"Auto debit" refers to a system where funds are automatically deducted from your bank account to pay for a service or a bill on a specific date each month. Full definition
Borrowers can save even more by enrolling in auto debit for their payments which reduces their active interest rate by 0.25 percentage points. (studentloans.net)
If he or she does not keep sufficient funds to renew / pay insurance proceeds in the future who has opted for auto debit facility. (myinvestmentideas.com)
And have to provide few details in the form like nominee name, relation with nominee, his address, etc. and give the consent for auto debit facility. (rupeenomics.com)