MF Utility has done away with the requirement of generating fresh one-time bank mandate online at the time of starting a new SIP. With its new facility ‘SwapPayEezz’, your clients can use existing bank mandate to start fresh SIP.
Earlier, investors were required to generate fresh mandate at the time of changing funds or starting a new SIP. Simply put, investors have to wait to five days if they want to execute fresh transaction in mutual funds through SIPs.
In a press release, MF utility said, “With SwapPayEezz, the days of cancelling and re-registering an SIP are gone. Last year, NPCI had withdrawn the Aadhaar based eNACH and issued a circular stating that all such eNACH mandates registered on or after 26th September 2018 will be ceased to be honoured by the banks post February 2019. However, the new facility will help investors to update their existing mandates and continue their SIP,” said the company.
V Ramesh, MD & CEO of MF Utilities said, “Introduction of SwapPayEezz feature brings in enormous convenience for the users to change the debit bank in an SIP without disturbing the running SIP. It is seamless, paperless and hassle-free. It addresses a crying need of the users to conveniently change the debit bank. MFU is first to introduce such a feature and I am sure others will follow soon.”