What is PayEezz?
PayEezz is a facility offered by MF Utility (MFU) through which an investor can register one-time mandate. Investor provides a standing instruction to his banker authorising MFU to debit his account for any future subscription transactions such as SIP or Lumpsum.
What is the benefit of registering under PayEezz?
By registering under PayEezz, investors need not issue cheque or other payment instructions every time they make an investment through MF Utility 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 (Common Account Number) creation.
What are the documents required to register PayEezz?
No additional documents are required to register PayEezz, investors should submit a cancelled cheque (or a self-attested photocopy of cheque) with the name and the 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.
Are there any charges for registering PayEezz under CAN?
There are no charges for registering PayEezz at MFU. However, some banks may charge the customer for registration / transaction at the banks end.
How many PayEezz registration can be made under a CAN?
Investor 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?
Within how many days will the PayEezz be registered?
Depending upon the investor’s bank mentioned in the PayEezz, it may take anywhere between 10-30 days to get the PayEezz registered.
How will the investor/distributor come to know about the successful registration of PayEezz?
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).
What is PRN number?
PRN (PayEezz Reference Number) 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.
Can we cancel/modify the PayEezz and what is the process?
Investor can submit a PayEezz cancellation / modification request and MFU will do the needful.
When can the investor start transacting using the PayEezz facility for payment?
Investors can start transacting using the PayEezz immediately after they get a PRN from MFU.
What are the various transactions that an investor can use PayEezz for payment?
All subscription transactions, both lump sum and SIP are enabled with PayEezz.
Is there any amount limit for transacting using the PayEezz?
The total transaction amount in a form should not be more than the limit specified in the PayEezz.
Do I need to authorize every payment using PayEezz?
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.
Can the distributors / RIAs register PayEezz through their login?
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.
