# LRS SIP

An LRS SIP is a recurring investment plan for an investor who lives in India. Each cycle, the investor pays one instalment from their own Indian bank account, as a remittance under the Liberalised Remittance Scheme (LRS).

LRS SIP is enabled per business. Contact Glomo support to set it up.

## What stays the same throughout the subscription

- **The bank account.** One of the customer's LRS bank accounts. Every instalment is paid from that account, and it cannot be changed later.
- **The amount.** Every instalment is for the same amount, in USD.
- **The schedule.** The start date, the interval and the number of billing cycles fix every due date. The first due date is the start date. The end date is the start date plus one interval for each billing cycle.


## Instalments

An instalment is one cycle's payment. Glomo creates each instalment two days before its due date. A plan that starts today, tomorrow or the day after has its first instalment from the moment you create it.

### The pay window

The investor can pay an instalment from its due date until three days before the next due date. Both days are included, and days are counted in India time (IST).

For example, on a monthly plan, the instalment due on 4 October can be paid from 4 October to 1 November.

## Reminder emails

Glomo emails the investor about each instalment, once a day at 09:15 IST, on these days:

| Day  | Email  |
|  --- | --- |
| Two days before the due date | The instalment is due in two days. |
| The due date | The instalment is due today. |
| Three days after the due date | The instalment is still due. |
| Seven days after the due date | The instalment is still due. |


Glomo does not send a reminder when the instalment is no longer `due`, when a payment for it is in progress, or when the plan is paused. A reminder whose day has passed is not sent late. So for a plan created one or two days before its start date, the first email the investor gets can be "due today".

## Pause, resume and cancel

- **Pause.** The plan becomes `paused`. An instalment that is already open stays payable until its pay window ends. Glomo creates no new instalment and sends no reminders while the plan is paused. Each due date that passes during the pause gets an `unpaid` instalment, so a paused cycle counts as missed, not skipped. The end date does not move.
- **Resume.** The plan becomes `active` again, and the schedule does not change. If the current cycle's pay window is still open, Glomo creates its instalment shortly after the resume.
- **Cancel.** The plan becomes `cancelled`. Glomo then cancels the open instalment. If a bank payment for it is in progress, Glomo waits: a successful payment still marks it `paid`.


## End of the plan

When the last instalment is no longer `due`, paid or unpaid, Glomo marks the plan `completed`, within about an hour. A plan that is paused at that point stays `paused` until you resume it.

## What is not possible

| Action  | Result  |
|  --- | --- |
| Change the next payment date | `400` with `The next payment date of an LRS SIP cannot be changed` |
| Change the bank account | Not possible. Create a new plan with the other bank account. |


## Limits

- The amount must be in USD and within the investor's bank's minimum and maximum for an LRS remittance. For an IDFC bank account, the amount must be in whole dollars.
- The start date must be between today and 30 days from today, in IST.