Welcome to experience Paytm Payments Bank's recurring payment service -:- www.deekpay.com

Is it that payday every month should be a joyous occasion for you, but you feel anxious about paying and managing all your monthly bills, or worrying about being fined if you miss a payment date? Now, you can leave those worries behind and we'll take care of it all for you. We are pleased to announce that we have enabled recurring payments for our clients. With our recurring payment service, you can now automate all your monthly bills such as fund investment deductions, instalments, loan payments, rent, utility bills, etc. so you can sit back and relax.

There are two types of recurring payments to suit your different needs: automatic payments and NACH authorisation-based payments. Let us explain each type in detail for you.

What is AutoPay? Autopay is a feature through which you can automate a monthly payment of a fixed amount which will be deducted from your account on a fixed date. You can use this service to pay your rent, bank loan or make regular remittances to any beneficiary.

How do I set up automatic payments? This service can be easily activated by going to the 'Auto Payments' tab in the Banking section of the Paytm app. If in a particular month, your account balance is not sufficient to make the scheduled payment, you can easily pause the payment for that month and re-enable it for the next month. You just need to make sure that you pause, re-enable or delete the recurring instruction before the payment date.

What is NACH Authorisation Based Payment?NACH is a web-based solution launched by National Payments Corporation of India (NPCI) to facilitate inter-bank, high volume, recurring online transactions. With NACH authorisation based payments, service providers and subscribers can more easily process recurring payments, which may be fixed or variable amounts such as fund fixing debit, instalment payments, monthly insurance/loan payments, utility/credit card bills, etc. Depending on the amount, frequency and tenure you choose, the particular payment will be automatically debited from your bank account without any manual tracking. Let us introduce you to the benefits of this service.

For Service Providers: Streamline the collection and reconciliation process, reduce operational costs, and quickly realise chargebacks.

For users: cost-free instalments, secure transactions between service providers and banks, reduced paperwork and faster processing.

How do I set up payments based on NACH authorisations?

E-Authorisation: To set up an e-authorisation, you need to visit the website or app of your service provider (e.g. Paytm Money, KreditBee, etc.). The service provider will guide you to select the list of banks. You need to select Paytm Bank and enter your Paytm Bank Internet Banking login credentials for authorisation. Once authorised, the authorisation will be processed successfully and the required amount will be automatically debited from your bank account at the frequency you have set.

Paper Authorisation: You can also set up paper authorisation, for which you will need to sign the authorisation form and upload it on the service provider's website or app (as shown below). After uploading the authorisation form, you will receive a notification on the Paytm app asking you to approve the authorisation using your password. Once approved, the authorisation will be processed successfully and the required amount will be automatically debited from your bank account at the frequency you have set.

You can view the details of all authorisations (paper and electronic) in the 'NACH Authorisations' section of the Paytm app, which will be visible after successful setup of the authorisation.

Still debating which service is better for your needs? Here's a comparison between automatic payments and NACH-based authorised payments:

Now that you've learned about the two recurring payment options, make sure to set up the service that best suits your needs. You only need to set it up once and never worry about missing any payments again. Read the Hindi version of this blog.