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MF Utility: How to set up PayEezz mandate online (ePayEezz feature)

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The process of setting up SIPs at MF Utility just got simpler.

MFU has introduced an online PayEezz registration feature “ePayEezz”. Not only can this feature do away with the need for physical forms but also reduce the registration time from a few weeks to a couple of days.

What is PayEezz?

PayEezz is one-time ECS/NACH mandate form that you give to MF Utility. With this mandate, you give authorisation to MFU to debit your bank account up to a certain limit per transaction.

Please understand PayEezz is one of the payment modes. The other payment modes are net banking, NEFT and RTGS.

Therefore, if you plan to make a lumpsum purchase, you can use either of the payment modes to purchase units. For instance, if you choose net banking as the payment mode, you will be redirected to your bank’s website and you can use your login credentials to approve/complete the payment.

In case of PayEezz, since MFU already has the authorization to debit your account, you do not have to enter any bank login credentials. You just need to select the payment mode as PayEezz and submit the transaction.

For more on how to purchase units through MFUtility online, watch this video.

However, things are a bit different in case of a SIP. SIP work on auto-mode. The money gets debited automatically from your bank account and the purchased units get automatically credited to your mutual fund account. You need PayEezz mandate (to be set up) if you want to start SIP through MF Utility.

Watch this video to find out how to set up SIPs using MFU

In case of a SIP, MF Utility needs permission to debit your bank account for the SIP instalment. And PayEezz form provides it with that permission. The form goes to your bank and the bank makes an entry in its record. Subsequently, whenever the bank receives a debit request from MFU (for SIP instalment or when payment mode is PayEezz for lumpsum purchase), it permits the debit.

How do I set up PayEezz mandate?

It is quite simple. You need to fill up a single page form and attached cancelled cheque leaf with the form.

You can then send the form to MFU office in Thane by courier. Alternatively, you can also submit forms at CAMS and Karvy centres.

Once MFU receives the form, it takes up to 3-4 weeks for the PayEezz mandate to be set up. As mentioned earlier, the form is sent to the bank for approval.

I am sure this step is a deterrent for many investors. You have to send the physical form and wait for a few weeks. If the form is rejected (by bank or MFU) for any reason, you have to repeat the cycle again. Happened with a few of my clients. Can test patience sometimes.

Opening of CAN (for existing mutual fund investors) became online many months back. So, investors could create CAN online. However, setting up a SIP required PayEezz mandate to be set up (which had to be done offline). Most retail investors find comfort in investing by way of SIPs.

Because of the physical PayEezz process, the complete investment process could not be done online.

Now, this has changed.

PayEezz registration is now online with ePayEezz

Now, PayEezz registration can also be done online with the introduction of ePayEezz.

Moreover, the entire registration time is likely to be cut short from 3-4 weeks to a couple of days.

As I understand, the online PayEezz registration request (ePayEezz) needs to be approved by the bank within 2 days.

How can I register under ePayEezz?

You will get to option once you login into MFU website (mfuonline.com).

You can click on ePayEezz tab under Account Maintenance.

Fill the details as requested.

You are required to sign eSign the mandate form.

For that, you will be asked to enter your Aadhar number. You will receive OTP on your Aadhar register mobile number. Enter the OTP and submit the form.

Points to Note about ePayEezz

  1. You can submit ePayEezz request only for the account that is already registered under CAN.
  2. If the bank account (that you want to set up ePayEezz for) is not yet registered under your CAN, you need to first send Bank Account Addition form to MFU. Along with the form, you need to send cancelled cheque of the new account (to be added) and the existing bank account (already registered under CAN). You can see this step is still offline/physical. In my opinion, this is to prevent frauds.
  3. ePayEezz can be used only for CANs under “Single” or “Anyone or Survivor” holding mode.
  4. ePayEezz can’t be used for CANs held under Joint holding mode.
  5. For CANs held by minors or NRIs, ePayEezz can’t be registered.
  6. Your mobile number must be registered in your Aadhaar card. Aadhaar number must be updated in your bank account.
  7. Under ePayEezz, the maximum amount cannot exceed Rs 1 lacs per mandate per bank. Under the physical PayEezz form, the maximum limit is Rs 1 crore.
  8. You can expect ePayEezz mandate to be registered within 48 hours. Actual timelines may vary.
  9. There are no charges for ePayEezz.
  10. You can register as many ePayEezz as you want.

What could be the potential reasons for rejection of ePayEezz request?

I am listing the reasons as mentioned on MFU website.

  1. Mode of operation for the bank account is Joint.
  2. Aadhaar is not linked to your bank account.
  3. Bank does not respond to ePayEezz registration request within 48 hours. As per NCPI rules, no response within 48 hours is deemed rejection.

Do refer to ePayEezz FAQs on MFU website.

Demo: How to complete ePayEezz registration

  1. Go to mfuonline.com and log in.
  2. Select ePayEezz registration under “Account “MF Utility ePayeezz registration payeezz registration caneezz
  3. You can view all your registered bank accounts. You can click the “Edit” icon to start ePayEezz registration. As mentioned above, if the account that you want to add is not present in the list, you will need to first add the bank account by filling up a physical form.MFUtility ePayeezz registration
  4. Most of the details are pre-filled. You can enter the requisite details including the mandate amount. Remember the maximum amount under ePayEezz mandate is Rs 1 lac. By selecting “Perpetual Flag”, you specify that this mandate runs forever. As mentioned earlier, ePayEezz mandate is not for NRIs.MFUtility ePayeezz registration 2
  5. You will be taken to BillDesk gateway and will be asked to enter your Aadhaar number. Remember Aadhaar is necesaary for e-signging the form.MF Utility ePayeezz registration 4 aadhaar
  6. You will get an OTP for on your Aadhaar registered mobile number to e-sign the form.MFUtility ePayeezz registration
  7. Once you click submit, you are through. You will get confirmation from MFU about acceptance of the ePayEezz request. Remember, this is confirmation from MFU. The bank is yet to confirm. As I understand, the confirmation from the bank must come within a couple of days.MF Utility ePayeezz registration 6

How do I check the status of my ePayEezz request?

You need to select “ePayEezz registration” under Status tab.

MF Utility ePayeezz registration statusMF Utility ePayeezz registration 7

Currently, the status shows as “Request Acknowledged by Aggregator”.

Once your bank accepts the request, the status will change to “Aggregator accepted”.

mfu payeezz

How long does it take for ePayEezz registration?

I had initiated ePayEezz registration on March 15th. Got confirmation from the bank on March 17th. MFU confirmed the PRN (PayEezz registration number on March 19th. Turnaround time of 2-4 days is quite awesome.

54 thoughts on “MF Utility: How to set up PayEezz mandate online (ePayEezz feature)”

  1. Hi Deepesh,

    Can you please tell me if we can change the end date for SIPs on MFUtility website? my SIPs are not yet started and it is due on 10th April 2018.

    Thanks
    nishant

  2. Hi Deepesh

    Thanks for the details information.

    I have a question that if person has bank account with joint holder in that case he/she wont be able to register for either PayEezz or ePayEezz?

    If so in that case how someone buy direct mutual fund using MFUtilities? or need to open bank account with single holder?

    Thanks
    Pratik

    1. Hi Pratik,
      Let’s try to understand the issue with joint (and not anyone or survivor) account.
      In joint accounts, both the holders have to approve an operation.
      Since ePayEezz takes aadhaar approval only from one of the holders, bank won’t accept registration from the joint account.
      For the joint account,you can send a physical payeezz form. That should work.

  3. Hello Deepesh,
    Thanks for your blog.
    Maximum limit is ₹ 1 lakh per mandate per bank for e PayEezz registration.
    So,If SIP at ₹20k is going on,and auto debited from only one bank account,then ₹1 lakh would be utilized within 5 months.
    After 5 months,we will have to go for another ePayEezz mandate to keep SIP going from that only bank account as limit of ₹ 1 lakh gets over ?
    Thanks.

    1. Deepesh Raghaw

      Hi Dipak,
      The limit is per transaction.
      For instance, with PayEezz limit of Rs 1 lac, you can even initiate 15 (or even more) transactions of Rs 1 lac each on the same day.
      Hope this answers your query.

        1. Thanks for reply.
          1)So If we want to debit ₹ 2 lacs for lumpsum mode through ePayEezz mandate from the same bank for the same day,we would have to do 2 different transactions of ₹ 1 lakh each.
          But it is possible for the same day from the same bank account through ePayEezz mandate.
          Kindly correct me if my understanding is wrong.
          2)What about cumulative debit per day per bank ,
          Is there any limit if we have done it through ePayEezz mandate ?
          Thanks.

          1. Deepesh Raghaw

            1. Yes
            2. Technically, no limit. If your bank has a separate account limit, that is a different matter.

  4. Hello Dipesh,
    Thanks for your blog. Keep it up.
    1)My query about eCAN,
    Images of needed documents are needed to be uploaded in less than 500 kb in JPEG format on given link for eCAN registration as per mfutility website.
    Is it simply taking an image of documents and just upload it ,or like we have to use specific App to scan it and something like that ?
    Thanks.

  5. Hello Deepesh,
    Thanks for your blog. I have found article about e CAN very useful because you your self are using mfutility.

    My query is about ePayEezz .
    I have got online access to mfutility but I am not finding any option for ePayEezz registration under its menu.

    There is section ‘account profile’ but not an ‘account ‘section.My home page under mfutility is also totally different than what you have shown in your blog.

    Kindly tell Where should I find ePayEezz registration option ?

    Thanks.

    1. Hi Dipak,
      There is “Account” tab in the top bar. Screenshot is also provided in the e-mail.
      You will epayEezz option there.

      1. Thanks for your reply.
        But I do not find “account”tab in top bar.
        When I log in mfutility,some how I do not find top bar as well as “account ” section which is shown in this blog.
        What I find is I am showing you through your email .
        Kindly see it.
        Thanks.

          1. Thanks for reply.
            I am not trying on app.

            I am doing it through the same link (mfuonline.com) but on mobile as I don’t have desktop
            .Does it make difference ?
            Then what should I do for “ePayEezz registration “?
            Thanks.

          2. Deepesh Raghaw

            You are right, Dipak.
            The mobile site does not have Epayeezz registration option. Desktop and mobile sites are different.
            There are two options available to you.
            1. Get access to a desktop.
            2. On your mobile, do not open mobile site. There is an option in chrome browser (at the top right) where you can choose to open desktop site on mobile. I did that and could see ePayEezz registration option.

  6. Dear sir..
    Very informative n helpful blog. Thanks… I seek some clarification…
    1. After payeezz registration.. Is it also required to submit separate forms for SIP, STP, REDEEM,, SWP transactions or one time payeezz mandate is sufficient for above all transactions?
    2. My CAN is operative but it is without payeezz registration.. Is it allowed to invest through lump sum option..
    Request for your kind advice… Thanks

      1. Dear Mr. Deepesh..

        Thanks for your swift response. Reference to my above query (1), I got email from MFU Customer care wherein they specifically mentioned that..

        1) We wish to inform you that in order to register SIPs via MFU online transaction portal, the Payeezz Reference no. should be allotted to you. Please submit/dispatch a duly filled in form for PayEezz mandate registration to the nearest MFU POS – (Noted, its cleared)

        2) CAN Transaction Form (CTF)?
        Remarks: You can submit any CAN transaction forms (Purchase, Redemption, SIP, STP, SWP) forms to any nearest MFU POS.

        When they are asking for Payeezz Mandate (1) then, why they indicating CTF as well…

        Please advice…

        1. PayEezz is merely a mode of payment. You will need to enter PayEezz details in the CTF forms to facilitate payment for purchase of funds.
          Btw, CTFs are to be submitted if you are transacting using physical forms.
          If you are transacting online, you can simply select your Payeezz reg no. on the payment page.
          Would suggest you transact once. Everything will be clear.

          1. Dear Mr. Deepesh..
            It’s all cleared to me… Many Thanks!!
            1) One small clarification… I am an NRI and as per advised from Customer Care, I had opened NRO Account since Redemption of MF will not be allowed in my existing NRE Account,. – Please advise
            2) Further, by end of 2018, I will be returning back to India permanently. In that situation, what will be my Accounts status (i.e. after 1 year from return), I will be required to change the Account from NRO to local saving ? or the same account (no) will be automatically converted to saving account? – Please advise….
            ** Bit off-track from the main subject, Sorry for the inconvenience
            Thanks!!

          2. Deepesh Raghaw

            Hi Emaz,
            1. An investment made can NRO can be redeemed only into NRO account. An investment made from NRE account will be redeemed into NRE account. In the worst case (on AMC’s insistence), if you provide FIRC certificate or bank account statement showing transfer of funds to purchase units, the money can be credited directly to NRE account. Btw, not all AMCs ask for FIRC or bank statement. Many of my clients do this on a regular basis.
            2. You will have to change the account to a resident account, if you return permanently.

  7. Hi Mr. Deepesh..
    Hope, u r doing well. Seek you valued advise/guideline..
    15 days back I have submitted my Payeezz form through MF Utilities to HDFC bank. Today, I got a call from Branch manager who is not aware of such Mandate. I don’t understand, I have tried to give him the reference of MF Utl. as well as NACH etc. but he is not getting convinced,. Could you please advise how I should take-up this matter & what will be the base… Thanks!!

    1. Deepesh Raghaw

      Hi Emran,
      I am not sure if I got your question right.
      Did HDFC Bank decline to accept NACH mandate in favour of MFU? or they did not receive it?
      NACH mandates are quite common. MFU is not the only one who uses it.
      Write to customer care.

  8. While registering for ePayEezz, the flow has not asked for linking Aadhaar with the OTP method.
    The status is now “Send to Aggregator”.
    Can you let me know if anything wrong in the flow?

  9. Hello Deepesh,

    Suppose i have done payezz mandate from 01/01/2018 to 01/2019 then after 01/01/2019 do i need to again submit the payezz mandate form.

  10. I have canceled my SIP from MFU platform, But stll SIP amout gets debited from my bank account and the same transaction is its not shown in MFU site.
    Please help me for the above issue.

    1. Hi Valmik,
      Typically, one transaction goes through if you close the SIP too close to the SIP date.
      When did you cancel the SIP? What is the SIP date?
      In any case, you need not worry. Either you will get the units or you will get your money back. Wait for 5-7 days.

  11. Excellent article and even more excellent and precise answers ..

    I have one question if you could help with –

    1. I have 4 existing folio across 4 different AMCs running SIP,
    I have applied for MFU (e-can), but ePayEezz mandate is not yet completed. What will happen to my existing SIP?

    Will they continue through 4 AMCs or will they lapse since my folio’s has been migrated to MFU?

    1. Thanks Chetan!!!
      Please understand nothing gets migrated to MFU. Your existing investments only get mapped to CAN.
      If you have a SIP that you started from AMC website or any other investment portal, it will continue till expiry or till such time you cancel it.
      PayEezz is merely a mandate to debit your bank account. You can register as many bank mandates as you want.
      So, when you register PayEezz or ePayEezz, your older mandates don’t become invalid. That’s why your older SIP will also continue.

      Hope this answers your query.

  12. Sir, how can I extend my SIP from 7 years to 10 years in MF Utility? I already created a SIP for 7 years but my goal is changed & i need to extend it till 10 years.

    Also is there a way to increase the SIP amount (lets say from 2K monthly to 2.5K monthly) in MF Utility?

    1. Hi Sanjay,
      At present, you cannot extend SIP tenure in MFU. You can start a new one after 7 years.
      You cannot increase SIP either. However, you can start a new SIP of Rs. 500.

  13. what should I put in this tab “Perpetual Flag” while registering for ePayEezz. ?
    should I put “yes or “No”

  14. Hi Deepesh,

    Nice post. How to give SIP cancellation request. As per MFU request has to be given with bank only where as bank says we have to submit cancellation request to AMC only.

    How to go with it. If we redeem completely will that be cancelled automatically by next month.

    Thanks,
    – Praveen

  15. Hii Deepesh,
    First of all KUDOS for briefing and to clear the concepts to the beginners like me…
    My query is regarding the Investment i had made offline through broker is not reflecting in the MFU online portal,only the online the transactions is visible.So what could i do , is it the some serious stuff ?
    seeking for your guidance.

    Thanks in advance
    Regards
    Rahul

    1. Hi Rahul,
      Thanks!!!
      These things can happen. You can write to MFU and try to get this sorted out.
      Btw, so long as your investments appear in consolidated account statements from CAMS or Karvy sites, you should be quite fine.

  16. Dear Deepesh,

    Few month back ,I have purchased Equity fund through Net banking,
    Now is it possible to convert to SIP method (Payeezz) same mutual Fund
    Please advise me.

    Thanks
    Venkatesan

  17. The discussion was about SIP transaction debit from Savings accounts.
    What about effecting STP mandate from one Mutual Fund (say Debt) to Equity Fund, and vice versa, during Equity Fund creation, and during asset / portfolio balancing needs. How can this provision be made via ePayeezz mode… is this available now, or we have to route otherwise?

    1. Hi George,
      Payezz is merely used for auto-debiting your bank account.
      Any transaction such STP that does not require debiting your bank account does not need Payeezz.
      For rebalancing, if you redeem and the money comes to your bank account, then you may need Payeezz (or you can simply invest through net banking).
      If you are simply switching from X to Y fund from the same AMC, you don’t need Payeezz.
      Hope this answers.

  18. I just opened the MF Utility account by doing all the adventure in the process. Now, I have approved CAN.
    I want to register for payeezz mandate as I want to start SIP. I understood the process explained above for registering it online.

    When I go to ePayEezz registration on MFUtility site after login, I see below message:
    ”Note :Consequent to communication received from NPCI asking us to stop the e-NACH through e-sign process at MFU, we are constrained to discontinue ePayEezz immediately. Further, NPCI has also mandated that all ePayEezz registered between 26 Sept 2018 and 26 Nov 2018 will be cancelled by 15 February 2019. For these ePayEezz, necessary physical PayEezz form need to be submitted immediately. Feel free to call us on 91-22-61344316”

    What does it exactly mean? Is registering with ePayEezz via above online process in no more valid? If not, is there any alternative? Or we need to send physical form for same?

    Thanks in advance.

  19. Hello Deepesh,

    Thanks for your blog.

    I had applied for ePayEezz registration through MFU website. I got a message from MFU yesterday that your registration for ePayEezz has been rejected. When I checked in MFU website by ePayEezz status tracker it shows the status “Aggregator Rejected”. So to Whom should I contact to continue with this registration?
    My bank or MFU.

    Best Regards,
    Anoop

    1. Hi Anoop,
      This can happen.
      Please try a couple of times. If it still fails, you can raise your complaint in CenCOM.

      While the problem could be at bank’s end too, don’t expect any support from them.

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