ePayEezz is a facility offered by MF Utility (“MFU”) by which an investor can register PayEezz electronically through www.mfuonline.com (“MFU portal”). The investor provides a one time instruction by electronic mode to their CAN registered bank thereby authorizing MFU to debit the said Bank account for future subscription transactions.

• PayEezz registration is done physically by submitting a physical form while ePayEezz is electronically registered.
• PayEezz has a maximum limit of Rs. 1 crore while ePayEezz has a maximum limit of Rs. 10 lakh.
• ePayEezz is restricted to the banks offered by NPCI, while physical PayEezz can be registered for all the banks.
• Registration for ePayEezz is 3-4 working days while for physical PayEezz it is 30 days.

Individual investors, both RI (Resident Individual) and NRI (NRE and NRO) status in CAN and having NET banking or facility in the bank/s offered.

ePayEezz facility is not available for Non-Individual investors.

MFU is a Not-For-Profit Company and offers its services to investors completely free. MFU does not charge for registration of ePayEezz. However, some Banks may levy charges on the customer for Registration / Transaction.

Furthermore, MFU does not charge the investor, whenever they transact any subscription transaction, including Lump Sum, SIP or CaST using the registered ePayEezz.

ePayEezz is a One Time One Place payment mandate from MFU.

The investor needs to give the mandate one time, rather than submitting in every fund house where they want to invest. As ePayEezz is registered with MFU, the same mandate can be used to make payments for Lump Sum/SIP/CaST subscriptions across the industry.

A newly registered ePayEezz can be used to make payments for the existing SIPs that have been running before the ePayEezz was registered. This is facilitated by MFU through the Swap PayEezz facility available on the MFU Portal.

It is a convenient feature, whereby the investor can select the existing PayEezz registered in their CAN and swap it with the newly registered ePayEezz.

MFU operates on the principle of Aggregation to offer convenience of transaction execution to the mutual fund investor. The same principle is applied even in the case of ePayEezz.

Once an ePayEezz is registered with MFU, then it can be used to make payments for investing across the industry. There would be no need to register separate payment mandates for each Fund House.

Yes. Once an ePayEezz is registered on the CAN, the investor can use the same, to make payments towards CaST, SIP instalments, and Lump Sum subscriptions.

• Investors can register for ePayEezz by logging into their MFU Account, under the Account Maintenance Menu, select the ePayEezz tab. Thereafter it is user friendly navigation through NPCI website seeking necessary banking details that can be completed in a matter of minutes.
• Distributors/RIAs can initiate registration for ePayEezz on behalf of their investors. On the TransactEezz Menu, need to select the ePayEezz Registration tab. Some basic details need to be filled in by the Distributor/RIA. MFU will notify the investor via email & SMS who would be required to click on the link which will then take them forward to complete the registration via payment aggregator / NPCI website.

The time limit stipulated by National Payments Corporation of India is 72 hours for each of the Bank in NACH system i.e. destination Bank (Customers Banks) and the Sponsor Bank (Transaction /Mandate originating Bank) for processing the mandate.

However, the actual turnaround time may vary.

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

The PRN would be notified on the MFU Dashboard. There is a tracker for the ePayEezz under the Status Menu, which will show the current status. Investors are also notified via email upon successful registration.

In case of distributor initiated PayEezz, we do send a daily communication containing the list of PayEezz that were approved during the previous day.

Thereafter the investor can start using ePayEezz for making payments for subscription transactions.

An ePayEezz once registered can be used for making payments against any subscription such as Lump Sum purchase, CaST, SIP, across any fund house on the MFU Portal.

An ePayEezz can be registered only on the bank accounts that are registered in the CAN and such CAN registered banks are offered / by NPCI.

Investors do want to register multiple ePayEezz, so that different bank accounts, pr different accounts with the same bank, different limits, or different validity periods are used to make different kind of investment payments.

We at MFU do understand the varied needs and have not put any limit on the number of ePayEezz mandates an investor can register.

MFU publishes the list of banks available on the eNACH services of NPCI. Presently the following banks are available, (KOTAK MAHINDRA BANK, YES BANK, IDFC BANK, AXIS BANK, CENTRAL BANK OF INDIA, BANK OF BARODA, PUNJAB NATIONAL BANK, INDUSIND BANK, ICICI BANK, UJJIVAN SMALL FINANCE BANK, TAMILNADU MERCANTILE BANK, HDFC BANK, INDIAN OVERSEAS BANK, RBL BANK, BANK OF MAHARASHTRA, DEUTSCHE BANK, PAYTM PAYMENTS BANK, CITY UNION BANK, FEDERAL BANK and EQUITAS SMALL FINANCE BANK, ANDHRA BANK, KARNATAKA BANK, STANDARD CHARTERED BANK, STATE BANK OF INDIA, UNION BANK OF INDIA, DHANALAXMI BANK, ORIENTAL BANK OF COMMERCE, COSMOS CO-OPERATIVE BANK, SOUTH INDIAN BANK, HSBC)

Furthermore, MFU will only offer the eligible banks for ePayEezz Registrations Alternatively investors can also check on the NPCI website.

Current maximum permissible limit is Rs. 10,00,000/- (Rs. 10 Lakh) per mandate.

ePayEezz can be used to make payments for Lump Sum, SIP or CaST transactions by selecting the Payment Mode as “ePayEezz”.

Also, a newly registered ePayEezz can be used to make payments for an already active SIP by using the SWAP PayEezz facility.