What is ePayEezz?
Investor can register PayEezz electronically through MF Utility (MFU) portal. The investor provides the one-time instruction by electronic mode to their CAN (Common Account Number) registered bank thereby authorising MFU to debit the said bank account for future subscription transactions.
What is the difference between the PayEezz and ePayEezz?
- PayEezzย registration is done physically by submitting a physical form whileย ePayEezzย is electronically registered.
- PayEezzย has a maximum limit of Rs. 1 crore whileย ePayEezzย has a maximum limit of Rs. 10 lakhs.
- ePayEezzย is restricted to the banks offered by NPCI, while physical PayEezzย can be registered for all the banks.
- Registration forย ePayEezzย is 3-4 working days while for physical PayEezzย it is 30 days.
Are there any charges for registering ePayEezz?
MFU does not charge for registration ofย 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 (Scheduled Purchase Plan) using the registeredย ePayEezz.
What is the benefit of registering forย ePayEezz?
ePayEezzย is aย One Time One Place paymentย mandate from MFU.
The investor needs to give the mandate one time, rather than submitting in every fund house where they want to invest. Asย ePayEezzย is registered with MFU, the same mandate can be used to make payments for Lump Sum/SIP/ Schedule Transaction / SPP subscriptions across the industry.
Do I need to registerย ePayEezzย separately for each Fund Houses?
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 ofย ePayEezz.
Once anย ePayEezzย 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.
ย Can I use the ePayEezz for making payments for lump sum subscriptions?
Yes. Once anย ePayEezzย 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.
Within how many days will theย ePayEezzย be registered?
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.
What is ePayEezzย Reference Number (PRN)?
PRN is the unique mandate reference number allotted upon completion ofย ePayEezzย registration.
What are the various transactions that I can useย ePayEezzย for payment?
Anย ePayEezzย 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.
On which bank accounts can I register forย ePayEezz?
Anย ePayEezzย can be registered only on the bank accounts that are registered in the CAN and such CAN registered banks are offered / by NPCI.