PayEezz is a facility offered by MFU under which an investor can register a mandate ONE-TIME mandate 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 PayEezz, investors need not issue 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.
PayEezz can be registered by submitting PayEezz Form at any of our MFU POS branch either alongwith CAN registration form of Non Individual or as a standalone request post successful CAN/eCAN registration.
For registering PayEezz no additional documents are required as the bank details mentioned in the form are as registered in CAN. The correctness / validation of the registered bank is conducted during CAN registration process itself.
Registration under PayEezz is FREE OF COST at MFU. However, some banks may charge the customer for registration / transaction at the banks end.
PayEezz can be registered ONLY in a bank account which is registered under a CAN.
Investors can register multiple PayEezz 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.
Yes. Investor can submit a PayEezz cancellation request duly signed by holder(S) and MFU will do the needful.
Investors can start transacting using the PayEezz immediately after they get a PRN from MFU.
Yes. a newly registered PayEezz can be used to make payments for your active SIPs. The same is possible through Swap PayEezz mode. It is a convenient feature, whereby investor can swap the existing PayEezz (PRN) with the newly registered PayEezz (PRN). By this your same SIP will continue.
All subscription transactions i.e. lumpsum and SIP can be made using PayEezz payment mode.
Yes. PayEezz can be submitted along with physical 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.
NAV will be applicable as per Credit Realisation in the AMC Bank account. Please click on the hyperlink to know the Payment efficiency of PayEezz mode. Lumpsum Investment Click Here SIP Investments Click Here
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.
A communication about the successful registration of the PayEezz will be sent to the distributor whose ARN is stamped in the PayEezz form.
Yes. 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.
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 at least one order is placed using PRN for the financial year.
As per NPCI the maximum duration of PayEezz should be 40 years from the mandate start date. Mandate exceeding 40 years is liable for rejection.
Yes. PayEezz End date is mandatory and if not mentioned is liable for rejection.
Current maximum permissible limit is Rs. 1,00,00,000/- (Rs. 1 Crore) per mandate.