Mandate
OBJECTIVE
In this section of the manual, you will know about the mandate: manual and automatic.
What is a mandate?
A document issued by a bank to another bank requesting that the second bank allow a customer to open account, conduct transactions and generally receive privileges as if he/she were an existing account holder.
Once you click on any active loan account (for example: Vehicle), you will see the below screen containing different tabs. Click on ‘Mandate’ and then click on ‘Create Mandate’.
2. Once you click on ‘Create Mandate’, you will get two options: Manual and Automatic. Select any one and proceed.
What do you understand by Manual Mandate?
Manual mandate refers to a process where customers provide written authorization or instructions to the institution through physical documents or forms. It involves manually filling out and submitting forms to authorize actions such as fund transfers, bill payments, or other financial transactions.
What do you understand by Automatic Mandate?
Automatic mandate refers to a system or arrangement where customers grant automated authorization for recurring payments or transactions. It allows the institution to automatically debit funds from the customer's account at specified intervals without requiring manual intervention for each transaction.
3. Once you click on Manual, you will see the below screen. Fill all the mandatory details as required and click on Submit.
4. Once you click on Automatic, you will see the below screen. Fill all the mandatory details as required and click on Submit.