A Mandate allows a user to set up for SIPs with monthly payments being deducted automatically. It is a mode of payment to facilitate transfer of funds from your bank for your SIP orders as well as for Lumpsum Orders(or one-time orders). Also known as the ACH Mandate, it uses the centralized NPCI infrastructure for registering and processing transactions between banks.
A 'Rs. 1 Lakh' limit is a daily withdrawal limit. It allows the user to set up SIPs and place lump sum orders up to Rs 1 Lakh per day. The amount deducted would be the same as SIP/Lumpsum amount.
We require the limit to be set for a minimum of Rs 1 Lakh- so that it takes care of your future investment needs as well.