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.
PayEezz registration is done physically by submitting a physical form while ePayEezz is electronically registered.
Both PayEezz and ePayEezz registration is restricted to the banks offered by NPCI.
Registration for ePayEezz is 3-4 days while for physical PayEezz it is 15-30 days.
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.
The ePayEezz facility is not available for investors with MoH as Joint and Non-Individual investors.
If an Investor initiates eNACH registration from outside India, the request may get rejected due to NPCI’s restriction, which is based on the IP address used during the registration process.
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.
Yes, a newly registered ePayEezz can be used to make payments for the existing SIPs. 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.
No, separate registrations are not required. 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 in all participating MF schemes via MFU.
Yes. Once an ePayEezz is registered, the investor can use the same, to make payments towards Schedule Transaction / SPP, SIP instalments along with Lumpsum subscriptions.
Investors can register for ePayEezz by logging into their MFU Account, under the Account Menu, select the ePayEezz Registration tab. Thereafter it is user friendly navigation through NPCI website seeking necessary details that can be completed in a matter of minutes.
Distributors/RIAs can initiate registration for ePayEezz on behalf of their investors. Under the TransactEezz Menu, need to select the ePayEezz Registration tab. Some basic details need to be filled in by the Distributor/RIA. MFU will notify the investor via email with the link to complete the ePayEezz registration process. via payment aggregator / NPCI website.
The time limit stipulated by NPCI 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.
Upon successful registration, PRN would be notified to the Investor via email, also the status will be available on MFU portal under PayEezz tracker. Thereafter the investor can start using ePayEezz for making payments for subscription transactions.
In case of distributor initiated PayEezz, we do send a daily communication containing the list of PayEezz that were approved during the previous day.
An ePayEezz once registered can be used for making payments against any subscription such as Lumpsum 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 can register multiple ePayEezz in a CAN.
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.
Current maximum permissible limit is Rs. 1,00,00,000/- (Rs. 1 Crore) per mandate.
NAV will be applicable as per Credit Realisation in the AMC Bank Account.
Please click on the hyperlink to know the Payment efficiency of ePayEezz mode.
Lumpsum Investments Click Here
SIP Investments Click Here
As per NPCI , the maximum duration of ePayEezz should be 40 years from the mandate start date. Mandate exceeding 40 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.
What if no transactions are reported using the registered PayEezz Reference Number (PRN)
If there are no transactions reported during the financial year, PRN will be marked as Dormant by NPCI, which may result in cancellation. Hence please ensure that atleast one order is placed using PRN for the financial year.