How To Make Payment Via Credit/Debit Card

  • Fill all the personal details of your card.
  1. Enter the Credit card number.
  2. Enter the name which is on the card.
  3. Enter the date when your card is getting expired.
  4. Enter the CVV number. (three digit number on the back of the card)
  5. Enter the name of the bank.
  • After filling these details select the option of PAY NOW.
  • After clicking on pay now you will get 3 options for authentication -
  1. PIN number[password],
  2. OTP[One Time Password] which you will receive on your registered mobile number.
  3. Regenerate of OTP[One Time Password]
  • Fill all the personal details of your card.
  1. Enter the Debit card number.
  2. Enter the name which is on the card.
  3. Enter the date when your card is getting expired.
  4. Enter the CVV number. (three digit number on the back of the card)
  5. Enter the name of the bank.
  • After filling these details select the option of PAY NOW.
  • After clicking on pay now you will get 3 options for authentication -
  1. PIN number [password],
  2. OTP[One Time Password] which you will receive on your registered mobile number.
  3. Regenerate of OTP[One Time Password]

How To Do Payment Via NEFT

  • SAVE 50% !!! on Internet handling charges pay your next installment from any bank through NEFT.
  • Simply complete the one time Beneficiary registration with your bank account online. You may also opt to auto debit your account for the monthly payment and need not worry about late payments anymore!!!
  • Simple Follow the below steps
  • Beneficiary Name: Jewelrich E-Commerce Pvt Ltd.
  • Bank Name: Kotak Bank.
  • Your Virtual account Number for NEFT # : JLRH000000XXXX.
    (# When you subscribe to monthly saving saving with any jeweller on jewelrich.com you are assigned a Virtual account with our bank. Check your email or login to jewelrich.com account and get the your Virtual Account number assigned for your scheme)
  • Branch IFSC Code: KKBK0000958.
  • Bank Branch:Nariman Point, Mumbai.
  • Please write to us at query@jewelrich.com or call us on 8080 684 684, in case you have any questions or you need any assistance.
NEFT (to know more about NEFT click Here)

What is NEFT?

National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme.

How is NEFT different from RTGS and EFT?

NEFT is an electronic payment system to transfer funds from any part of country to any other part of the country and works on net settlement basis, unlike RTGS that works on gross settlement basis. While EFT is restricted to the fifteen centers (only where RBI offices are located), NEFT is a nation-wide electronic fund transfer system. National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) allow individuals, companies and firms to transfer funds from one bank to another. You can check the RBI website for a list of NEFT and RTGS-enabled branches of your bank. These facilities can only be used for transferring money within the country.

To opt for these, there are two options

[A] For one time NEFT transaction you need to fill a form providing the beneficiary details — Beneficiary Name: Account number: Bank Name: Bank branch Address: Indian Financial System Code [IFSC] (11 Digit): Unique Code to identify the Bank Branch You have to submit a cheque while opting for this facility at your bank branch.

[B] You can also transfer funds through net banking. These are third-party transfers and the option is available under the same header on your net banking home page. Sample online page of one of the bank is as below. Your Bank page may be different from below.

See sample screen-shot attached on how to add beneficiary.

How To Do Payment Via NACH

What is NACH?

National Automated Clearing House (NACH) is newly introduced centralised payment/transaction processing system by the National Payments Corporation of India (NPCI). It lets you simplify and manage payments of utility bills, SIPs, premiums, donations, or any other recurring payment. NACH has been set up to serve as a faster and efficient platform for clearance.

What is NPCI?

The NPCI or National Payments Corporation of India was formed by the Reserve Bank of India (RBI) in collaboration with the Indian Banks Association and ten promoter banks. The ten promoter banks are SBI, ICICI, HDFC, PNB, Citi, HSBC, Canara Bank, Bank of India, Union Bank of India and Bank of Baroda.

How does NACH work?

Here is the step-by-step process of how NACH works:

  • The corporate (or money-collecting agency in thi case www.jewelrich.com) collects the NACH mandate form from customers. With the mandate form, the customer gives the corporate the authority to debit his account for a certain period and at a certain frequency.
  • The corporate verifies the details provided by the customer in the mandate form.
  • After verification of details, the corporate forwards the NACH mandate to its bank.
  • The corporate’s bank then shares the NACH mandate with the NPCI.
  • Bank Name: Kotak Bank.
  • Once the information is validated, the NPCI forwards the mandate to the customer’s bank for approval. Only fully validated transactions are forwarded to the customer’s bank for debiting.
  • Once approved by the customer’s bank, the corporate is authorised to collect funds from the customer’s account.

Who should register for NACH?

For offline users this is a one time process and also for online users they can avoid any internet banking related issues of payment.

Use NACH to make timely payments & avoid any late payment charges.

NACH (to know more about NACH click Here)

What is the Difference between NACH and ECS?

There are four types of electronic clearing services:
  • Local ECS
  • Regional ECS
  • National ECS
  • NACH

While the Local ECS, Regional ECS, National ECS are controlled by the Reserve Bank of India or by the designated commercial banks, NACH functions on all India platforms managed by the National Payments Corporation of India (NPCI).Since NACH aims to replace the existing ECS systems, let us discuss a few differences between the two systems.

  • ECS is a manual process and, thereby, takes a lot of time and faces verification issues. In NACH, the workflow is defined and this helps save a lot of time.
  • Unlike ECS, NACH provides a unique mandate registration reference number which can be used for future reference.
  • NACH involves less paperwork, so the rejection ratio is less as compared to ECS.
  • With NACH, your payment gets settled on the same day, while ECS takes 3 to 4 days for the same.
  • NACH features a dispute-management system, which will resolve your issues easily, while ECS has no such systems in place.
  • NACH registrations take only 10 days, while ECS registrations take up to 30 days.
A few more features of NACH
  • Incorrect details such as your bank account number, IFSC code, etc. can result in your NACH getting rejected.
  • The service is now active in all Indian banks with core banking facility. So NACH can also be rejected if the investor’s bank is not a part of NACH.
  • You just have to submit the cancellation form to stop NACH any time.
  • There is no limit on how many NACH mandates you can register.
  • The default NACH mandate has been set to 31/12/2099.

What are the Benefits of NACH ?

Faster turnaround

NACH provides a variety of facilities that include standardising and digitising the mandates, simplifying them, reduction of the activation time and reducing the cost of operation. The process of activation of ECS mandates had a longer turnaround time (30 days) than what it is expected to be in NACH (10 days). Also, the Aadhar-based benefit transfers have been simplified.

For customers, this means payments of premiums, bills and loan installments etc. on time every month or specified time period. Banks, on the other hand, save time and minimise their dependencies on cheques or other such paper-based transactions.

Easy registration

NACH is a one-time registration process, like ECS, that provides flexibility to investors who can make a single payment for any lump-sum investment or through Systematic Investment Plan (SIP). However, the time taken for the registration process is said to have been reduced in NACH.

The registration process itself has not changed; the only thing you need to do is collect the NACH form instead of the older ECS form.

Effect on SIPs and other recurring payments.

Keeping in view the circular issued by NCPI, it is better to use NACH forms for transactions as banks may soon stop accepting ECS forms altogether. You can get the NACH form from www.jewelrich.com online also just login to your account go to your scheme details section click on the Download NACH form and take print out of the Mandate form. After Print out please check to make sure the print size is as per prescribed size of 8.5 X 3.661 inch.

Which Banks  support NACH?

The list of banks activated for NACH system keep changing on regular intervals with introduction of new banks. Presently, the NACH system is applicable to about 1000 banks. To view the list of banks, you can visit NPCI website  http://www.npci.org.in/ and download Excel file from  Products & Services > National Automated Clearing House > NACH Live Banks.

NACH Sample Registration form.