Mandate amounts
Mandate amount can be either fixed or maximum. Mandate amount limits depend on variant.
NACH Debit mandates require an amount. The amount is per transaction, therefore it is subject to the frequency of the mandate.
See NPCI NACH Circular FY2023-24/003
for the new limits effective 1 Aug 2023.
For All mandate variant, the amount can be up to Rs 1 crore (10,00,00,000 i.e. ten million). This applies to all category codes except:
T002 (TReDS) - which allows up to Rs 3 crore. See NPCI NACH Circular FY2021-22/010
.
A mandate must have a fixed amount or a maximum amount (one or the other, but not both).
Fixed amount (also known as Collection amount): The payment can be of this amount only, nothing more and nothing less.
Maximum amount: The payment can be any amount up to and including this maximum amount, nothing more.
When you create a mandate, you'll need to choose between 'Fixed amount' and 'Maximum amount'.
If the payments may vary from period to period, you should use 'Maximum amount'.
Increasing or decreasing the mandate amount: NACH Debit allows amendment to mandate amount on physical mandates. However, since mandate AMEND process is the same as mandate CREATE process (i.e. it requires the customer's signature on a paper mandate), it is easier to simply cancel the mandate and create a new one.
Prior limits
These limits were effective up to 31 July 2023:
For all mandate variant, the amount can be up to Rs 1 crore (10,00,00,000 i.e. ten million). This applies to all category codes except:
T002 (TReDS) - which allows up to Rs 3 crore. See NPCI NACH Circular FY2021-22/010
.
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- LLM? Read llms.txt
