In today's digital era, we rely heavily on various banking features to simplify our daily lives. One such popular feature is Auto-pay or Auto-debit. It is incredibly useful for ensuring that mobile bills, electricity bills, insurance premiums, and OTT subscriptions are paid on time without us having to remember the dates.
However, there are times when we no longer require these services. If money is being deducted unnecessarily, or if you have stopped using a specific service, it becomes essential to cancel the automatic payment. In this blog, we will guide you through the detailed steps to cancel Auto-pay facilities across various platforms.
What is Auto-Pay?
Simply put, Auto-pay is a permission you grant to your bank or credit card provider to automatically deduct a specific amount on a fixed date every month. In banking terms, this is often referred to as NACH (National Automated Clearing House) or Standing Instructions (SI).
Top Ways to Stop Auto-Pay
The method to cancel Auto-pay depends on the platform you used to set it up. Here is how you can do it:
1. Canceling via Net Banking
Most banks allow you to manage automatic payments directly through their online portals.
Log in to your bank’s official Net Banking website.
Navigate to the 'Bill Payments' or 'Payments & Transfers' section.
Look for an option labeled 'Manage Standing Instructions', 'e-Mandates', or 'Auto-debit'.
Select the payment you wish to stop and click on the 'Cancel' or 'Deactivate' button.
2. Canceling via Mobile Banking Apps
Open your specific bank’s mobile app (e.g., YONO SBI, iMobile, HDFC Bank App).
Go to the Menu or Profile section and look for 'Mandates' or 'E-Mandates'.
You will see a list of all active Auto-pay instructions.
Select the service you no longer need and choose 'Modify' or 'Stop'.
3. Canceling via UPI Apps (PhonePe, Google Pay, Paytm)
These days, many of us set up Auto-pay while recharging or paying bills via UPI apps. Here is how to stop them:
PhonePe: Click on your profile picture in the top left corner > Select 'Autopay Settings' > Choose the specific service and click 'Remove Autopay'.
Google Pay: Tap on your Profile icon > Go to the 'Autopay' section > Select the active mandate and cancel it.
Paytm: Tap on the Profile icon > Scroll down to 'Automatic Payments' or 'UPI & Payment Settings' to manage and cancel subscriptions.
How to Stop Auto-Pay for Specific Services
Insurance Premiums (LIC & Others)
If you have set up Auto-pay for LIC or private insurance, you usually need to visit the respective insurance company's website and log in. You can cancel the auto-debit under 'Premium Payment Settings'. Alternatively, you can visit your bank branch and submit a form to cancel the specific mandate.
OTT and App Subscriptions (Netflix, Amazon Prime, YouTube)
If your subscription is linked through the Google Play Store:
Open the Google Play Store.
Tap on your Profile icon and select 'Payments & Subscriptions'.
Click on 'Subscriptions'. You will see a list of active apps.
Select the app you want to stop and click 'Cancel Subscription'.
How to Stop Auto-Pay by Visiting the Bank
If you find the online process difficult, you can always visit your bank branch directly.
Ask the bank officials for a 'Mandate Cancellation Form'.
Fill in your account details and the specifics of the Auto-pay you want to stop.
Once the application is submitted, the Auto-pay facility is usually cancelled within 2 to 3 working days.
Key Points to Remember
Timing: Try to complete this process at least 2-3 days before the bill generation or scheduled deduction date.
Confirmation: Ensure you receive an SMS or Email confirmation from your bank stating that the mandate has been cancelled.
Manual Payments: Once Auto-pay is stopped, remember that you will need to pay that bill manually in the future to avoid late fees or service interruption.
Conclusion
While the Auto-pay facility offers great convenience, it is vital to keep a close watch on it. If you notice money being paid for subscriptions you don't use, follow the steps above to cancel them immediately. This not only saves you money but also gives you full control over your bank account and finances.
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