How to Check E-Mandate in HDFC Bank?

Won’t it be great if our bills and subscriptions could be paid and renewed automatically? Well, now it is possible with the help of HDFC Bank’s e-mandate facility. This system was launched by the Reserve Bank of India along with the National Payments Corporation of India to simplify the payment process. In this article, we will discuss everything from setting up an e-mandate to how to check e-mandate in HDFC bank that are ongoing. 

E-mandate - Quick Intro

In layman’s terms, an e-mandate is an instruction given by the customer to the issuing bank and other institutions that they are allowed to debit the amount mentioned in the mandate from the customer’s bank account automatically. 

Let me explain this better with an example:

Suppose you want to invest in a Mutual Fund through SIP (Systematic Investment Plan). So, what you do is select the Mutual Fund of your choice and fill up a form online that will make sure that your SIP payment is deducted from your account according to the frequency you set. That’s it! This process of automating transactions that will recur inevitably is known as e-mandate. 

Types of E-mandates

There are two types of e-mandates, let’s learn what they are:

• Credit Mandate: With this instruction, a fixed or variable amount is deducted from your credit card. The maximum limit for a single transaction through a credit card mandate is about Rs.1,00,001. Now, this is limited to categories like mutual funds, insurance premiums, and credit card bill payments only.
• Debit Mandate: Debit Mandate authorizes that a fixed or variable amount from your bank account can be dedicated. The maximum limit for a single debit mandate to go through is Rs.15,000.

How Does the HDFC E-mandate Work?

E-mandates eliminate the need to manually fill in your payment and details every time a bill is due. So, let’s learn the workings of it behind the scenes:

• Permission: First off, you are required to give your consent to start automatic deductions from your bank account. This is usually done by filling out an online e-mandate form which is available on the website or app of the payee.
• Authentication: After you fill out the form, you need to authenticate yourself using your credentials. This can be done through your Net Banking login details, credit or debit card details, or any other authentication methods listed by the bank. Once, it is done and dusted, the bank will set up recurring payment instructions under your name in their system.
• Validation: The NPCI verifies the e-mandate and works as a mediator to resolve any issues or disputes that may arise between the parties. 
• Limit: The limit for a single transaction on debit and credit cards, UPI, and other prepaid payment instruments is set at Rs.15,000. For setting up the mandates above than that, some additional authentication is required.
• Review: You can check your HDFC e-mandates by logging in to the internet banking or by using the official mobile banking app of HDFC.

How to Register for the E-mandate Process in HDFC Bank?

The steps to register for an E-mandate are mentioned below:

1. Choose the merchant: Select the merchant that you want to set up an e-mandate and make sure that the platform offers the required service and subscription.
2. Give Consent: Grant your permission to the service provider to allow funds to be debited from your bank account for recurring transactions.
3.  Account Details: Fill in your bank account details including your account number, IFSC code, and your name to the merchant and service provider.
4. Validation: Now your work is done. The service provider will get in contact with your bank and will validate your bank account details.
5. Confirmation: After verification is complete. You will receive an authorization confirmation for the e-mandate in your registered mail.

How to Check e-mandate in HDFC Bank?

To check the status of your e-mandate, follow the steps below:

1. Log in to the HDFC Net Banking portal using your credentials, you can even use the HDFC mobile app for this as well.
2. In the search bar above, type in “E-mandate” or “Recurring Payments”. Click on the first option that shows up.
3. A list of all your active e-mandates will be displayed on the screen. 
4. Select the e-mandate that you wish to check the status for.
5. That’s it! All the details of the e-mandate such as their start date, amount, and even the end date will be displayed.

How to Cancel/ Stop the E-mandate?

Follow the steps below to cancel your HDFC e-mandate:

1. Visit the official website of HDFC Internet Banking and log in using your credentials.
2. Go to the “Bill Pay and Recharge” option.
3. The list of all the ongoing e-mandates will be displayed on the screen. Click on the e-mandate you want to cancel.
4. From the option of standing instructions, select view/stop scheduled bills to cancel it.
5. With this, you can modify or stop any e-mandate.

Use Cases of E-mandates in India

There are many uses for these payments that are collected monthly. This might and can include:

• Bank E-mandate: This mandate allows you to give permission to their banks to carry out specific transactions on their behalf. 
• Mutual Fund E-mandate: Mutual fund e-mandates as explained in the example above enable investors to set up automated deductions for mutual fund schemes such as SIPs.
• Insurance Premium E-mandate: Policyholders are offered e-mandates so that they can automate the payments for insurance policies so that they don’t miss out on the benefits. 
• Utility Bill Payment E-Mandate: Utility bill payments allow users to authorize automatic bill payments such as water, electricity, gas, etc. Funds will automatically be deducted from your account as the bill is due.
• Loan Repayment E-mandate: Borrowers can set up an automatic repayment e-mandate where they can get the loan EMI deducted from their account regularly.
• E-commerce and Subscription Mandate: You can enable easy automated payments for regular purchases like medicine subscriptions and subscriptions. This makes sure that your Netflix subscription does not get interrupted.
• Tax Payment E-mandate: A few tax authorities also offer e-mandates to regulate automatic tax payments which makes it easier for taxpayers to meet their tax obligations.
• Rent Payment: Tenants can automate their rent payments to their landlords so that hassles on both sides can be avoided.
• Charitable Organizations: Donors can set up e-mandates for charitable organizations with contributions being automatically deducted from their bank accounts at the frequency of their choice.
• Investment Advisory: Investors can authorize their investment advisors to make investment decisions on their behalf through investment advisory e-mandates.

Benefits of an E-mandate

E-mandates are standing instruction that makes your entire financial journey smooth and efficient. Here, let us look at some of the benefits of an e-mandate:

Greater Flexibility

With e-mandates, you can easily set up recurring payments for various services such as loans, subscriptions, and other utility bills. This allows you to ensure that the payments are made on time and you don’t face any penalties.

Efficient Online Processing

These digital payments can be set up online and make payments a breeze. Now, you can easily register for them using HDFC’s internet banking portal or mobile app and streamline the process.

Secure Transactions

This method is a secure way of handling recurring payments. E-mandates do require some authentication but it is for the best only. This authentication can easily be completed through your net banking credentials and helps protect you from fraud.

Payment Organisation

Now, you can keep all your recurring payments organized as the payments get deducted automatically. This system helps reduce the hassle of remembering due dates, the risk of penalties, and even late fees.

Transparency

E-mandates improve transparency by giving out comprehensive records of all transactions. You can easily monitor your payments through bank statements which makes it easy for you or your CA to keep track of financial transactions.

Wrapping Up

This is how to check e-mandate in HDFC bank and more. This method has transformed how recurring transactions are handled. This offers extended convenience, security, and convenience. 

By understanding the process and its benefits, now, you can take advantage of this digital payment service to manage your finances. Moreover, if you face sort of difficulty, you can contact the HDFC bank’s customer service for assistance.