NACH is much better than ECS when it comes to SIP registration for your Mutual Fund investment. Unlike ECS, NACH mandate registration will take only 10-15 days with the help of Equitas Bank and the process will done as smooth as possible.
Why choose NACH through Equitas Bank?
| If you are a consumer to the Equitas Bank | If you are an Organisation availing NACH from Equitas Bank |
|---|---|
| No manual process involved. Faster process and easier than earlier processes. No need to remember the due dates for payments like electricity bills, phone and credit card bills, interest payment and so many payments on time through automatic transfer via registered banks. | No dependency on cheques and clearance. Less time to process payments like scholarships, allowances, subsidies and such. On time salary, dividends and pension payments. Much better customer service, clearance of bills. |
NACH’s role in mutual funds
NACH via Equitas Bank has made everything easy for you, even your mutual fund investment. It’s just one-time registration process, so the mandate can register with NACH and can use it for investing in Mutual Fund for a long time.
Once the mandate has registered with NACH, the authorization will be automated and the payment process will be done simultaneously on every month. Also, the mandate can set the maximum amount. The payment process can be done at fixed time span or it can also be done manual. In the manual process, the debit will continue unless the mandate cancels the process.
How to go through a SIP Registration Process:
By providing a NACH OTM, the time takes under NACH is 15 days unlike the existing ECS mandate registration that takes 30 long days for the SIP registration.
Ok, What is NACH OTM (NACH One Time Mandate) Form?
NACH OTM is a onetime mandate form, which will be filled by the user for registration under Equitas Bank NACH and the form will have mandatory fields.
The fields are:
- Bank Details: Bank name, Branch, Account number, IFSC/MICR Code
- Personal Details: Mobile number, Email ID, your signature as submitted in your bank
- Folio Details: Folio Number, application number
- Limit Details: daily maximum limit
- Period: The effective time span of the mandate. From starting date to end date.
Hope you’ve got the clear idea of how NACH works with mutual fund!
