National automated clearing house (NACH)
National Automated Clearing House (NACH) is a centralized system for mandate management of the National Payments Corporation of India (NPCI), where customers can benefit from faster transaction settlement, wider coverage and superior mandate management system, resulting in greater efficiency and wider branch coverage across India.
NACH facilitates paperless credit / debit transaction directly linked to your account and also provides for a faster method of effecting periodic and repetitive payments.
Using NACH you can pay utility bills, loan EMIs, policy premiums, SIPs etc.
Benefits of NACH:
Security & Safety of your money
To protect your account from excess debits, you can select the top-limit for your account and also the duration when the mandate can be presented to your bank for debit.
So, next time you want to set a Direct Debit mandate for Utility Bills, SIPs, Policy Premium etc.
Kindly fill up a form available at the merchant location.
Select NACH and enter IDFC Bank details: