what is mandate fail charges in bajaj finserv

Mandate fail charges in Bajaj Finserv refer to the penalty charges levied by the financial institution when a transaction fails due to various reasons. These charges may vary from one financial institution to another, and they are disclosed to the customers by the respective financial institution. The reasons for mandate failure can be insufficient funds, discrepancies in the provided information, technical glitches, or network issues. Bajaj Finserv recommends that its customers maintain sufficient funds in their accounts at least a day before the EMI payment date to avoid such charges. The penalty charges for mandate failure are usually reflected in the bank statement by the name of the financial institution. The charges may include late payment charges, bounced charges, and penal charges. The ECS mandate process involves customers providing authorization for regular debit transactions from their bank accounts.