Finally, you can start your SIPs completely online on Unovest via MFU. The bank mandate PayEezz can now be registered online with no paperwork, no courier(s), no waiting, no follow ups. Here is how you can do your own ePayEezz.
(Update Nov 2018: The online payeezz registration via Aadhar has been discontinued. You can download the form for manual registration via this link.)
If you have been investing through MFU or Unovest, one of the difficulties you have faced is registering the PayEezz bank debit mandate for your SIPs. It was a paper led process and resulted in unimaginable issues of form filling, signature mismatch, winding through an unseen bureaucracy with a terrible wastage of time. At the end of it, several mandates got rejected too. It was just not like 2018.
Finally, it has changed.
Beginning today, that is March 15, 2018, you and I can now register our PayEezz bank mandates completely online through MFU, using Aadhar based eSign authentication.
In fact, I just registered my own PayEezz mandate online.
ePayeezz mandate for starting your SIPs online.
Let’s understand some requirements first.
- Only Resident Individuals with Single or Anyone / Survivor mode of holding in CAN and the bank account can use this online registration facility. (Minors and NRIs can’t do it.)
- The bank which you want to register the PayEezz mandate for should already be registered with your CAN.
- The maximum transaction limit amount that you can set for this online registration is Rs. 1 lakh. This means that if you set a limit of Rs. 50,000, then you cannot do a transaction using PayEezz, which is more than Rs. 50,000. However, you can do 3 transactions of Rs. 15,000 each in one go. Or, you can do 10 different transactions of Rs. 50,000 each.
- You need to have mobile number registered under Aadhar and the Aadhar linked to the bank account.
To register an ePayEezz, you need a Common Account Number or a CAN first. To create a CAN online, read this note.
Register your ePayEezz mandate for SIPs
You can initiate your ePayEezz mandate registration either your own login via MFU or if your advisor/distributor has MFU access, they can initiate a mandate registration for you.
If you have a Unovest account and are one of our premium customers, we will be happy to initiate the ePayEezz registration for you.
Once we initiate the registration, you will receive an email and SMS with details of the registration. This includes
- Your CAN or Common Account Number,
- Bank on which the registration is to be made,
- Maximum amount of registration,
- Validity of the registration (fixed time period or perpetual).
You accept this form post which you are redirected to a new page where you enter your Aadhar number for eSign.
Once you submit, you are then taken to a page on NSDL where you agree to eSign and receive an OTP (one time password).
Enter the OTP and eSign.
That’s it. You now receive a confirmation message.
I can’t tell how happy I felt when I saw this screen for my own registration. Quick and fast.
I am told, in a few days, I will receive my PayEezz Registration Number or PRN. As soon as I get this, I can start using it to start SIPs online with MFU / Unovest.
There are no charges by MFU or Unovest for PayEezz registration. You can register as many ePayEezz mandates as you want under your CAN. Just check with your bank, in case they are levying any additional charges.
So, get online, get ePayEezz.
For more FAQs on ePayEezz, click here.
Why should you do a paper based PayEezz? One of the big difference is that the offline PayEezz allows you to set a higher transaction amount limit, upto Rs. 1 crore. Otherwise, everything else is the same.
Please note: MFU and Unovest are 2 different entities and not related to each other. Unovest uses MFU infrastructure at its backend to offer the online transaction facility in direct plans of mutual funds.