Definition
A one-time mandate is a pre-approved instruction that allows automatic debit of a specified amount only once on a chosen date. Unlike recurring mandates, it is valid for a single payment only.
Examples
- Auto-debit of exam fees.
- Single insurance premium payment.
- Booking confirmation fees.
Importance
- Ensures timely payments without reminders.
- Reduces chances of missing deadlines.
- Useful for large one-time transactions.
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