On the date of my SIP, what happens if there is an insufficient balance in my bank account?

Failure of an instalment will not result in any charges or penalties from Fincare services or your AMC’s (Asset Management Company) side. However, you should check with your bank if there are any charges for failed mandate payments. If you fail an instalment, you can make additional investments later to stay on track towards your goal. If your SIPs are rejected consecutively for 2 months due to lack of funds, the SIPs will be deactivated.