What is ePayEezz?

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.

What is the difference between PayEezz and ePayEezz?
  • PayEezz registration is done physically by submitting a physical form while ePayEezz is electronically registered.
  • 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.
Who can register for ePayEezz?

Individual investors, both RI (Resident Individual) and NRI (NRE and NRO) status in CAN and having NET banking or Debit Card facility activated with the bank account/s registered under CAN. Click here for the list of the banks offering Net-banking / debit card based authentication service.

ePayEezz facility is not available for investors with MoH as Joint and Non-Individual investors.

Are there any charges for registering ePayEezz?

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 submit any subscription transaction, including Lump Sum, SIP or Schedule Transaction / SPP using the registered ePayEezz.

What is the benefit of registering for 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/ Schedule Transaction / SPP subscriptions across the industry.

I have active SIPs, can I use a newly registered ePayEezz to pay for the SIP instalments?

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.

Do I need to register ePayEezz separately for each Fund Houses?

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.

Can I use the ePayEezz for making payments for lump sum subscriptions?

Yes. Once an ePayEezz is registered against a bank account under the CAN, the investor can use the same, to make payments towards Schedule Transaction / SPP, SIP instalments, and Lump Sum subscriptions.

How do I register for ePayEezz?
  • Investors can register for ePayEezz by logging into their MFU Account, under the Account Menu, select the ePayEezz Registration tab. Thereafter it is user friendly navigation through NPCI website seeking necessary 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.
Within how many days will the ePayEezz be registered?

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.

What is PayEezz Reference Number (PRN)?

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

When can I start transacting using the ePayEezz facility for payment?

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.

What are the various transactions that I can use ePayEezz for payment?

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

On which bank accounts can I register for ePayEezz?

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.

How many ePayEezz can be registered in a CAN?

Investors do want to register multiple ePayEezz, so that different bank accounts, different accounts with the same bank, different limits, or different validity periods to be used as per their convenience.

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

How will I know whether a bank is participating in eNACH for ePayEezz facility?

MFU publishes the list of banks available on the eNACH services of NPCI. Click here for a list of the banks where the services are available for ePayEezz facility.

Alternatively investors can also check on the NPCI website.

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

Current maximum permissible limit is Rs. 1,00,00,000/- (Rs. 1 Crore) per mandate.

How to make payments using ePayEezz?

ePayEezz can be used to make payments for Lump Sum, SIP or Schedule Transaction / SPP transactions by selecting the Payment Mode as “PayEezz”.

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

What will be NAV applicable for transaction submitted using ePayEezz facility?

ePayEezz can be used to make payments for Lump Sum, SIP or Schedule Transaction / SPP transactions by selecting the Payment Mode as “PayEezz”.

As per the SEBI circular SEBI/HO/IMD/DF2/CIR/P/2020/175 dated September 17, 2020 applicability of NAV is based on the time of credit into Mutual Fund account. To know more about the efficiency of various payment modes for Lumpsum / SIP.

What should be the maximum duration of ePayEezz mandate?

As per NPCI circular no 008, the maximum duration of ePayEezz should be 30 years from the mandate start date. Mandate exceeding 30 years is liable for rejection.

Is ePayEezz End date mandatory?

Yes, ePayEezz End date is mandatory and if not mentioned is liable for rejection.

What will happen to ePayEezz registered prior to 30th September 2023 with Perpetual or Until Cancelled option?

No impact on the ePayEezz registered prior to aforesaid period with Perpetual or Until Cancelled option.

System Downtime Due to Scheduled Database Maintenance From 12th July 2024 23:00 Hrs till 13th July 2024 02:00 Hrs***With a view to improve performance and enhance the high availability of MFU System, it has been decided that transactions older than the previous Financial Year i.e., transaction data prior to 1st April 2022 will be archived on 18th April 2023. * * * “If you have any dispute against a listed company and or its Registrar and Share Transfer Agent (RTA) on delay or default in processing your request, as per SEBI circular dated 30.05.2022, you can file for arbitration with Stock Exchange.” For more details, please see the web links of the stock exchanges: BSE - http://tiny.cc/m1l2vz NSE – http://tiny.cc/s1l2vz * * * Please ensure to validate your Nomination Details registered under CAN. Click here to complete the validation if not already done. * * * Please ensure to verify your Contact Details registered under CAN. Click here to complete the verification if not already done. * * * Check out the Videos about MFU and the features offered. * * * Explore the new and improved Schedule Transactions feature using which you can register a Scheduled Purchase Plan (SPP), Scheduled Redemption Plan (SRP) and Scheduled Switch Plan (SSP) * * * Download the MFU Mobile App Distributor Mobile App goMF available for Android and IoS * * * Use the Connect menu on the top menu bar to lodge a Complaint / Query / Feedback. * * * MPIN / Touch ID based authentication is now enabled on the goMF app. Please update the App to start using this feature.