NACH mandate is a digital payment service that allows customers to authorize automatic deductions from their bank accounts for recurring payments. It’s a standing instruction that’s provided to a bank or other financial institution, which then deducts the specified amount from the customer’s account.
NACH Mandate User Manual/Process Flow
1. Accessing the NACH Mandate Section
The customer clicks on the "NACH Mandate" option under Quick Links on the SK Finance website.
2. Displaying the NACH Mandate Section
The system presents the NACH Mandate section with relevant fields and dropdown options.
3. Selecting NACH Mandate Type
Customers choose the type of NACH request:
• Create: Register a new mandate.
• Amend: Modify details of an existing mandate.
• Cancel: Permanently cancel a mandate.
• Suspend/Revoke: Temporarily suspend or revoke a mandate (no transactions processed during suspension).
4. Entering Mandatory Details
• Loan ID: Numeric values only.
• Full Name: Customer’s full name.
• Mobile Number: 10 digits, starting with 6, 7, 8, or 9.
• Email ID (Optional): Must follow the "xyz@xyz.xyz" format.
• Description (Optional): Any additional remarks.
5. Providing Consent
Users must check a mandatory box confirming: “I acknowledge that the provided mobile number is registered. For Create/Amend/Cancel/Suspend/Revoke of the NACH Mandate, it will be processed only through the registered number, failing which the request will be deemed cancelled.”
6. NACH Form Submission
Clicking "Submit" initiates the system validation process.
7. System Validation
• If validation fails: An error message highlights the invalid field.
• If validation succeeds: Customer authentication will be there from backend.
8. Authentication Outcomes
• If Successful: OTP authentication is initiated via SMS.
• If Un Successful: Process ends with the error message: “We regret to inform you that the details provided do not match our records. Please verify the information or raise your concern here.”
9. OTP Verification
• An OTP field with a 180-second timer is displayed.
• Customers can resend the OTP after 180 seconds if not received.
10. Editing the Form (Optional)
Users can click "Edit" to modify pre-filled information, re-check the consent box, and re-submit.
11. Entering OTP
• Correct OTP: The case is submitted, and data is stored in the database.
• Incorrect OTP: An error message prompts re-entry or allows resending OTP after 180 seconds.
12. Ticket Creation
A ticket is created upon successful authentication, and a confirmation pop-up message is displayed.
13. SMS Notification
The customer receives an SMS with the ticket number for reference.
Comprehensive Guided Video: Raising a NACH Mandate Request
https://www.skfin.in/NACH%20Mandate%20Video.mp4
Disclaimer
The information provided in this blog is for general awareness and informational purposes only. For complete details regarding our products and services, please visit the nearest branch.
