ePayEezz is a facility offered by MF Utility (“MFU”) by which a CAN holder can register a PayEezz electronically through www.mfuonline.com (“MFU portal”). The CAN holder provides a standing instruction by electronic mode to any of the Bank registered under CAN, authorizing MFU to debit the said Bank account for future subscription transactions (Lump sum or SIP instalments).

ePayEezz allows you to register the PayEezz online without any physical submission of PayEezz form or Cheque. Apart from benefits of PayEezz viz. investment in Mutual Funds without issuing cheque or other payment instructions for every transaction, ePayEezz reduces the time-lines for mandate registration process.

CANs of Individuals held singly or by multiple holders with mode of holding “Single” or “Anyone or survivor” in CAN as well as Bank, having mobile number registered under Aadhaar and the Aadhaar linked to the Bank Account can register ePayEezz.

CAN held by a Minor and NRI cannot register ePayEezz.

It can be done through the facility DIP (Distributor Initiated PayEezz). Any distributor / RIA who has a login access in MFU can use DIP for their customer through MFU. The customer will receive an email with a link for completing the registration.

Yes.

1. Through DIP (Distributors / RIAs Initiated PayEezz) and approved by the CAN holder:
   ePayEezz can be registered by clicking on the tab ePayEezz Registration under TransactEezz menu in MFU portal and selecting / inputting necessary details. The CAN holder will be notified by email with link for completion of registration. On clicking the link, the CAN holder is required to enter the active Aadhaar Virtual ID in the pre-populated e-mandate form, OTP received on mobile number registered under Aadhaar and eSign the mandate.
2. Registered by the CAN Holders with mfuonline access:
   ePayEezz can be registered by clicking on the tab ePayEezz under account maintenance menu in MFU portal and selecting / inputting necessary details. Thereafter, the CAN holder is required to enter active Aadhaar Virtual ID in the pre-populated e-mandate form, OTP received on mobile number registered under Aadhaar and eSign the mandate.

Effective from 1st August 2018, it is necessary that the Aadhaar holder shall use the Virtual ID generated from UIDAI in place of Aadhaar Number. To know more about the Virtual ID, refer the relevant FAQ pages on UIDAI website. Click here to generate your Virtual ID.

The MFU system will list only those of your registered Bank Accounts that are member Banks in the NACH system for ePayEezz. The complete list of Banks in NACH system for e mandate is available at NPCI website.

Current maximum permissible limit is Rs. 1,00,000/- per mandate per Bank registered under CAN.

MFU does not charge for registration of ePayEezz. However, some Banks may levy charges for the same.

ePayEezz can be registered ONLY for a bank account which is registered under CAN. You may first register the Bank Account under CAN and thereafter register ePayEezz thereunder.

You can register as many ePayEezz as you can under a CAN.

Registration of ePayEezz takes around 5 business days.

A communication will be sent from MFU to the investor/distributor via email and/or SMS upon successful registration / rejection of the ePayEezz.

ePayEezz may be rejected if mode of operation is “Joint” for joint Bank Account holders, Aadhaar is not linked to your Bank Account, etc.

PRN is the unique mandate reference number allotted upon completion of ePayEezz registration.

The electronic mandate needs to be electronically signed by Digital Signature of the Aadhaar Holder as obtained from UIDAI. For the purpose, UIDAI has mandated the use of Virtual ID instead of Aadhaar number itself. Since no physical signatures are taken for ePayEezz, your mandate containing eSign is electronically verified by your Bank and the mandate is thereafter accepted or rejected as per your Bank's internal procedures.

To know more about the Virtual ID, refer the relevant FAQ pages on UIDAI website. Click here to generate your Virtual ID.

Aadhaar eSign is an online electronic signature service in India to facilitate an Aadhaar holder to digitally sign a document. The signature service is facilitated by authenticating the Aadhar holder via the Aadhar-based e-KYC (electronic Know Your Customer) service. To eSign a document, one has to have an Aadhaar card and a mobile number registered with Aadhaar.

Effective from 1st August 2018, it is necessary that the Aadhaar holder shall use the Virtual ID generated from UIDAI in place of Aadhaar Number. To know more about the Virtual ID, refer the relevant FAQ pages on UIDAI website. Click here to generate your Virtual ID.

ePayEezz can be cancelled or modified by the CAN holder by approaching his Bank and providing necessary instructions to the Bank alone. This mandate CANNOT be cancelled / modified through MFU.

In case the CAN holder instructs his bank to cancel the ePayEezz, CAN Holder should immediately inform MFU in this regard. Till MFU receives cancellation information, MFU would continue to present debit request to the banks. MFU shall not be responsible for any charges levied by the Bank in such cases.

Investors can start transacting using the ePayEezz soon after the PRN is provided.

All subscription transactions, both lump sum and SIP are enabled with ePayEezz.

The ePayEezz registration has to be completed separately and should be registered before SIP can be registered.

Aadhaar number with mobile number registered thereunder is mandatory for ePayEezz. The Aadhaar has to be also linked to the Bank Account which is intended to be debited as per the mandate.

PayEezz registration is made physically while ePayEezz is electronically registered. PayEezz has a maximum limit of Rs. 1 crore while ePayEezz has a limit of Rs. 1 lakh. Otherwise, there is no difference.