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14 Comments

  1. megha

    Really Very nice post!!
    Now eager to read your next post!!

  2. Uday

    I loved the way you discuss the topic great work thanks for the share.

  3. Ravi

    Great post always sharing amazing content…. Keep it up.

  4. SHWETA VERMA

    What is UMRN in Mandate form ? how to fill it?

    1. Dear Shweta, the 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.
      We hope this resolves your queries. If you have any more queries or issues, feel free to contact us; we’re happy to help you. Thank you for your valuable time. Have a great day ahead!

  5. Achhar Mittal

    Nach charges printed is RS 600 but as per current agreement it was 400. Please modify the same for further processing

    1. Greetings! Thank you for getting in touch with us. The AMC (Annual Maintenance Charge) for every individual account is Rs.400 + GST/year. We’ve rounded off to the maximum amount, in case of any changes in government taxes. So even if the amount printed on the form is RS.600, it’s actually Rs.400 + GST. We hope this resolves your queries. If you have more queries, feel free to contact us. Thank you for your time. Have a great day!

    1. Dear Sridharan, thank you for getting in touch with us. 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.
      We hope this resolves your queries. If you have any more queries or issues, feel free to contact us; we’re happy to help you. Thank you for your valuable time. Have a great day ahead!

  6. Indranil

    1- Is there any risk in authorizing the direct debit to a broking firm?
    2- I mean,can they debit whenever and whatever amount they want to?
    3- Is it mandatory?
    4- It’s written Rs.50k in that form for debit (printed), what does that mean?
    Please let me know.

    1. Hi Indranil,
      Thank you for your query, Firstly lets understand what is a mandate taken for ? A Mandate is taken for payments that you have to make regularly and it gives customers convenience of making these payments automatically by allowing an entity to debit a certain amount form your bank…
      To answer your questions
      1- Is there any risk in authorizing the direct debit to a broking firm?
      No responsible broking firm will ever misuse the mandate, It always for a purpose like a SIP, Deducting AMCS etc. So you can provide a mandate to responsible brokers like us without any worry of unwanted transactions
      2- I mean, can they debit whenever and whatever amount they want to?
      That’s the function of a Mandate, it allows Mandate holder to deduct an amount from your bank, However, Money is always deducted against a SIP or a AMC charge that is agreed upon, We would never debit random amount of money from any customers bank account
      3- Is it mandatory?
      A mandate is done for convenience like explained before for recurring payments EMI, SIPS, AMC Charges that are recurring in nature and manually doing them is a task.
      4- It’s written Rs.50k in that form for debit (printed), what does that mean?
      Please let me know.
      A Mandate of 50,000 meaning one can debit up to maximum 50,000 one time from your bank account, So for an example, if your SIP is Rs.10,000/ Month its always convenient to have a mandate of Rs.50,000 so next year when you increase the SIP amount you do not have to register a new mandate.
      Please be rest assured that Mandate is NEVER misused, Incase you need more help please write to us on support@samco.in

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