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Autopay Guide: If you are tired of the stress of paying bills, then Autopay is your best friend. This is a facility that automatically deposits your bills (like electricity, water, gas, mobile recharge, loan EMI etc.) every month. Autopay is a mandate system, where you give permission to the bank or card to automatically deduct the bill amount on a specified date every month.
Autopay Guide: If you forget to pay mobile, electricity, over-the-top (OTT) platform or insurance bills every month, then ‘Autopay’ can prove to be helpful for you. With this feature, your bill is automatically deducted on the scheduled date, provided there is sufficient balance in your account.
Autopay is a mandate system, where you give permission to the bank or card to automatically deduct the bill amount on a fixed date every month. It is safe under the e-Mandate rules of RBI. You can set autopay or e-mandate from the website or app of your bank or service provider. This facility is available on both debit and credit cards. If you want, you can set autopay for fixed (like Rs 399 OTT plan) or variable (like electricity or gas bill) amounts. Once registered, autopay gets activated within 7 days.
Autopay transactions up to Rs 15,000 can be completed without OTP
The Reserve Bank of India (RBI) has set some important rules for autopay from October 1, 2021. Autopay transactions up to Rs 15,000 can be completed without OTP, but for amounts above this, OTP verification is required. In categories like insurance or mutual funds, this limit is up to Rs 1 lakh, that is, on transactions above Rs 1 lakh, the bank will deduct money from your card only when you approve through OTP.
Autopay will stop if the card is lost or blocked.
Before every transaction, the bank sends you a notification 24 hours in advance, in which there is also an option to cancel the payment. If the card is lost or blocked, the old autopay will automatically stop. In such a situation, a new e-mandate will have to be registered again. Autopay not only clears bills on time but also provides relief from late fees and hassles. Provided you maintain balance on time.
