What is PayEezz?
PayEezz is a facility offered by MFU under which an investor can register a mandate ONE-TIME through which the investor provides a standing instruction to his banker authorizing MF Utility to debit his account for any future subscription transactions (Lump sum or SIP).
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 MFU 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.
How can I register for PayEezz?
PayEezz can be registered by submitting the PayEezz form at the time of CAN creation. For existing CANs PayEezz registration form can be submitted separately or along with subsequent SIP registration transaction.
What are the documents required to be submitted along with the PayEezz form?
For registering PayEezz along with the CAN Registration, no additional documents are required. Where PayEezz is registered under an existing CAN, investors should submit a cancelled cheque (or a self-attested photocopy) with the name and 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?
Registration under PayEezz is FREE OF COST at MFU. However, some banks may charge the customer for registration at the banks end.
How many PayEezz registrations can be made under a CAN?
Investors can have as many PayEezz registrations as they wish under a CAN.
Can I give a PayEezz for my bank account which is not registered under CAN?
PayEezz can be registered ONLY in a bank account which is registered under a CAN.
How do I fill the PayEezz form?
Please click here to view the instructions to fill the PayEezz form.
Where should the PayEezz form be submitted?
The PayEezz form can be submitted to your distributor /RIA or at any of the MFU Point of Service (POS). To know the details of the MFU POS nearest to you, please click here.
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 a PayEezz Reference Number (PRN)?
PRN 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.
I have registered for PayEezz and got a PRN also. However, I have forgotten the PRN. How do I transact now using the PayEezz facility?
You may call us at our Customer Care at +91 22 6134 4316 or write to firstname.lastname@example.org from your registered email ID and we shall provide you the PRN after necessary verification.
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.
Can I register a PayEezz along with SIP registration transactions?
The PayEezz can be submitted along with the SIP registration and the 1st instalment will be processed ONLY upon successful registration of PayEezz. Since the registration of PayEezz may take between 15-30 days, there should be a gap of at least 30 days between the date of submission and the 1st instalment.
Is current dated cheque mandatory for a SIP registration submitted with PayEezz?
No. There is no requirement of current dated cheque while registering SIP with PayEezz. The 1st instalment will start after registration of PayEezz mandate as mentioned earlier. However, in case the investor is desirous of having the 1st instalment to be processed on the date of submission, a cheque can be submitted.
How do I make payment through PayEezz?
Investors should select ‘PayEezz’ as the payment mode and quote the relevant PayEezz Reference Number (PRN) received from MFU in the “Payment Reference Number” field.
The transaction form does not have a provision to choose PayEezz for payment. What should I do?
You might be using an Old form. You can write the PayEezz as the payment type and mention the PRN in the space provided for “Payment Reference Number” in the transaction form. Alternately, you can download the latest transaction form from our website.
What will be NAV applicable for transaction submitted using PayEezz facility?
All current rules with regard to NAV applicability will apply for the transactions using PayEezz facility.
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. In addition, the cumulative debits in a day cannot exceed the maximum limit mentioned in the PayEezz mandate.
Once a PayEezz is registered, is it mandatory for a customer only to choose PayEezz as payment or can he invest through other payment modes also?
The investor can make the payment through any other available payment modes even though a PayEezz is registered.
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.
What is the significance of ARN in the PayEezz form?
A communication about the successful registration of the PayEezz will be sent to the distributor whose ARN is stamped in the PayEezz form.
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.
How many SIPs can I register using the PayEezz facility?
Once a PayEezz is successfully registered and the PRN is communicated by MFU, the investors are free to register any number of SIPs quoting the same PRN. However, investors/distributors/RIAs should note that the cumulative debits in a day cannot exceed the maximum limit mentioned in the PayEezz mandate.
Do I need to submit a cancelled cheque with every SIP registration if I use PayEezz for payment?
There is no need to submit a cancelled cheque for SIP registrations using PayEezz.
We have already submitted Mandate Registration Forms during SIP registrations. Do we need to again submit PayEezz forms?
MFU endeavors to get all the existing mandates converted to PayEezz. After successful conversion, MFU will communicate the same to the investor/distributors. Subsequently, the investors can submit fresh investments or further SIP registrations using the PayEezz facility. However, a fresh PayEezz or a modification request will have to be submitted if the investor wants to increase the amount limit.