NACH stands for National Automated Clearing House launched by the National Payment Corporation of India. This process has come into being to make it easy for banks to clear millions of transactions that are carried out on a daily basis. The process has now shifted online and is known as eNACH. It simply automates recurring payments, there by making it easy for you to handle payments of utility bills, insurance premiums, loans and others. eNACH thus makes it easy for banks to automatically collect money from your bank on the due date.
Here’s how you can do it:
- You will have to fill up the NACH mandate form online
- Details provided will be verified by the Upwards team
- NACH mandate will then be forwarded to the bank
- The bank will the share the mandate with National Payment Corporation of India (NPCI)
- On approval, the mandate is forwarded to your bank for setting up the auto-debit of EMIs
- On approval by the bank, Upwards is authorized to collect funds from your account.