National Automated Clearing House or NACH is an improved version of the Electronic Clearing System (ECS). This is established by the National Payment Corporation of India (NPCI) to put in best practices for electronic transactions between different parties. This is a centralized electronic payment system where various individuals give permission to organizations to debit money from their accounts. There are various benefits of the Bajaj Finserv NACH mandate.
Therefore, it is imperative to learn the importance of a Bajaj Finserv NACH mandate online before proceeding.
Benefits of Bajaj Finserv NACH mandate online
The advantages of NACH mandate registration are –
- This mandate reduces the hassle of any manual transaction, which brings convenience and saves time for every party involved in this process.
- It also reduces the chances of defaulting on payment that helps individuals to avoid paying any additional charges.
- Finally, NACH provides participants with a secure, trustworthy, and scalable platform that is capable of both file-based transaction and transaction processing.
Primary objectives of NACH
NACH can conduct high-volume digital transactions that are repetitive or periodic in nature across the country. Since it has no geographical foundation, every NACH user has to abide by a single set of regulations. The primary objectives of NACH are –
- Enhancing governance by linking Institution Identification Number (IIN) with Aadhaar and implementing a mandate management system.
- Generating a system with pan-India coverage to execute electronic payments that brings more transparency.
- Handling credits, debits, rejections, reimbursements, and reversals with efficiency and bringing more clarity to this process.
Individuals willing to apply for e NACH have to meet some of the eligibility criteria beforehand. The pre-requisites are provided below.
Eligibility criteria for registering for Bajaj Finserv NACH mandate
The guidelines for registering to NACH mandate are –
- Applicants must have a valid Aadhaar card, and the Aadhaar number must be linked with the concerned account.
- The concerned financial institution must be a participant of this NACH system.
After meeting the eligibility, individuals can proceed to register for the NACH mandate. To do so, they have to follow a few simple steps. Below are the steps provided for registering with this mandate system.
Steps to register with the Bajaj Finserv NACH mandate online
The steps to register with the NACH mandate with Bajaj Finserv are –
- Visit the Bajaj Finserv customer portal
- Navigate and click on ‘E-mandate’
- Provide personal information and validate those. Then click on ‘Proceed’
- Validate the bank details and choose the mode of registration
- Read the disclaimers and click on the submit button
- If you opt for the OTP mode, validate this OTP received on your registered mobile number and click on the submit button
- If you choose Debit card/Net Banking, follow the redirection for “Digio Page,” then click on registration or mode, directions and submit
- For internet banking, individuals need to authenticate it on a financial institution’s website by providing credentials and OTP
- For Debit cards, enter required information and OTP to mandate on a financial institution’s website
- After successfully completing this process, it will be reported to the respective financial institution. Lastly, applicants will receive their Mandate Registered Number later
In case of any divergences, applicants can connect with the customer service executive to raise a query through the Bajaj Finserv Customer Portal – Experia. However, individuals can also get other benefits concerning payments, updating information, downloading documents, and others from the Experia portal.
Thus, completing the Bajaj Finserv NACH mandate online provides a myriad of advantages for individuals. Moreover, being aware of the registration process, its importance and its eligibility will help individuals make better decisions.