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NACH (National Automated Clearing House) is a funds clearing platform set up by NPCI (National Payments Corporation of India) similar to the existing ECS of RBI. NACH (Debit) & NACH (Credit) aims at facilitating interbank high volume, low value debit/credit transactions, which are repetitive in nature, electronically using the NPCI service.
Primarily there are two variants of NACH – NACH Debit & NACH Credit.
NACH Credit is an electronic payment service used by an institution for affording credits to a large number of beneficiaries in their bank accounts for the payment of dividend, interest, salary, pension etc. by raising a single debit to the bank account of the User Institution (Corporate registered for NACH Services).
NACH (Debit) facilitates the Corporate for collection of telephone / electricity / water bills, cess / tax collections, loan instalment repayments, periodic investments in mutual funds, insurance premium etc., that are periodic or repetitive in nature and payable to the User Institution (Corporate registered for NACH Services) by large number of customers etc.
NACH Debit is a Mandate based debit service. Following are the key features of the NACH Debit:
`One Time Mandate` is a one-time registration process. It is just an authorization to your bankers to debit your account with a fixed amount or up to a certain limit as per the frequency given by you in mandate form.
The mandate has to be in the size of a standard cheque ie. 8” x 3 2/3”. It is mandatory to restrict the mandate to the size mentioned above.
UMRN - UMRN is a Unique Mandate Reference number allocated to each new mandate created in NACH Debit. It is auto generated by the NACH system during mandate creation. UMRN is mandatory for every transaction and even during mandate amendment and cancellation.
Please submit duly filled and signed NACH Mandate form to your PNB Branch. Branch will get the mandate approved from your Bank through internal process. Once the mandate is approved, the loan installment will be start deducting from your account on the date/ frequency as mentioned by you in the Mandate form. Normally in takes T+5 days in approval of mandate, but the time taken may be longer in some cases due to multiple reasons being the involvement of multiple stake holders. Hence, it is advised to submit mandate at least 15 days prior to the due date of loan installment.
Yes. You can modify the details registered for NACH by filling the Mandate form and ticking the option as `Modify`. You can also cancel NACH registration by filling the Mandate form and ticking the option `Cancel`.
No, you need not to fill mandate form again. The existing mandate will continue to be valid for NACH services.
Corporate needs to be register for NACH services at NPCI through their Branch. On registration, NPCI will allot a Utility Code (User Number) to the corporate.
The further process is as under:
i. Corporate customer will obtain NACH Mandate forms from his clients and submit to the Branch. Branch will get the same approved from destination Banks of the clients through internal process. Normally in takes T+5 days in approval of mandate, but the time taken may be longer in some cases due to multiple reasons being the involvement of multiple stake holders. Hence, it is advised to submit mandate at least 15 days prior to the due date of collection of payments.
ii. After approval of mandates, Corporate may submit transaction file to the Branch as per given frequency on the specified format of NPCI.
i. Mandates are not required.
ii. After getting Utility Code from NPCI, Corporate may submit NACH Transaction file to the Branch for further processing on the specified format of NPCI.
Corporate wishing to avail NACH services needs to be registered with NPCI & obtain Unique Identification Code (Utility Code) for NACH services through their sponsor Bank.
Utility Code/ Corporate User ID refer to the User Number that has been allocated by NPCI, to the Corporates.
It is the ID issued to a corporate that is linked to the Sponsor bank. The corporate will have to get a new User number if it changes its bank or will have to maintain multiple user number if it is transacting with more than one bank.
User number is unique across the system. If a corporate has a tie up with two banks he will have 2 user numbers.
Sponsor Bank is the Bank, who lodges NACH Transaction files for collection/ distribution of funds on behalf of their Corporates registered for NACH services. In case of loan EMI, the Bank acts as User Institution as well as Sponsor Bank.
The Bank responsible for processing of Inward NACH file is known as ‘Destination Bank’.
NACH transaction charges are not applicable in respect of Income Tax Refund Orders.
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