EFL provides online facility to cancel the Mandates at your convenience. Please follow the process to place your request to cancel Mandate in NACH.
Follow the below process to place a request for NACH Mandate Cancellation.
NACH was introduced by NPCI to make repetitive payments faster by debiting directly from customers’ accounts, thereby minimising paper transactions and increasing customer satisfaction.
NACH Debit is an electronic payment service used by a user Institution for repeatedly collecting funds from large numbers of individuals by debiting their bank accounts by raising a single request to its bank. Mutual Fund (SIP), Insurance Premium, Loan Instalments, credit card payments, payments of donations and other bill payments can done through this payment method.
One Time Mandate is a one-time registration process. It is just an authorization to the bankers to debit the account with a fixed amount or up to a certain limit as per the frequency given by the customer in mandate form.
In the event you are unable to submit NACH cancellation request or if you are experience an issue, please contact our customer support.