The new auto debit payment system is going to be implemented from October 1, know what it is
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Auto Debit Payment System
When you choose auto debit mode for mobile, water bill, and electricity bills etc. money is deducted from your account on a specified date. This is called auto debit payment system.
new system
The new system of auto debit payment system is going to be implemented, under which banks will have to send a notification on the customer’s mobile 5 days before the payment due date. The notification must have the approval of the customer. This OTP system has been made necessary for payment of more than 5000.
This will benefit from the new system
According to the system currently in place, the digital payment platform or bank would deduct money from the customer’s account every month without any information after taking permission from the customer. Huh. There is a possibility of fraud due to this. This change has been made only to eliminate this problem.
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