Frequently Asked Questions

ePayEezz FAQs

  • What is ePayEezz?

    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).

  • What is the benefit of registering under ePayEezz?

    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.

  • Who can register under ePayEezz?

    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.

  • Can a Distributor initiate ePayEezz registration for a CAN holder?

    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.

  • If investor got a login access through DIL, can the investor register ePayEezz directly?

    Yes.

  • How can I register for ePayEezz?

    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 Aadhaar in the 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 Aadhaar in the populated e-mandate form, OTP received on mobile number registered under Aadhaar and eSign the mandate.
  • How will I know whether a bank is participating in eNACH for ePayEezz facility?

    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.

  • What is the maximum amount limit that can be set under ePayEezz?

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

  • Are there any charges for registering ePayEezz under CAN?

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

  • Can I register ePayEezz for my bank account which is not registered under CAN?

    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.

  • How many ePayEezz can be registered in a CAN?

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

  • Within how many days will the ePayEezz be registered?

    Registration of ePayEezz takes around 5 business days.

  • How will the investor/distributor come to know about the successful registration of ePayEezz?

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

  • Will the ePayEezz registration be rejected for any reason?

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

  • What is PayEezz Reference Number (PRN)?

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

  • Why should I share my Aadhaar while registering ePayEezz?

    The electronic mandate needs to be electronically signed by Digital Signature obtained from UIDAI, quoting the Aadhaar number. Since no physical signatures are taken for ePayEezz, your mandate containing eSign is verified by your Bank and the mandate is thereafter accepted or rejected as per your Banks internal procedures.

  • What is eSign?

    eSign Electronic Signature Service is an initiative by Govt. of India for allowing easy, efficient and secure signing of electronic documents by authenticating signer using UIDAI. Any Aadhaar holder can digitally sign an electronic document without having to obtain a physical digital signature certificate on the crypto device or dongle.

  • Can we cancel/modify the ePayEezz and what is the process?

    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.

  • When can the investor start transacting using the ePayEezz facility for payment?

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

  • What are the various transactions that an investor can use ePayEezz for payment?

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

  • Can I register ePayEezz along with SIP registration transactions?

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

  • I do not have Aadhaar Number can I register for ePayEezz?

    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.

  • What is the difference between PayEezz and ePayEezz?

    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.