Recurring purchases

Facilitate SIP investments for your investor

Not all schemes allow for SIP investments. Make sure you check the sip_allowed field is true for the scheme you are creating an sip plan for, using the Get fund scheme .

1. Create a SIP plan

Call the create sip with the following json. Use the id of the payment mandate through which the money will be debited from the investor's bank account on every installment.

{
  "orders": [
    {
      "isin": "INF204KA1B64",
      "amount": 10000,
      "start_day": "2",
      "frequency": "MONTHLY",
      "installments": 20,
      "mandate_id": 23
    }
  ]
}

On every installment, FP does the following automatically:

  1. Creates a purchase order
  2. Debits the money from the investor's bank account
  3. Submits the purchase order for processing

Note: Currently the payments for the SIP investments have to be processed using FP Payment APIs (via nach only). Ability to use your own FPDocs payment providers is under implementation and will be available soon

2. Fetch the installments

Fetch the installments of the SIP plan using the fetch installments .

3. Track the SIP installment

FP uses MF Purchase object to represent the sip installment.

Check the status of an installment using the fetch a mf purchase . Use the id of the installment from the previous step.

Testing

In the sandbox, use the sip simulation to trigger generation of future sip installments. After generating the installments, use the order simulation to test various success and failure scenarios of the installments.