PayEezz is a facility offered by MFU under which an investor can register a mandate ONE-TIME through which the investor provides a standing instruction to his banker authorizing MF Utility to debit his account for any future subscription transactions (Lump sum or SIP).
By registering under PayEezz, investors need not issue cheque or other payment instructions every time they make an investment through MFU up to the amount mentioned in the PayEezz mandate. This brings ease and convenience in subscribing for mutual fund units through MFU. This will also enable you to transact paperless.
PayEezz can be registered by submitting the PayEezz Form at the time of CAN creation. For existing CANs PayEezz registration form can be submitted separately or along with subsequent SIP registration transaction.
For registering PayEezz along with the CAN Registration, no additional documents are required. Where PayEezz is registered under an existing CAN, investors should submit a cancelled cheque (or a self-attested photocopy) with the name and account number pre-printed on the cheque along with the PayEezz form. If the cheque does not bear the sole/first/primary holder’s name, a copy of the passbook/bank account statement or a letter from the banker has to be submitted which indicates that the sole/first/primary holder is one of the account holders in the account.
Registration under PayEezz is FREE OF COST at MFU. However, some banks may charge the customer for registration / transaction at the banks end.
Investors can have as many PayEezz registrations as they wish under a CAN.
PayEezz can be registered ONLY in a bank account which is registered under a CAN.
Please Click Here to view the instructions to fill the PayEezz form.
The PayEezz form can be submitted to your distributor /RIA or at any of the MFU Point of Service (POS). To know the details of the MFU POS nearest to you, please Click Here.
Depending upon the investor’s bank mentioned in the PayEezz, it may take anywhere between 10-30 days to get the PayEezz registered.
A communication will be sent from MFU to the investor/distributor via email and/or SMS upon successful registration of the PayEezz informing the PayEezz Reference Number (PRN).
PRN is the unique reference number allotted to each PayEezz registration. The same will be communicated to the investor/distributor upon successful registration of the PayEezz.
Investor can submit a PayEezz cancellation/modification request and MFU will do the needful.
Investors can start transacting using the PayEezz immediately after they get a PRN from MFU.
You may call us at our Customer Care at +91 22 6134 4316 or log a Query and we shall provide you the PRN after necessary verification.
All subscription transactions, both lump sum and SIP are enabled with PayEezz.
The PayEezz can be submitted along with the SIP registration and the 1st instalment will be processed ONLY upon successful registration of PayEezz. Since the registration of PayEezz may take between 15-30 days, there should be a gap of at least 30 days between the date of submission and the 1st instalment.
Investors should select ‘PayEezz’ as the payment mode and quote the relevant PayEezz Reference Number (PRN) received from MFU in the “Payment Reference Number” field.
You might be using an Old form. You can write the PayEezz as the payment type and mention the PRN in the space provided for “Payment Reference Number” in the transaction form. Alternately, you can download the latest Transaction Form from our website.
All current rules with regard to NAV applicability will apply for the transactions using PayEezz facility.
The total transaction amount in a form should not be more than the limit specified in the PayEezz.
The investor can make the payment through any other available payment modes even though a PayEezz is registered.
Yes. Where a transaction is initiated by your distributor / RIA, an authorization is sought for every payment using PayEezz, by way of an email and/or SMS to the email ID and mobile number registered under your CAN. Please ensure both email ID and mobile number are registered under your CAN and kept up to date at all times. Where the transaction is initiated by you by way of signing a transaction form or otherwise, such confirmation is not sought for.
A communication about the successful registration of the PayEezz will be sent to the distributor whose ARN is stamped in the PayEezz form.
The distributors / RIAs will have a facility to register the PayEezz through their logins. The original PayEezz form has to be submitted to the mapped POS branch as usual along with the other documents. The registration process will be initiated only upon receipt of the original PayEezz form by MFU POS.
Once a PayEezz is successfully registered and the PRN is communicated by MFU, the investors are free to register any number of SIPs quoting the same PRN.
There is no need to submit a cancelled cheque for SIP registrations using PayEezz.
MFU endeavors to get all the existing mandates converted to PayEezz. After successful conversion, MFU will communicate the same to the investor/distributors. Subsequently, the investors can submit fresh investments or further SIP registrations using the PayEezz facility. However, a fresh PayEezz or a modification request will have to be submitted if the investor wants to increase the amount limit.