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?
- PayEezz registration is done physically by submitting a physical form while ePayEezz is electronically registered.
- PayEezz has a maximum limit of Rs. 1 crore while ePayEezz has a maximum limit of Rs. 10 lakhs.
- ePayEezz is restricted to the banks offered by NPCI, while physical PayEezz can be registered for all the banks.
- Registration for ePayEezz is 3-4 working days while for physical PayEezz it is 30 days.
Are there any charges for registering ePayEezz?
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 (Scheduled Purchase Plan) using the registered ePayEezz.
What is the benefit of registering for ePayEezz?
ePayEezz is a One Time One Place payment mandate from MFU.
The investor needs to give the mandate one time, rather than submitting in every fund house where they want to invest. As ePayEezz 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 register ePayEezz 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 of ePayEezz.
Once an ePayEezz 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.
Can I use the ePayEezz for making payments for lump sum subscriptions?
Yes. Once an ePayEezz 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 the ePayEezz 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 ePayEezz Reference Number (PRN)?
PRN is the unique mandate reference number allotted upon completion of ePayEezz registration.
What are the various transactions that I can use ePayEezz for payment?
An ePayEezz 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 for ePayEezz?
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.