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What is Auto-Debit or NACH ?
National Automated Clearing House (NACH) is a system in India that facilitates the electronic interbank clearing of transactions. It is used for a variety of purposes, including the automatic payment of recurring bills such as utility bills, credit card bills, and loan instalments.
Auto-payment or NACH allows a payer to authorize a payee (such as a utility company or bank) to debit a specified account on a regular basis for the payment of bills or other expenses. The payer provides the payee with their bank account details and authorizes the debits through a mandate form. The payee then initiates the debits as per the agreed schedule.
Auto-payment or NACH can be convenient for payers, as it eliminates the need to manually pay bills each month. It can also help to avoid late payment fees and ensure that bills are paid on time. However, it is important for payers to carefully review the terms of any auto-payment or NACH arrangement and to ensure that they have sufficient funds in their account to cover the debits.
Here is auto-payments or NACH debits that can be set up,
Recurring debits: These are regular debits that occur on a fixed schedule, such as monthly or quarterly. They are commonly used for the payment of bills like utility bills, credit card bills, and loan instalments.
One-time debits: These are single debits that occur on a specific date. They may be used for one-time expenses such as a subscription service or a membership fee.
Variable debits: These debits vary in amount from one transaction to another, based on the amount of the bill or other expense being paid. They may be used for expenses such as variable utility bills or credit card bills that fluctuate from month to month.
Conditional debits: These debits are based on certain conditions being met, such as a minimum balance being reached or a certain date being reached. They may be used for expenses such as overdraft protection fees or minimum balance fees on a bank account.
It is important to carefully review the terms of any auto-payment or NACH arrangement before setting it up, to ensure that you understand the type of debits that will be made and the schedule on which they will occur.
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