National Payments Corporation of India (NPCI) offers to banks, financial institutions, corporates, and government a service termed as “National Automated Clearing House (NACH)” which includes both debit and credit. It facilitates high-volume, low-value debit/credit transactions that are repetitive in nature, electronically using the NPCI service.
What is NACH mandate?
A NACH mandate is an authorization given by an account holder to a bank to debit or credit a fixed amount or up to a certain limit automatically for specific purposes as per frequency given by you, such as loan repayments, insurance payments, etc.
What is UMRN?
UMRN stands for Unique Mandate Reference Number. It is a unique identifier assigned to every NACH mandate created under the NACH system in India. It helps in managing NACH mandates and ensures that each mandate, whether for recurring debit transactions like EMIs, utility bills, or salary disbursements, has a distinct identification number.
What is Sponsor Bank?
The Sponsor Bank is the bank that lodges/initiates NACH transaction files for collection/distribution of funds on behalf of Corporates registered for NACH services. In case of loan EMI, the Bank acts as User Institution as well as Sponsor Bank.
What is Destination Bank?
The bank responsible for processing of inward NACH files is known as the “Destination Bank”.
How to set up a NACH mandate?
Physical mandate: PSB customers may submit duly signed physical NACH mandate form to PSB branches.
E-mandate: Mandates can be set up online via NACH e-mandate link available at the bank’s website. The e-mandate facility is available for retail customers.
While setting up NACH e-mandate by PSB customers on the Bank’s website, Destination Bank is not available in the drop-down list. How can mandate be registered/cancelled/amended/suspended/revoked?
Punjab & Sind Bank is live through Net Banking, Debit Card, Aadhaar/Simplified Aadhaar, Simplified PAN and Simplified Cust ID in NACH mandate registration facility. Further, cancel, amend, suspend, and revoke facilities are also live through Net Banking, Debit Card, and Aadhaar.
If Destination Bank is not available, the customer may check after some time or submit a physical mandate form to the PSB branch.
What is the maximum period for which mandate can be issued?
The maximum mandate period is 40 years.
What is the maximum amount for which mandate can be issued?
The maximum mandate amount allowed by NPCI is currently ₹1 Crore.
Start date of mandate is 31.01.2026. What will be the date of presentation of mandate in February 2026?
In case the selected mandate date is not available in any particular month, the mandate will be presented on the last date of that month.
In case the date of mandate presentation is a Sunday, what will be the date of presentation of mandate?
NACH is available on all days of the year irrespective of Sunday and holiday.
What is the applicable service charge for availing NACH facility?
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A New Internet Banking and Mobile Banking Solution - PSB UnIC for Retail Customers including NRE/NRO and PSB UnIC Biz for Sole Proprietor customers and Corporate Customers has been rolled out successfully by the Bank bringing UPI, IMPS, NEFT, RTGS and many more banking services under one platform.
Please note that our customers have already been notified that the old Internet Banking Portal of the Bank will be pulled down by 28.02.2022. The Funds Transfer services were blocked for Retail Internet Banking Customers since 09.01.2022. However, our old Internet Banking Portal was running parallelly for the last few days for the benefit of old Retail and Corporate Internet Banking Customers. It has now been decided that the Old Internet Banking will be pulled down on midnight of 21.03.2022. Bill Payments and Tax Payments ( OLTAS and GST) can be done through PSB UnIC digital platform. Bill Payment services are moved to PSB UnIC from 16.03.2022 onwards and the OLTAS functionality will be live from 18.03.2022 through PSB UnIC.
Our existing old Internet Banking customers ( Retail and Sole Propriership) who are yet to register in PSB UnIC are requested to make a onetime registration by visiting our website: https://punjabandsindbank.co.in and by clicking on PSB UnIC and choosing appropriate Option as follows:
And submit the duly signed application form along with required documents Viz. Board Resolution / Partnership Letter with Deed / Trust, Society, Club Resolution Letter/ HUF Letter etc. and also the KYC documents of the Authorised Users immediately to the parent Branch.
These corporate customers will be sent a registration kit through email after submission of the above documents. By Using the credentials in the mail, the corporate customers are requested to register by following the instructions contained in the email and start availing the benefit of PSB UnIC Biz services.
General Manager-IT,
Punjab & Sind Bank
Internet Banking
Dear customers,
A New Internet Banking and Mobile Banking Solution - PSB UnIC for Retail Customers including NRE/NRO and PSB UnIC Biz for Sole Proprietor customers and Corporate Customers has been rolled out successfully by the Bank bringing UPI, IMPS, NEFT, RTGS and many more banking services under one platform.
Please note that our customers have already been notified that the old Internet Banking Portal of the Bank will be pulled down by 28.02.2022. The Funds Transfer services were blocked for Retail Internet Banking Customers since 09.01.2022. However, our old Internet Banking Portal was running parallelly for the last few days for the benefit of old Retail and Corporate Internet Banking Customers. It has now been decided that the Old Internet Banking will be pulled down on midnight of 21.03.2022. Bill Payments and Tax Payments ( OLTAS and GST) can be done through PSB UnIC digital platform. Bill Payment services are moved to PSB UnIC from 16.03.2022 onwards and the OLTAS functionality will be live from 18.03.2022 through PSB UnIC.
Our existing old Internet Banking customers ( Retail and Sole Propriership) who are yet to register in PSB UnIC are requested to make a onetime registration by visiting our website: https://punjabandsindbank.co.in and by clicking on PSB UnIC and choosing appropriate Option as follows:
And submit the duly signed application form along with required documents Viz. Board Resolution / Partnership Letter with Deed / Trust, Society, Club Resolution Letter/ HUF Letter etc. and also the KYC documents of the Authorised Users immediately to the parent Branch.
These corporate customers will be sent a registration kit through email after submission of the above documents. By Using the credentials in the mail, the corporate customers are requested to register by following the instructions contained in the email and start availing the benefit of PSB UnIC Biz services.
