UPI AutoPay is a feature within the UPI system that enables you to authorize automatic debits from your bank account without the need for manual intervention for each transaction.
At MFU, Investor will register One Time mandate and provide standing instruction to his banker authorizing MF Utility to debit his account for future subscription transactions (SIP or SPP only).
| NACH Mandates | UPI AutoPay Mandates | |
|---|---|---|
|
Mandate Registration |
MFU system redirects user to selected CAN registered Bank webpage for authentication. |
Once UPI AutoPay Mandate registration request is submitted, user needs to provide one time approval by login into their respective UPI Application. |
|
Registration Modes |
Physical and Electronic (Net Banking and Debit Card Authentication modes) |
UPI Application (Authentication with UPI PIN) |
|
Mandate Activation Time |
eNACH takes 3 to 4 days whereas Physical Mandate takes 15-20 days to activate at Bank end. |
Real Time mandate registration. |
|
Mandate maximum duration |
40 Years |
30 Years |
|
Mandate Maximum Limit |
1 Crore |
1 Lakh |
|
Day of Debit |
*T+1 / T+2 |
*T |
UPI AutoPay can only be registered with banks that are registered under CAN, provided that the chosen bank offers this feature through any UPI application supported by National Payments Corporation of India (NPCI).
Investors can have as many registrations as they wish under a CAN.
UPI AutoPay Mandate registration is a standalone process.
Investor can start transacting immediately after receiving Mandate registration ie AUMRN (AutoPay Mandate Reference Number) confirmation. For SPP the start date should be set with a gap of 3 days from the current date while for SIP the start date should be set with a gap of 7 days from the current date.
UPI AutoPay is applicable only for SIP instalments and SPP transactions. It is not available for Lumpsum Purchases and Current Dated SIP registrations.
Once mandate is registered you can initiate multiple SIP and SPP based on the maximum mandate amount set for the selected AUMRN.
No, UPI AutoPay is not available for Physical Transactions.
Individual Investors, Sole Proprietorship and Minors can transact using UPI AutoPay payment mode. UPI AutoPay is not available for HUF & Non-Individuals.
Yes, as per NPCI requirement, a Pre-Debit Notification (PDN) will be sent to the Investor 48 hours prior to debit execution date.
If PDN fails, the debit request will not be processed, and the corresponding order will be marked as “Rejected”.
Currently, modification facility is not available. In case of any changes required, user will need to initiate a fresh Mandate request.
You can Pause your mandate at any time using your UPI application. When the mandate is paused, SIP and SPP orders will not be executed. Same mandate can be restarted by selecting Unpause. Once unpaused, SIP/SPP will be restarted.
You can revoke or cancel UPI AutoPay Mandate at any given time through your UPI Application. Post cancellation underlying SIP /SPP registration will be marked as cancelled.
Please click here to view the list of banks that supports UPI AutoPay.
Please click here to view the UPI Applications and Handles that supports UPI AutoPay
Currently, the facility to swap NACH (PayEezz) Mandate with a UPI AutoPay mandate is not available.
There are no Registration charges at MFU for UPI AutoPay. However, please approach your Bank for any Registration/Transaction charges levied by them.