ePayEezz is a facility offered by MF Utility (“MFU”) by which an investor can register PayEezz electronically through www.mfuonline.com (“MFU portal”). The investor provides a one time instruction by electronic mode to their CAN registered bank thereby authorizing MFU to debit the said Bank account for future subscription transactions.
Individual investors, both RI (Resident Individual) and NRI (NRE and NRO) status in CAN and having NET banking or Debit Card facility activated with the bank account/s registered under CAN. Click here for the list of the banks offering Net-banking / debit card based authentication service.
ePayEezz facility is not available for investors with MoH as Joint and Non-Individual investors.
MFU does not charge for registration of ePayEezz. However, some Banks may levy charges on the customer for Registration / Transaction.
Furthermore, MFU does not charge the investor, whenever they submit any subscription transaction, including Lump Sum, SIP or Schedule Transaction / SPP using the registered ePayEezz.
ePayEezz is a One Time One Place payment mandate from MFU.
The investor needs to give the mandate one time, rather than submitting in every fund house where they want to invest. As ePayEezz is registered with MFU, the same mandate can be used to make payments for Lump Sum/SIP/ Schedule Transaction / SPP subscriptions across the industry.
A newly registered ePayEezz can be used to make payments for the existing SIPs that have been running before the ePayEezz was registered. This is facilitated by MFU through the Swap PayEezz facility available on the MFU Portal.
It is a convenient feature, whereby the investor can select the existing PayEezz registered in their CAN and swap it with the newly registered ePayEezz.
MFU operates on the principle of Aggregation to offer convenience of transaction execution to the mutual fund investor. The same principle is applied even in the case of ePayEezz.
Once an ePayEezz is registered with MFU, then it can be used to make payments for investing across the industry. There would be no need to register separate payment mandates for each Fund House.
Yes. Once an ePayEezz is registered against a bank account under the CAN, the investor can use the same, to make payments towards Schedule Transaction / SPP, SIP instalments, and Lump Sum subscriptions.
The time limit stipulated by National Payments Corporation of India is 72 hours for each of the Bank in NACH system i.e. destination Bank (Customers Banks) and the Sponsor Bank (Transaction /Mandate originating Bank) for processing the mandate.
However, the actual turnaround time may vary.
PRN is the unique mandate reference number allotted upon completion of ePayEezz registration.
The PRN would be notified on the MFU Dashboard. There is a tracker for the ePayEezz under the Status Menu, which will show the current status. Investors are also notified via email upon successful registration.
In case of distributor initiated PayEezz, we do send a daily communication containing the list of PayEezz that were approved during the previous day.
Thereafter the investor can start using ePayEezz for making payments for subscription transactions.
An ePayEezz once registered can be used for making payments against any subscription such as Lump Sum purchase, Schedule Transaction / SPP, SIP, across any fund house on the MFU Portal.
An ePayEezz can be registered only on the bank accounts that are registered in the CAN and such CAN registered banks are offered / by NPCI.
Investors do want to register multiple ePayEezz, so that different bank accounts, different accounts with the same bank, different limits, or different validity periods to be used as per their convenience.
We at MFU do understand the varied needs and have not put any limit on the number of ePayEezz mandates an investor can register.
MFU publishes the list of banks available on the eNACH services of NPCI. Click here for a list of the banks where the services are available for ePayEezz facility.
Alternatively investors can also check on the NPCI website.
Current maximum permissible limit is Rs. 1,00,00,000/- (Rs. 1 Crore) per mandate.
ePayEezz can be used to make payments for Lump Sum, SIP or Schedule Transaction / SPP transactions by selecting the Payment Mode as “PayEezz”.
Also, a newly registered ePayEezz can be used to make payments for an already active SIP by using the SWAP PayEezz facility.
ePayEezz can be used to make payments for Lump Sum, SIP or Schedule Transaction / SPP transactions by selecting the Payment Mode as “PayEezz”.
As per the SEBI circular SEBI/HO/IMD/DF2/CIR/P/2020/175 dated September 17, 2020 applicability of NAV is based on the time of credit into Mutual Fund account. To know more about the efficiency of various payment modes for Lumpsum / SIP.
As per NPCI circular no 008, the maximum duration of ePayEezz should be 30 years from the mandate start date. Mandate exceeding 30 years is liable for rejection.
Yes, ePayEezz End date is mandatory and if not mentioned is liable for rejection.
No impact on the ePayEezz registered prior to aforesaid period with Perpetual or Until Cancelled option.