Frequently Asked Questions

SwapPayEezz FAQs

  • What is SwapPayEezz?

    It is a facility provided by MFU for investors to swap their existing PayEezz with another active PayEezz mandate.

  • Will this facility be available on my MFU log-in page?

    Yes. This facility has been made available on the MFU Portal for both investors having online access and for the Distributors / RIAs to initiate on behalf of their customers.

  • Why MFU has deactivated ePayEezz facility?

    Pursuant to the Supreme Court judgement, NPCI has discontinued the Aadhaar based eNACH facility. NPCI circular on the subject also states that such Aadhaar based ePayEezz registered on or after 25th September, 2018 shall not be honoured by the member banks after 15th February 2019. So, such ePayEezz mandates will cease to be valid for presentment after the said date.

  • What will happen to my existing SIP/s registered via ePayEezz mode?

    The existing SIPs registered via impacted ePayEezz would continue until Feb 5th. Thereafter no instalments will be triggered. However, if the ePayEezz is swapped before that into another mandate, then the existing SIPs shall continue uninterrupted. The swap should be done atleast eight calendar days before the instalment date.

  • What are the steps / procedure to use SwapPayEezz facility?

    The investor needs to login to his/her Dashboard and click the option “symbol” provided against each GORN of the eligible SIP registration in the Systematic Order Book.

  • What is the last date to avail SwapPayEezz facility?

    There is no defined last date as it is a continuous facility being offered to investors who want to swap their mandates. However, to ensure that the existing SIPs that are linked to such impacted ePayEezz continue uninterrupted, investors should do the swap before Feb 5th.

  • Will I get any notification from MFU after completing SwapPayEezz procedure?

    Yes. After the investor completes his/her SwapPayEezz, a notification email/SMS would be triggered to the investor as a confirmation.

  • Will it be applicable for all CAN based SIP/s registered via physical PayEezz and ePayEezz mode?

    SwapPayEezz can be used to swap Physical PayEezz or ePayEezz mandate for an active SIP registered on or after 1st October 2017.

  • Can I change my bank details / SIP amount / frequency of an active CAN based SIP order?

    No, SIP does not offer the flexibility to change the SIP amount or frequency. Instead investors can examine the CaST product offered by MFU.

  • If my SIP due date is 25th January 2019, then what will be the last date to link new PRN to existing SIP order/s to execute the scheduled debit smoothly?

    The existing SIPs registered via impacted ePayEezz would continue until Feb 5th. Thereafter no instalments will be triggered. So it is necessary that the swap should be done atleast eight calendar days before the instalment date.