This mandate registration will be submitted through National Automated Clearing House (NACH) which is implemented by the National Payments Corporation of India (NPCI). For certain banks, the registration may not be through NPCI, as the processes for such banks may or may not be a part of the e-Nach ecosystem. For the purpose of this Terms & Conditions, wherever the context so mentions “I”, “Me”, "Client", "You", "Your", "We", "Us", or "Our", it shall mean any natural or legal person, who has agreed to login via his/her Netbanking or Debit Card credentials, through his/her choice of Bank, agree and execute the e-Nach Mandate and thus agree to this Terms and Conditions which regulate the terms of usage of the Mandate created, while using the platform.
The maximum amount which can be selected to be debited via the e-Nach mandate by You is dependent on the bank chosen by you. Each bank, and each type of account held by You in such bank, may have a different maximum eligible amount that can be debited via an e-Nach Mandate. In case, you do not have sufficient funds in your Bank Account to meet the NACH Mandate auto debit requirements, please make sure to delete such standing instruction prior to the scheduled date of debit, and create a fresh e-Nach transaction instruction later on as per Your convenience.Please ensure that sufficient funds remain in Your Bank Account at the time of collection, at all times, to avoid any legal or procedural consequences as per NPCI & RBI Guidelines. This e-Nach Mandate is an auto debit authorization from You to Your service organisation, to debit funds from Your Bank Account. This facility shall be offered to all, who have bank accounts at banks registered/partnered with NPCI (National Payments Corporation of India) offering such services of creating ECS mandates. The list of banks offering such services shall be updated on NPCI’s website (www.npci.org.in) from time to time. The list of banks registered/partnered with NPCI may be modified/changed at any time, at the sole discretion of NPCI, without assigning any reason whatsoever. We may also from time to time modify/change the list of banks offering e-Nach Mandate creation services, in case of any operational inconveniences. In any such cases where we have modified the list of banks offering NACH Mandate services on our platform, we shall notify clients of the same. Any standing instructions /scheduled payments for all such clients using banks which have been removed by NPCI shall have all their existing standing instructions discontinued with immediate effect. Banks may reject any e-Nach Mandate based on their own validations and internal procedures, which is not at our control. We are not liable to communicate or for any consequential claims or complaints with respect to such rejections. This e-Nach Mandate is be linked/created only to/with your Bank Account that is linked by you. This e-Nach Mandate shall be confirmed and registered at the Bank’s end. You have the option to cancel the e-Nach Mandate, at any time by requesting your Bank with which you hold your Bank Account. This process may differ from bank to bank, and you would have to contact your Bank’s support team where you hold your Bank Account. In case of any modifications, cancellation of requests with respect to Your scheduled payments or standing instructions, You would have to send any such modification/cancellation requests 4 Working Days (i.e. T-4 Days: If you would like to cancel your e-Nach Mandate on 27th June, then you would require to place a modification/cancellation request on 23rd June) prior, before 11PM to your bank or Your mandate acquired organisation. In case an e-Nach Mandate created by You is not successfully created within 5 days from such request, a new e-Nach Mandate would be initiated on Your behalf. As in certain cases, with certain banks, e-Nach Mandates may take longer than 7-10 days to create, a new e-Nach Mandate would be created on your behalf after the 5th day from your initial request of a Mandate creation. In case there are 2 such Mandates running in any such case, whichever Mandate is accepted and created by Your bank first, will be the successfully created e-Nach Mandate linked to your Bank Account.
All clients agree to these terms, conditions, usage and registration of the e-Nach Mandate using their NetBanking login or Debit Card Login voluntarily, in case they wish to use the services of the e-Nach Mandate. Their Aadhaar will have to be registered with their Bank Account in order to successfully create an e-Nach Mandate. Payments made through e-Nach Mandate is only an alternative method of payment from Your Bank Account.
All clients using the services of creating such an e-Nach mandate clearly acknowledge that: In case of insufficient funds in your Bank Account during a particular scheduled debit/standing instruction of an e-Nach Mandate created by you, it may result in a dispute as prescribed in The Payment And Settlement Systems Act, 2007. Any punishments or penalties as per Clause 5 will be applicable to all Clients not maintaining sufficient funds in their Bank Account during any scheduled payment or standing instruction. Any such maintenance of insufficient balance during such scheduled debit, may lead to a deduction or negative credit rating score & your bank may report the same towards credit information companies as prescribed by RBI. Please make sure to maintain sufficient credit balance in Your Bank Account OR delete any particular standing instruction/’s, in case you do not have sufficient funds in your Bank Account, before your scheduled payment date. A new Mandate would have to be created after the deletion of an existing Mandate, in order to continue using the scheduled payment/standing order feature. This mandate is given by You for payments to be made towards any and all products and services received. Since I/we are agreeing to participate in this payment mechanism, I/we are submitting this e-Nach Mandate in the format prescribed.
In case of insufficient funds in your Bank Account during a particular scheduled debit/standing instruction of an e-Nach Mandate created by you, it may result in a dispute as prescribed in The Payment And Settlement Systems Act, 2007. Having insufficient funds in your linked Bank Account during a scheduled auto debit would lead to various legal consequences. As per Section 25 (5) of The Payment And Settlement Systems Act, 2007, non-execution of electronic fund transfers due to insufficiency of funds shall have the same consequences of “Dishonour of cheque for insufficiency, etc., of funds in the account” as per Section 138 under Chapter XVII of the Negotiable Instruments Act, 1881. As all Banks and NBFC are required to become a member of all the Credit Information Companies as directed by RBI under RBI Circular RBI/2014-2015/405 DBR.No.CID.BC.60/20.16.056/2014-15, and upload data with respect to credit information, any non-execution of electronic fund transfers due to insufficiency of funds may be required to be uploaded by all such Banks and NBFCs. Therefore, in case of any upload of Client credit information data with respect to insufficiency of funds would affect the Client’s credit score unfavourably. Please make sure to maintain sufficient credit balance in Your Bank Account OR delete any particular standing instruction/’s, in case you do not have sufficient funds in your Bank Account, before your scheduled payment date. A new Mandate would have to be created after the deletion of an existing Mandate, in order to continue using the scheduled payment/standing order feature.
All such mandate registrations shall be made and processed by following the below provisions and guidelines in mind: Electronic Clearing Service (“ECS”) Procedural Guidelines - ECS Debit - prescribed by Reserve Bank of India (RBI) dated June 30, 2015. All such related notifications, rules, guidelines, circulars issued by RBI shall be applicable to all mandate registrations created. For ease of reference, please do refer to the FAQ on ECS issued by RBI (https://rbi.org.in/Scripts/FAQView.aspx?Id=55). National Automated Clearing House (“NACH”) Procedural Guidelines.V.3 issued by National Payments Corporation of India (“NPCI”), i.e. the umbrella organization for all retail payments in India. The Payment And Settlement Systems Act, 2007, which is an Act to provide for the regulation and supervision of payment systems in India and to designate the Reserve Bank of India as the authority for that purpose and for matters connected therewith or incidental thereto. All such other Laws applicable to the Republic of India.
I agree for the debit of mandate processing charges by bank whom I am authorizing to debit my account as per the latest schedule of charges of bank.
This is to confirm that the declaration has been carefully read, understood and made by me/ us.
I am authorizing the User entity/ Corporate to debit my account, based on the instruction as agreed and authorized by me.
I have understood that I am authorized to cancel/ amend this mandate by appropriately communicating the cancellation/ amendment request to user entity/ Corporate or the bank where I have authorized the debit.
