fund Company directly to your bank account. We track this process for you.

At no time does your investment pass through our bank account. The only amount that comes into our bank account is the fee.

Our system is built with bank-grade security to protect your information and keep your money safe.

Will Clearfunds have access to my bank account?

No, we do not have access to your bank account.

We will only link your bank account so that when you do decide to make an investment, we can use our secure payment gateway to move your money from your account to the Mutual Fund Company.

This can be done using Netbanking or the mandate you shared with us when you opened your Clearfunds account.

How can I trust you not to misuse my bank account and other information?

Your bank mandate authorization is very specific and legal and only allows for money to be transferred to the mutual fund companies as per your instructions or for us to collect our fees. We do not initiate any transactions without your specific authorization.

What is an IFSC code?

IFSC (Indian Financial System Code) is an 11-character alpha-numeric format used by the Reserve Bank of India to identify your bank and branch. Each bank branch has a unique code.

Once we have your account number and IFSC code we can identify your account and bank branch to initiate funds transfer.

For example, the code for HDFC Bank, Tulsiani Chambers, Nariman Point, Mumbai is HDFC0000001.

What is the official investing date?

When you invest using bank mandate, the earliest date you can invest is shown as 1 working day later. This could even be a couple of days later in case of weekends and bank holidays.

We use your bank mandate instructions to transfer money from your bank account. These instructions need to be sent to your bank in advance (real-time is not allowed) which is why when you use AUTO-PAY or FLEXI-SIP, your money can only be invested a day or two later than today.

Our system debits your account for AUTO-PAY and FLEXI-SIP using this logic

Help! I’m not sure what happened with Netbanking.

Log into your online bank account and check the account history.

If no money was debited to your account you don’t have to worry. There was a temporary glitch (as sometimes happens with technology), and the transaction you attempted will expire automatically. No money will be deduced from your account. So wait for a few minutes and try again.

If you still have any issues or concerns, please drop us an email at

If the money was debited from your bank account and you did not see a success message, please wait for an hour. We are automatically checking with your bank to confirm the transfer and will send you an email to confirm the status of the transfer.

If the transaction was successful, your investment will take place as scheduled.

If the transaction was unsuccessful, the money will be refunded to your account within 3 working days (your bank needs this time to confirm/cancel the attempted transaction). The money remains with your bank and they will transfer it back into your account.

If you still do not receive a refund within 3 working days, please email us at so we can sort out the issue with your bank.

My money has been debited from my bank account but still it says “In Progress” in my Clearfunds account?

The mutual fund units will be allotted to you within 2 (maximum 3) working days from the day the money is debited from your bank account.

Which banks can I register at Clearfunds?

You can use any of the banks below below to register on Clearfunds for both NETBANKING as well as FLEXI-SIP/AUTO-PAY.

A handful of foreign banks (such as Citibank or HSBC) do not use Netbanking for payments. They use Debit Card payments instead of Netbanking (and charge us ~2% of your investment amount to complete the transaction). You will agree that the economics of this just don’t work for us. If you're a customer of one of these banks, you can still set up a Clearfunds account, but you can only purchase funds using our AUTO PAY feature, or set up a SIP. Send us your signed bank mandate to activate this.

Banks we work with for NETBANKING:

  1. Allahabad Bank
  2. Andhra Bank
  3. Axis Bank
  4. Bank of Bahrain and Kuwait
  5. Bank of Baroda
  6. Bank of India
  7. Bank of Maharashtra
  8. Canara Bank
  9. Catholic Syrian Bank
  10. Central Bank of India
  11. City Union Bank
  12. Corporation Bank
  13. DCB Bank
  14. Deutsche Bank
  15. Dhanlaxmi Bank
  16. Federal Bank
  17. HDFC Bank (Netbanking)
  18. ICICI Bank
  19. IDBI Bank
  20. Indian Bank
  21. Indian Overseas Bank (Netbanking)
  22. Indusind Bank
  23. Jammu and Kashmir Bank
  24. Karnataka Bank
  25. Karur Vysya Bank
  26. Kotak Mahindra Bank
  27. Lakshmi Vilas Bank
  28. Oriental Bank Of Commerce
  29. Punjab & Sind Bank
  30. Punjab National Bank
  31. RBL Bank
  32. Shamrao Vithal Co-op. Bank
  33. South Indian Bank
  34. Standard Chartered Bank
  35. State Bank of India
  36. Syndicate Bank
  37. Tamilnad Mercantile Bank
  38. UCO Bank
  39. Union Bank of India
  40. United Bank of India
  41. Vijaya Bank
  42. Yes Bank

Can I invest from a bank account that belongs to a family member or a friend?

No. In order to protect our customers and prevent possible misuse, you can only invest only from a bank account that belongs to you (your name should be on the cheque or account statement).

You cannot invest from a third party’s bank account, even if the account belongs to your relative or friend. Thus, when you open a Clearfunds account,we verify your bank account via Penny Drop method to ensure that bank and bank details belong to you only.

Can I use two banks to purchase mutual funds? How do I add another bank account?

No, we only support one bank account at a a time. You can always change your bank or edit the mandate amount for the bank linked to Clearfunds.

How do I cancel the bank mandate issued to you?

Just drop an email to our friendly support team at and we will initiate the mandate cancellation process with your bank and let you know once this is complete.

If you prefer to do this yourself, you can contact your bank directly to cancel the mandate issued to Clearfunds.

Can I pay for my Mutual Fund purchases using NEFT, IMPS or RTGS?

Unfortunately, no. And we do not support payments by cheque either.

We only support Netbanking and mandate-based payments (AUTO-PAY and AUTO-SIP) as these are the quickest way for customers to complete a transaction without leaving our website.

I see a Netbanking error when I try to make a payment for my purchase?

This could be because you have not registered for Third Party Transfers at your bank or your Third Party Transfer limit is too low. Some banks like HDFC allow you to set up Third Party Payment limits up to Rs 10 lakh instantly. See HDFC Bank - Flexible Third Party Transfer limits on NetBanking and HDFC Bank - Third Party Transfer Setup Form

You can also pay for your Mutual Fund purchases using AUTO-PAY by setting up your bank mandate with us.

Contact us

Clearfunds / Harvest Fintech Pvt Ltd
206 Natwar Chambers,
94 Nagindas Master Road, Fort,
Mumbai 400001, India.

+91 90225-22555 (Weekdays 10AM-6PM)

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