Should not your salary day be a happy day for you but instead comes with worries of paying and managing all monthly payments or the fear of missing the payment date and incurring a fine.
Now leave that worry behind, we will take care of it all.
We are glad to announce that we have enabled Recurring Payments services for our customers.
With our Recurring Payments services you can now automate all your monthly payments like SIP deductions, EMIs, Loan Premium payments, rent, utility bills etc., so that you can sit back and relax.
There are two types of Recurring Payments to suit your need:
NACH Mandate Based Payments
Let us tell you more about each of them.
What is Automatic Payments?
Automatic Payments is a feature through which you can automate your monthly payments of a fixed amount which will be debited from your account on a fixed date.
You can use this service for paying your rent, Bank Loans or sending money to any beneficiary on a frequent basis.
How can you set up a Automatic Payments?
This service can easily be activated by going to Automatic Payments tab under the Bank section on your Paytm App.
Also, on a particular month if you do not have the balance for the scheduled payment then you can easily pause the payment for that month and re-enable it again for the upcoming month.
You only need to ensure that Pausing, Re-enabling or Deleting a Standing Instruction is done before the payment date.
What is NACH Mandate Based Payments?
NACH is a web based solution enabled by National Payments Corporation of India (NPCI)for promoting interbank, high volume, online transactions which are repetitive and periodic in nature.
Through NACH Mandate Based Payments it becomes easier for service providers and users to handle recurring payments which may or may not be a fixed amount like SIP deductions, EMIs, Insurance/Loan Premium payments, utility/credit card bills, etc.
Based on the amount, frequency and duration selected by you, the particular payment will be deducted from your bank account automatically with no requirement of manual tracking. Let us take you through the benefits of this service.
For Service Providers:
- Ease of collection and reconciliation
- Less operational cost
- Faster debit realization
- No cost EMI payments
- Safe and secure transactions between service providers and banks
- Less paperwork and faster processing
How can you set up a NACH Mandate Based Payments?
- To setup an e-mandate, you need to visit the service provider’s website/app (Paytm Money, KreditBee, etc)
- The service provider will re-direct you to a list of banks to choose from
- You will need to select Paytm Bank and enter your Paytm Bank netbanking credentials for authorization
- Once authorized, the mandate will be processed successfully and the required amount will be auto-debited from your bank account at a desired frequency
- You can also setup a physical mandate for which you will have to sign and upload the mandate form (shown below) on the service provider’s website/app as a part of mandate authorization
- Once the mandate has been uploaded, you will receive a notification on your Paytm App which will ask you to approve the mandate using your passcode
- Post approval, the mandate will be processed successfully and the required amount will be auto-debited from your bank account at a desired frequency
You can view all your mandate (Physical and Electronic) details in the “NACH Mandate” section on your Paytm app which will be visible after you have successfully set up a mandate.
So, confused about which facility will suit your needs better? Here is a comparison between Automatic Payments and NACH Mandate Based Payments:
Now that you know about both Recurring Payments, ensure you set up what best suits your requirement.
All you need to do is just set it up and never go through the worry of missing any payment.
Read this Blog in Hindi