Why did the mutual fund payment fail, and when will the refund be credited?
The mutual fund payment may fail due to multiple reasons. The failure message and reasons are mentioned in the below table:
UPI
| Payment failure message | Reason |
|
Payment was unsuccessful as you could not pay with the UPI app within time. |
The message is displayed because the gateway request has a 5-minute active duration. If the client does not complete the payment within this time frame, the transaction is cancelled. |
|
Payment was unsuccessful as you could not complete it in time.
|
|
|
You may have cancelled the payment or there was a delay in response from the UPI app. |
This message is displayed because the payment request was either cancelled on the UPI app or the payment timed out. It occurs when the client attempts to make the payment after the 5-minute time limit has elapsed. |
|
Payment was unsuccessful due to a temporary issue. Any amount deducted will be refunded within 5-7 working days. |
This message is displayed because there was an error with the client's bank account. To proceed with the payment, clients are advised to use an alternative bank account. |
|
Payment failed. Please try again with another bank account. |
|
|
Your payment has been cancelled. Try again or complete the payment later. |
This message is displayed because the payment was not captured by the bank but forwarded to the payment gateway vendor. In such cases, clients are advised to check with their bank for further assistance. |
|
Your payment didn't go through as it was declined by the bank. Try another payment method or contact your bank. |
This message is displayed because the payment was declined by the bank. Clients can make the payment through netbanking, NEFT/RTGS or eMandates. If the issue still persists, clients are advised to check with their bank for further assistance. |
|
The gateway request to submit payment information timed out. Please submit your details again. |
The message is displayed because the gateway request has a 5-minute active duration. If the client does not complete the payment within this time frame, the transaction is cancelled. If funds were debited from the bank account, they would be credited back. |
|
Invalid VPA. Please enter a valid Virtual Payment Address. |
The message is displayed because an incorrect UPI ID was entered. Clients must enter the correct UPI ID and retry. If funds were debited, they would be refunded by the payment gateway vendor. |
|
You have entered an incorrect UPI ID. Please retry with the correct UPI ID. |
|
|
Payment processing failed due to error at bank or wallet gateway. |
The message is displayed because of an error with the UPI app or the client’s bank. Clients can try to make the payment after some time. |
|
Payment was unsuccessful as the bank linked to this UPI ID is temporarily unavailable. Any amount deducted will be refunded within 5-7 working days. |
|
|
Payment was unsuccessful due to a temporary issue at your bank. Any amount deducted will be refunded within 5-7 working days. |
This message is displayed because of an error from the client's bank account. Clients must retry to make the payment. If the issue still persists, clients are advised to check with their bank for further assistance. |
|
Your payment is pending approval. You will be notified by the bank once payment is complete.
|
This message is displayed because the debit request is under pending status. Once the transaction is successful, the order will be processed.
|
|
You've reached the maximum transaction limit for this account. Try another payment method or contact your bank. |
This message is displayed because the client has reached the maximum transaction limit set by the bank. Clients are advised to check with their bank for further assistance. |
The funds will be refunded to the client's bank account within 5 working days, and an email notification will be sent to the client by ICCL once the payment is released.
Netbanking
Payments may also fail due to late authorisations. If the payment is debited from the client’s bank account and it is stuck with the bank or the payment aggregator because of a delay in response from the sponsor bank. Such payments get reversed to the client’s bank account the next day if it is not reported to ICCL. If it is reported, the payment is reversed after 5 days, and an email notification will be sent to the client.
NEFT/RTGS
Mutual fund payments through NEFT/ RTGS are directly credited to ICCL’s bank account. The orders are mapped on a FIFO basis. If the order is not mapped or if the order does not match the payment amount, the funds are reversed to the client’s bank account by T+4 day. Multiple orders can be mapped to one NEFT transfer. However, multiple transfers cannot be mapped to a single order.
eMandate
Mutual fund payments made through mandates fail if there are no funds in the bank account on the debit date. The bank would charge a penalty.
AMC Rejected Orders
If the AMC rejects the order where the payment was successfully made, the funds would be reversed by the AMC to ICCL after T+5 days. ICCL then credits the client's bank account with the funds.
Still need help?