Due to a technical issue with SBI Bank, the SIP installments dated 10/10/2024 failed with the remark: "Account Blocked or Frozen."
BSE confirmed that the issue occurred because funds were not received from SBI branches for all installments scheduled on that date, resulting in the orders being rejected with the aforementioned error.
To smoothly re-process the missed SIP installments, the following steps are being undertaken:
The missed SIP order will be added under the "Pending" tab tentatively by 2:30PM on 15th October.
Once approved by the client, the missed installment will be processed as a lumpsum order, and the NAV will be allotted based on the fund realization date.
Please note: The order will be processed by mandate pay with the TAT for processing being T+3 working days.
The approval link can manually be sent to the client by:
The list of clients eligible for the above reprocessing of missed installments can be found under Business Reports -> SBI Bank 10th Oct Installments The report contains the list of orders failed due to SBI bank issue and if the given order is retryable or not.
Please note: Below are the values under retryable column:
Yes: The order can be retried and is already added under pending approvals for the client.
Lumpsum not allowed in scheme: The mentioned scheme does not allow lumpsum transactions
Minimum lumpsum is more than SIP: The minimum transaction required to create a lumpsum order is more than than the actual SIP installment amount