AUTO DEBIT MANDATE
Where’s the Indian mutual fund sector going ahead? 6 big trends to watch out for
Mutual fund trends highlight a structural shift in investor preference towards mid and small caps, sectoral themes, and multi-asset funds, while large caps lose share. SIP inflows hit record highs, reinforcing steady participation. Despite regulatory hurdles, overseas funds recover, reflecting evolving allocation strategies and risk appetite.
Bounced cheque, debit mandate failure? You could face up to 2 years in jail, know the real cost of payment failures
Bounced cheques and failed mandates are more than administrative issues, carrying potential criminal charges and significant financial penalties. These failures can lead to hefty bank fees, late payment charges, and a severe drop in credit scores, impacting future loan eligibility and interest rates.
How to set up auto debit for your SIPs and utility bills: A step-by-step guide
Investors can automate payments for mutual fund SIPs, utility bills, and other recurring transactions through NACH mandates, UPI auto-debit, or bank auto-pay. These mandates can be easily managed via various online portals. The RBI mandates sending pre-debit notifications.
Explained: How to handle a missed mutual fund SIP contribution
Mutual fund houses don’t impose penalties for missed SIP payments, but banks may charge fees for insufficient funds or dishonoured auto-debit requests. These charges differ across banks and typically range from Rs 100 to Rs 750 per failed transaction, potentially increasing costs for investors if not managed carefully. Ensure adequate funds to avoid such penalties.
New UPI AutoPay rule: No 24-hour pre-debit notification for these two UPI recurring payments
New UPI AutoPay rule: The banks that issue NETC FASTag and RuPay NCMC should ensure that auto-replenishment, excluding pre-debit notification, is carried out in accordance with the criteria and utilized exclusively for NETC FASTag and RuPay NCMC.
RBI expands e-mandate framework to include auto-replenishment for FASTag and NCMC
The RBI announced on Thursday that auto replenishment of balances in FASTag and NCMC, which trigger whenever the balance drops below a customer-defined threshold, will now be covered under the existing e-mandate framework.
Banks won't send pre-debit notifications for these two types of recurring payment e-mandates
New RBI rule: The Reserve Bank of India (RBI) has stated that there won't be pre-debit notifications for auto-replenishment of FASTag and NCMC when the balance falls below the set limit.
Now autofill your UPI Lite wallet: You will soon get option to have auto debit mandate to maintain UPI Lite balance
UPI Lite: The Reserve Bank of India announced that now UPI Lite wallet is to be integrated with the e-mandate framework. This will help in auto-replenishment of the UPI Lite balance. If the balance in UPI Lite balance goes below a threshold amount, funds will be automatically added. Read here to know more about this feature of UPI Lite.
FASTags, NCMC payments to become easier: You don't have to add money manually for each recharge
New recurring payments rule: The Reserve Bank of India (RBI) announced including recurring payments for Fastag, National Common Mobility Card (NCMC), etc. with auto-replenishment facility under the e-mandate framework.
RBI hikes limit on auto-debits from debit, credit cards sans OTP to Rs 15,000
The Reserve Bank of India (RBI) announced the hike in amount for e-mandate for recurring payments made via credit and/or debit cards sans additional authentication (such as OTP) to Rs 15,000 from Rs 5,000 currently. Read on to know how this new rule will help you in making recurring payments.
Apple app store removes option to pay via debit and credit cards due to RBI auto-debit mandate
"Regulatory requirements in India apply to the processing of recurring transactions. If you hold an Indian debit or credit card and you have a subscription, these changes impact your transactions. Some transactions might be declined by banks and card issuers," the Apple statement reads.
Standing auto debits see high decline rates
More than two months after the Reserve Bank of India made it mandatory for banks to reach out to customers before initiating standing debit instructions, lenders continue to see high decline rates as many merchants are yet to sign up for auto-debit services.
More than 80% Indians support RBI move to stop auto debit: LocalCircles survey
RBI has stopped automatic recurring payments for all services offered by various companies such as Amazon, Netflix or several applications or apps. This would mean that money cannot be directly debited from a customer’s credit card or bank account without his permission.
New auto-debit rule: How to use BHIM UPI app's auto-pay facility to make recurring payments
Here is a look at how UPI users can use the auto-pay facility set up an e-mandate to make recurring payments linked to debit and credit cards.
Life proof for pension, ATM closures, cheques invalid, card rules: 4 money related changes in Oct
Here is a look at the four personal finance-related changes that will come into effect from October 1. Find out if any of these situations pertain to you and will impact your money matters.
Your auto-debit from debit/credit card may fail from next month if not approved
Under the new additional factor authentication rules, a bank is required to send a notification to the customer at least 24 hours before the auto-debit payment is to be deducted and allow the debit only after the customer has confirmed it.
Bank account-mobile number linking, KYC in demat account, other money tasks to do before September 30
Here is a look at the three money tasks you must complete in the month of September to avoid penal consequences.
Your auto-debit payments won’t fail: RBI extends deadline for extra authentication
This is good news because many banks and payment gateways were yet to comply with RBI’s mandate and had asked the apex bank for additional time to comply with the same. If the deadline hadn’t been extended then, come April 1, automatic recurring payments for various services including recharge and utility bills would have failed.
RBI eMandate nod paves way for auto-debits by fintech firms
The retail payments body has asked banks to implement both the emandate measures by June 30.
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