Important Update on Aadhaar signed Auto Pay (eMandate)
We know our investors on Paytm Money love ❤ the Auto Pay feature. It has helped you invest in SIPs seamlessly without the worry of missing any installments. Not to mention the 1-click investment experience that comes once the Auto Pay mandate is approved.
On Paytm Money, we had enabled two formats of mandates on Auto Pay:
- Aadhaar signed Mandate
- Digital Mandates
We would like to inform you that as per NPCI’s (National Payments Corporation of India) circular released on 19 November 2018, payment via your Aadhaar signed Auto Pay will not be accepted for investments on Paytm Money effective 16th February, 2019.
Please note that Aadhaar signed Auto Pay registered till September 26, 2018 (date of judgement by Supreme Court) will continue as is, and SIP auto debits will occur as usual.
However, Aadhaar signed Auto Pay registered after September 26, 2018 (date of steering committee of NACH meeting) will continue (SIP Auto Debits) only till February 15, 2019.
What this means for you:
You can now set up a new Auto Pay via Digital Mandate on the Paytm Money app by printing, signing and uploading the photo of the form for your verified Bank Account(s).
Here’s a short video explaining the steps to ‘Set up Auto Pay with via Digital mandate’ with Paytm Money.
Steps to setup Auto Pay:
Step 1: Go to Profile > Tap on “Setup Auto Pay”
Step 2: Select a preferred bank account.
Step 3: Print the physical mandate form, which you receive on your registered email ID.
Step 4: Sign this form, & scan it.
Step 5: Upload the scanned image (the signed mandate form).
Step 6: Submit the uploaded form.
It takes usually between 7–30 working days (at times > 30 days for few PSU banks) for us to receive confirmation of Digital Mandate from your Bank. Also we request you to follow the instructions on setting up the Auto Pay correctly to avoid rejection by your bank.
Once your Auto Pay via Digital mandate is setup, your experience with seamless SIP payments and 1-click lumpsum investments will continue as usual :)
How do I make investments for SIPs till Auto Pay is enabled:
If your Auto Pay via Digital Mandate is yet to be approved by your bank, you can still continue to make investments using UPI, Netbanking or Debit Card of your verified bank account on Paytm Money.
We send timely reminders about your upcoming SIP(s) via email & notification to ensure your SIP(s) are never missed and you stay invested towards your goals. You can always track your upcoming SIP(s) & their schedule on the Manage SIP section of the app anytime.
We understand your investments and SIP schedule is important to you, and we will ensure that Paytm Money will always provide you the best experience for managing your SIPs and your investments.
PS: We are also working on further updates to make your SIP experience even better, more on that in few days :-)
Thank you & Stay invested :)