Battle of Payment Titans: Nach vs E-Nach vs UPI Autopay

Imagine a world where investing in mutual funds becomes effortless, with money seamlessly debited from your account, leaving you worry-free. It’s a dream every investor yearns for!

However, in today’s landscape, choosing the right payment mode and understanding its merits and demerits can be perplexing.

But fret not! Sit back, relax, and allow us to take you on an engaging journey where we demystify these payment modes, ensuring you make informed investment decisions.

Brace yourself for a whirlwind of excitement as we unveil the secrets behind these extraordinary methods of authorizing your bank to electronically debit your account. Get ready to rewrite the rulebook and embrace a new era of financial empowerment!

Let us first attempt to comprehend each of these payment methods separately.

Curious about UPI Automatic Investment?

It’s time to discover the power of seamless payments with UPI Automatic.

UPI Automatic Payment is a brilliant initiative launched by the National Payments Corporation of India (NPCI) that allows its customers to make recurring payments using UPI-linked bank accounts.

Prepare to be dazzled by the extraordinary world of UPI Automatic Payment, where simplicity reigns supreme. With just a flick of your UPI PIN, recurring payments become a breeze, effortlessly deducted from your account without any additional effort on your part.

Get ready to embark on an adventure of convenience and flexibility as we unveil the fascinating capabilities of UPI Automatic Payment. Whether it’s weekly, monthly, or even as-presented frequency, the power to pause or revoke automatic payments rests in the palm of your hand, granting you unprecedented control over your financial journey.

To know more about Autopay, please watch the video :

Wow, that’s really cool! Setting this up looks simple.

But first, please explain what mandates are and how physical and electronic mandates (E-mandates & P-mandates) differ from one another.

Unleash the Power of E-Mandates: Say Goodbye to Worries with Seamless SIPs!

A mandate is simply a standing instruction that you give either to your issuing bank or other institutions to debit money automatically. E-mandate is the process of setting up the mandate through a debit card or net banking authorization and requires no paperwork. E-mandate is the same thing that is sometimes referred to as E-Nach.

Once you set up an e-mandate and link it to your existing SIPs, all of them will be executed seamlessly on the dates you set up without you having to check them. No more sleepless nights or constant monitoring is required; sit back, relax, and witness the magic unfold as your investment dreams come true.

How do I register for e-mandate through Paytm Money?

You can set up an e-mandate in the Direct MF tab under Setup Autopay. Registration can be done either through your net banking or debit card credentials. There is no cost that Paytm Money will charge you for setting up an e-mandate.

You can refer to our previous blog where we have given a step by step Guide on avoiding ECS Charges: Avoid draining funds with ECS charges!

P-Mandate: Unveiling the Mystical Bond Between You & Your Bank

NACH or P-Mandate refers to the written authorization provided by the customer to their bank for the bank to debit their account electronically through NACH. This is in contrast to E-Mandate, where the customer authorizes the bank to debit their account electronically without requiring a physical form or signature.

When your bank does not support E-Mandates or you do not have Net Banking credentials or a Debit Card, you must register for a P-Mandate. You can check with your registered bank to see if they allow E-Mandate setup.

Does Paytm Money support P-Mandate ?

Yes, we do. In case your bank doesn’t support E-Mandate set up, you will get a physical form on your registered mail after you register for a P-Mandate which you would have to fill out and upload on Paytm Money.

But how do I choose between these three options?

Note: Please keep in mind that Paytm Money will never charge you a fee if you set up an autopay on our platform.

To Sum It Up

Irrespective of the payment mode you choose, once you link your SIP to Autopay Mandates, you allow automatic payments without the need for manual intervention or reminders.
Benefits that Mandate Payment offers you are:

1. Convenience: AutoPay mandates eliminate the need for manual payments, reminders, and follow-ups, providing convenience and saving time for customers.
2. Timely payments: With AutoPay mandates, payments are made automatically on the due date, ensuring timely payments and avoiding late fees or penalties.
3. Cost-effective: There are no charges linked to Autopay mandates transactions
4. Reduced risk of errors: Since AutoPay mandates are processed automatically, there is a reduced risk of errors like network issue while making payments or Incorrect PIN

You can invest using the Paytm Money app, which offers an easy and reliable way to set up automatic payments for your Mutual Funds Investments.