How to Fill NACH Form in LIC ?

What is NACH : The National Payment Corporation of India (NPCI) has implemented an electronic payment service termed as National Automated Clearing House (NACH) for banks, financial institutions, corporate and  Govt. Department. 
NACH is a funds clearing platform set up by NPCI similar to the existing ECS of RBI.

Important Points

NACH has both Debit and Credit Variants and it aims at facilitating inter bank high volume debit/credit transactions, which are bulk and repetitive in nature.
The Primary move of NACH is to handle low value, high-volume transactions based on electronic files
Ideally implementing this mandate will allow transactions to be cleared n real-time mode rather than batch mode.
The NACH platform will have national footprint wich will cover 82000+ bank branches
The centralized ACH or NACH is expected to consolidate the current multiple ECS Systems and provide a framework for removal of local barriers/inhibitors and harmonization of standards and practice.

What is Difference between NACH And ECS ?
The prevalent Electronic Clearing Services (ECS) in India is available at around 89 centers in the country while it is operated by the RBI at 15 Centers, it is operated by commercial banks at the remaining centers. The ECS model lacks a standardized operating model users manual processes and has other inherent challenges such as inconsistent timelines around post transnational query management and servicing.
1 Mandate verification is done based on physical resulting in verification issues and delayed timelines. A robust mandate management system that will include a standardized mandate format and a defined workflow for mandate verification.
2 No such concept of a unique mandate registration reference number.
Unique mandate registration reference number will be available, which will allow for better tracking.
3 Higher number of rejection observed on account of mandate related issues Provision to capture destination banks unique mandate registration in the transaction file resulting in lesser rejections.
4 Presentation and settlement is spread over 3-4 day period. Same day presentation and settlement including returns processing.
5 Dispute management is left to the discretion of the Destination Bank Well defined Dispute Management System electronic platform to raise and resolve issues, Oversight by the NPCI.


How to Fill NACH Form in LIC ?
There are some precautions require to fill NACH Form to save it from rejections.
There are some points which need to have attentions and act as per guidance given below :
* UMRN = Leave it blank.
* DATE = Write date of registration (Current Date)
* To Debit = Tick account type
* Bank Account Number = Write Complete Account Number from Left to end
* With Bank = Name of Customers Bank
* IFSC = IFSC Code
* Amount = is the maximum account printed in the mandate acknowledgement                   letter printed after the policy number is allotted.
* Amount in Words =Do not write "Only" after writing in words)
* Amount in Figure = In figure  don't put slash or dash.
* Frequency = Tick As and When presented
* Debit Type = Tick Maximum amount 
* Policy Number = Write Policy Number
* Mobile Number = Mobile number given in the bank.
* E-mail ID =  If given useful for future reference.
* Period
               From = Registration date (the date on which policy is keyed in and                                completed)
               To     = Need Not be entered
               TICK  Until Cancelled
* Signature
Single Account Holder = Only one Sign
Joint Account Holder =  Sign of all account holders.

Due to some reason some time it get cancel. To understand proper reason for cancellation are some here given below :

NACH Rejection codes & Reasons : -

MO03Drawer signature differs
MO 36Invalid payer account number
MO79Data mismatch & debit type & sign
MO38No such account
MO72Data mismatch with mandate
MO73Mandate incomplete
NOEXTurn around time expired
MO40Title account wrong , incomplete
MO42Account description does not tally
MO32Period of validity not mentioned
MO78Date mismatch, period & signature
MO57Payer name mismatch
MO43Nature of debit not allowed
MO07Alteration requires authentication. 

Suggestion:To know more visit here

What Is UTR Means !!

What-Is-UTR-Means !!
UTR is describe as Unique Transaction Reference Number that is generated in RTG/NEFT system for uniquely identifying any transaction. The format of UTR is predefined and is generated by the bank after initiating the transaction.

UTR has 16 unique no. of RTGS /NEFT  denotes in form of :

First 4 digits for Bank : PUNB  ( Bank Code)

Next 1 digit for Server : N or H [(System Identifier) ; "N" stand for
                                        transactions generated in RTGS/NEFT
                                        interface/application and "H" stand for      
                                        transactions generated in Bank's host 

Next 2 digit for year : 16 ( for last two digit of year 2016) 

Next 3 digit for Julian Date : 362 (for 27 December)

Next 6 digit  : Unique Reference Number

for example - 
PUNB-H-16-362-XXXXXX for 27.12.2016 dated transaction.

If you have made any RTGS/NEFT transaction to recipient then don't forget to mention  UTR No. to make it enable to track.

Do Banking Without Internet !!

Do-Banking-Without-Internet !!Excellent service !!

Dial  * 99# to do basic Banking instantly. One can check balance for accounts, mini statement where the mobile number is registered & no internet required. 

Below are the direct codes for banks::

* 99* 41# -State Bank of India
* 99* 42# -Punjab National Bank
* 99* 43# -HDFC Bank
* 99* 44# -ICICI Bank
* 99* 45# -AXIS Bank
* 99* 46# -Canara Bank
* 99* 47# -Bank Of India
* 99* 48# -Bank of Baroda
* 99* 49# -IDBI Bank
* 99* 50# -Union Bank of India
* 99* 51# -Central Bank of India
* 99* 52# -India Overseas Bank
* 99* 53# -Oriental Bank of Commerce
* 99* 54# -Allahabad Bank
* 99* 55# -Syndicate Bank
* 99* 56# -UCO Bank
* 99* 57# -Corporation Bank
* 99* 58# -Indian Bank
* 99* 59# -Andhra Bank
* 99* 60# -State Bank Of Hyderabad
* 99* 61# -Bank of Maharashtra
* 99* 62# -State Bank of Patiala
* 99* 63# -United Bank of India
* 99* 64# -Vijaya Bank
* 99* 65# -Dena Bank
* 99* 66# -Yes Bank
* 99* 67# -State Bank of Travancore
* 99* 68# -Kotak Mahindra Bank
* 99* 69# -IndusInd Bank
* 99* 70# -State Bank of Bikaner and Jaipur
* 99* 71# -Punjab and Sind Bank
* 99* 72# -Federal Bank
* 99* 73# -State Bank of Mysore
* 99* 74# -South Indian Bank
* 99* 75# -Karur Vysya Bank
* 99* 76# -Karnataka Bank
* 99* 77# -Tamilnad Mercantile Bank
* 99* 78# -DCB Bank
* 99* 79# -Ratnakar Bank
* 99* 80# -Nainital Bank
* 99* 81# -Janata Sahakari Bank
* 99* 82# -Mehsana Urban Co-Operative Bank
* 99* 83# -NKGSB Bank
* 99* 84# -Saraswat Bank
* 99* 85# -Apna Sahakari Bank
* 99* 86# -Bhartiya Mahila Bank
* 99* 87# -Abhyudaya Co-Operative Bank
* 99* 88# -Punjab & Maharashtra Co-operative Bank
* 99* 89# -Hasti Co-Operative Bank
* 99* 90# -Gujarat State Co-Operative Bank
* 99* 91# -Kalupur Commercial Co-Operative Bank

Also you can dial * 99* 99# to know your Aadhaar linking and Over Draft Status. It has been checked it really works.
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