Some banks charge their customers for creating NACH mandates. The fees vary from bank to bank.
Some banks charge their customers for NACH mandate registration on their bank accounts. All banks charge their customers if a transaction is returned due to insufficient balance. Here are some of the charges of various banks:
Axis Bank: Rs 1
Yes Bank: Rs 1
State Bank of India: Rs 50 + GST for mandate registration.
Kotak Mahindra Bank: Rs 50 + GST for mandate registration.
All banks charge customers a penalty for returned transactions e.g. if there is insufficient balance in the account at the time of the debit request. The fee varies from Rs 100 to Rs 400. To avoid the penalty, customer should ensure that sufficient funds are in the account on the day of the debit request.