How does NACH work ?

We collect signed NACH ( National Automated Clearing House) mandate form from customers. 

There are two types of NACH mandates, and we need one time approval from the customer to create NACH.

1. 

Scanned Paper NACH Mandate - 

a. Send an email with your bank account number and IFSC code to support@karboncard.com

b. We will send the filled NACH form to you

c. The customer needs to put the company's director seal and director's signature on the NACH form, similar to what the customer would do on company's cheque

Kindly go through the below attachment for details

d. After that, the customer needs to send the digital ( scanned ) copy of the signed NACH to us.

e. We will send the NACH form to your bank for approval

f. If everything goes well, NACH will be approved by your bank in 5 working days and we will inform you via email about the same.

g. If the bank rejects your NACH, then we would send you another email with details on why your NACH was rejected and ask you send us signed NACH again. 

2. 

E-NACH Mandate - 

a. Send an email with bank account number and IFSC code to support@karboncard.com

b. The customer gets a link from us, and he needs to click the link, login to his bank account, and approve.

Kindly see the below attachment for more details on the process

c. This is a relatively new process, and it is only available at limited banks.

With the signed NACH form, the customer gives us the authority to debit his account for a certain period and at certain frequency. Using NACH or commonly known as ECS, we deduct the outstanding amount mentioned in the card statement from your bank account on the designated date. 

Kindly do not worry about unauthorized debits. Prior to running NACH, our customers get a notification on email and WhatsApp.