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ACH Debit Agreement

ACH Debit Agreement Template for India

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Key Requirements PROMPT example:

ACH Debit Agreement

"I need an ACH Debit Agreement for my SaaS company in India that will allow us to process recurring monthly subscription payments from our enterprise customers, with variable amounts up to ₹500,000 per transaction and the ability to adjust payment dates with 5 days notice."

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Document background
The ACH Debit Agreement serves as a crucial document for establishing automated payment arrangements in India, operating under the framework of RBI guidelines and the National Automated Clearing House (NACH) system. This agreement is essential when businesses or service providers need to set up recurring payments or regular debit transactions from customer accounts. It outlines the authorization for automatic debits, transaction parameters, and the rights and responsibilities of all parties involved. The document is particularly relevant for subscription services, loan repayments, insurance premium collections, and utility bill payments, where regular, scheduled payments are required. The agreement must comply with Indian banking regulations, including the Payment and Settlement Systems Act and relevant RBI directives, making it a fundamental tool for businesses operating in India's electronic payment ecosystem.
Suggested Sections

1. Parties: Identification of the parties: the account holder (debtor), the entity initiating the debit (creditor), and the participating bank(s)

2. Background: Context of the agreement, including the underlying business relationship necessitating ACH debits

3. Definitions: Key terms including 'ACH', 'NACH', 'Debit Authorization', 'Settlement Date', and other relevant banking and technical terms

4. Authorization: Explicit authorization from the account holder for ACH debits, including account details and debit parameters

5. Debit Schedule: Specification of frequency, amount, and timing of authorized debits

6. Duration and Validity: Term of the authorization, including start date and expiry conditions

7. Responsibilities of Parties: Obligations of each party regarding the ACH debit process

8. Notification Requirements: Requirements for notices regarding debit attempts, changes, and cancellations

9. Failed Transactions: Procedures for handling failed debits, insufficient funds, and retry attempts

10. Cancellation Rights: Process and conditions for cancelling or modifying the debit authorization

11. Dispute Resolution: Procedures for handling disputes related to ACH debits

12. Governing Law: Specification of Indian law and RBI regulations governing the agreement

Optional Sections

1. Multiple Account Authorization: Required when ACH debits may be processed from multiple accounts of the same account holder

2. International Transactions: Needed when dealing with cross-border transactions or foreign currency conversions

3. Variable Amount Authorization: Required when debit amounts may vary, including maximum amount limits and notification requirements

4. Special Instructions: For any custom processing requirements or specific arrangements between parties

5. Electronic Communication Consent: Required when parties agree to receive notices and communications electronically

6. Force Majeure: Provisions for handling system failures, banking holidays, or other circumstances beyond party control

Suggested Schedules

1. Schedule A - Account Details: Detailed information about the bank account(s) to be debited, including IFSC codes and account numbers

2. Schedule B - NACH Mandate Form: Standard RBI-approved NACH mandate form with required account holder authorizations

3. Schedule C - Fee Schedule: Details of any fees associated with ACH processing, including failed transaction charges

4. Schedule D - Processing Timeline: Specific details about processing cycles, cut-off times, and settlement periods

5. Appendix 1 - Contact Information: Contact details for all relevant parties including emergency contacts and technical support

6. Appendix 2 - Supporting Documents: List of required KYC documents and any additional documentation required by banks

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions





































Clauses

























Relevant Industries

Banking & Financial Services

Insurance

Utilities

Telecommunications

Education

Real Estate

Subscription Services

E-commerce

Healthcare

Professional Services

Relevant Teams

Legal

Finance

Compliance

Treasury

Accounts Receivable

Payment Operations

Risk Management

Banking Operations

Collections

Customer Service

Relevant Roles

Finance Manager

Legal Counsel

Compliance Officer

Treasury Manager

Accounts Receivable Manager

Payment Operations Manager

Financial Controller

Risk Manager

Banking Relations Manager

Collections Manager

Business Development Manager

Contract Administrator

Credit Controller

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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