We, at slice, understand that amidst the hustle and bustle of your lives you might miss out on paying your EMIs on time. Well, not anymore! Now with the auto-debit feature in place, you will never miss out on repayments. Once enabled, auto-debit automatically transfers funds from your linked bank account to slice.
The automatic transfer of funds from your bank account to slice via auto-debit feature will happen on the 5th of every month, once the bill is generated and sliced. You will be informed about the same through push notifications/email/SMS.
What is auto-debit?
Auto-debit is a convenient feature for you to pay your slice bill automatically on the 5th of each month. So just “set it and forget it”. Set up auto debit from settings and your due would be transferred from your account on the 5th of every month.
How auto-debit works?
You would receive SMS and email and be able to slice the card bill between 2nd-4th of each month. You can choose the tenure between one month (pay the whole bill now) to the maximum available EMI months
In the case of card bill:-
- If you chose to slice the card bill or click on pay in one go, only then the auto-debit would happen on 5th of the month.
- Unfortunately, If you don’t choose to pay or slice the card bill into EMIs, your bill would be auto sliced on the 8th of the month and pending dues would be auto debited.
Your existing monthly due would be auto-debited on 5th of each month.
How to set up auto-debit?
You can go to profile → set up auto-debit →choose your bank → choose payment type and do authorization transaction.
If you choose the debit card option, there would be a transaction of Rs 1 but it would be refunded by slice into your account. In the case of internet banking, there would be a transaction of Rs 0.
Why should I use auto-debit?
Auto debit is convenient and hassle-free. Just register once and you don’t need to spend your time doing repayments on the app.
Would my slice cash be adjusted while auto-debit takes place?
Yes, if you have slice cash available it would be adjusted in your auto-debit payment. You would be notified about the amount of slice cash used in the repayment.
What are the payment modes enabled for auto-debit?
You can choose either debit card or internet banking from the list of available banks on slice app. You cannot use credit card/wallet or any other payment method for setting up auto-debit.
Can I change my account for auto-debit?
You can write to cx team to delete your existing account and then you can set it up again.
What if my account doesn’t have sufficient funds?
We request you to maintain sufficient fund for auto-debit transaction. In case your account does not have sufficient funds on 5th, the slice would inform you about the failed transaction and then slice would again re-try the payment on 8th of the month.
Would there be any charges by slice or bank if my bank account doesn’t have sufficient balance ?
We request you to maintain sufficient balance but in case your bank account does not have sufficient balance no charges would be applied by slice. In some cases if your account does not have sufficient balance, banks might charge a fee.
Where can I see bills paid by auto-debit?
You would receive SMS and email about your repayment done. You can see all your bills paid by auto-debit in repay section on the app.
I want to disable my auto-debit?
In case you want to disable your auto-debit account. You can go to the help section and write a ticket to our customer support team and we would be happy to do that.
How can I reach slice in case of any issues with auto-debit?
You can write a ticket to support team and we would be happy to help you with any query or concern.
Are my card details secure with this feature?
Slice never stores your card details or login credentials of the bank.
What if I have paid the bill already and would the auto-debit happen for this month?
In case you have paid the bill/pending dues for this month before 5th, your auto-debit would not happen.
My auto-debit transaction is in the pending state, what should I do now?
Your auto-debit transaction could be in the pending state because
- It is a bank’s holiday, these could be Sunday, second Saturday of the month or festivals.
- Your bank is taking time to process.
Don’t worry your auto-debit transaction would be processed on the next working day, no penalty would be charged in this case. In the case you don’t have sufficient balance in your account you can pay via any other method through the App. In case there is a delay from bank’s end (because of a holiday etc) you wouldn’t be charged late fees and your credit score will not be impacted.
If my auto-debit payment is in the pending state, can I repay via any other method?
You can go to slice app → repay → click on pay now instead and complete the payment.
Your auto debit amount would be refunded
why is the max authorized amount for auto debit Rs. 99,999 ?
The amount of Rs. 99,999 is the default value for setting up auto-debit. You would never be charged anything extra than your due amount.
Would there be any registration charges by slice for auto debit registration?
Slice never charges any registration fees from its users. But some banks may charge a fee for auto debit registration.