The Hidden Drain of Subscription Creep
In the digital age, signing up for services is easier than ever. From OTT platforms and music streaming to fitness apps and online news, subscriptions have become a staple of modern life. While convenient, they also create a financial phenomenon known
as 'subscription creep'—the gradual accumulation of recurring monthly charges that go unnoticed. Many of these start as free trials or are for services we stop using but forget to cancel. The result is a slow, silent leakage from your bank account. A few hundred rupees here and there might seem insignificant, but over a year, these forgotten debits can amount to thousands. The key to plugging this leak is conducting a regular audit of your automated payments.
Where to Find Your Active Mandates
There is no single dashboard to see every subscription you have. You need to look in a few different places to get a complete picture. The three primary locations to check for auto-debit instructions are your bank's net banking portal, your UPI payment apps, and your credit card statements or portal. Banks refer to these permissions using various names like 'Mandates', 'Standing Instructions', or 'e-NACH mandates'. The National Automated Clearing House (NACH) is the centralised system managed by the NPCI that facilitates these recurring payments, from loan EMIs to SIPs and subscriptions. UPI apps like Google Pay and PhonePe have their own 'AutoPay' section, while credit cards have 'Standing Instructions'. Checking all three is essential for a thorough review.
Cancelling Mandates via Net Banking
Most banks in India provide a straightforward way to view and cancel active mandates through their internet banking platforms. The exact steps may vary slightly between banks, but the process is generally similar. First, log in to your net banking account. Navigate to a section typically labelled 'Service Requests', 'Payments', or 'Account Services'. Within this menu, look for an option like 'NACH Mandates', 'e-Mandates', or 'Standing Instructions'. Here, you should see a list of all active mandates linked to your account. Carefully review each entry, which usually shows the merchant's name, the maximum debit amount, and the frequency. To cancel a mandate you no longer need, select it and look for a 'Cancel' or 'Revoke' button. You will likely need to confirm your decision with an OTP sent to your registered mobile number.
Managing Subscriptions on UPI Apps
UPI AutoPay has become a popular method for setting up recurring payments for everything from mobile recharges to OTT subscriptions. These are often the easiest to forget. To manage them, open the UPI app you used to approve the payment (e.g., Google Pay, PhonePe, Paytm). Go to your profile or settings and find the section named 'AutoPay', 'UPI Mandates', or 'Recurring Payments'. This will display a list of all your active, paused, and completed mandates. Tap on the one you wish to stop. You'll see details like the merchant name and next debit date. Select the option to 'Cancel', 'Revoke', or 'Remove AutoPay' and confirm the action, usually by entering your UPI PIN. Remember, this stops the payment instruction, but you may still need to cancel the service with the merchant directly to avoid billing disputes.
The Role of RBI Guidelines
To protect consumers, the Reserve Bank of India (RBI) has established a framework for e-mandates on cards and UPI. For any new recurring payment, you must provide an Additional Factor of Authentication (AFA), like an OTP, to approve the mandate. A key rule is that banks must send you a pre-debit notification at least 24 hours before a recurring charge, giving you the option to opt-out. Furthermore, for recurring transactions up to ₹15,000, subsequent debits can happen automatically without needing an OTP each time, though any amount above this requires fresh authentication for every payment cycle. These rules empower you with more control and transparency, making it easier to manage and cancel subscriptions directly through your bank.
